# Reserves and the crisis: a reassessment

While the United States has been epicentre and origin of the current crisis, the high degree of financial and economic integration has shown the argument that developing countries have "decoupled" from the deterioration of the American economy to be wishful thinking. Developing countries that have, on average, benefited from their integration into the global economy are now facing the darker side of globalisation.The rapid decline in trade, coupled with a flight to quality and the deleveraging o

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