A proposal to aid emerging-market stability

Ousmene Mandeng, the head of public sector investment advisory at Ashmore, an asset management firm, believes there is a more efficient way for emerging market central banks to use their reserves to stave off a disorderly unwinding of their capital exposures. It should, he argues, be a concrete measure as part of a global coordinated policy response to the current crisis.

Many emerging markets are at risk. High capital requirements and G10 bank support schemes biased towards domestic lending are

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