Rethinking decoupling

For many emerging markets, the first year of the crisis offered some hope that they would be spared the terrible fallout experienced in the world's largest economies. Indeed the view that structural and policy changes made over the year preceding the crisis had, at least to some extent, insulated emerging markets from what was going on at the core of the global economy, was popularised in the debate over "decoupling". As the subprime crisis began to spread from the United States to the rest of t