Emerging Markets


What's in a Name?

Author: Brad W. Setser
Emerging Markets

China’s sovereign wealth fund looks more like a state agency for managing financial sector investments than a diversified global fund manager, says Brad Setser in a piece that first appeared in the May 2008 issue of Emerging Markets.

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The Paradox of Free Market Democracy: Indonesia and the Problems Facing Neoliberal Reform (A CFR Paper)

Author: Amy L. Chua

This paper situates the recent problems in Indonesia in a more general framework that is called the paradox of free-market democracy. The basic thesis advanced is as follows. In Indonesia, as in many developing countries, class and ethnicity overlap in a distinctive and potentially explosive way: namely, in the form of a starkly economically dominant ethnic minority--here, the Sino-Indonesians.

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Korea's Comeback: The Thirst for Funds Drives (A CFR Paper)

Author: Hilton Root

Six years ago, Korea was in trouble. Its banking system, inadequately supervised,collapsed. Industry,lac king financial discipline,expanded unproductively with its "too big to fail" private firms crowding out smaller rivals. Labor market rigidity weakened the competitive position of Korean industry. The financial crisis that resulted gave rise to hopes that significant reform would address all three dimensions of Korea's vulnerability.

See more in Emerging Markets; North Korea; Financial Crises

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Building the Financial Infrastructure for Middle Class Emerging Economies (A CFR Paper)

Author: Jane D'Arista

The export-led growth model for emerging economies is driven by their need to service external debt and build foreign exchange reserves. It has foundered in the aftermath of financial crises characterized by collapsing currency and asset values, widespread bankruptcies in real and financial sectors, rising unemployment, and negative growth rates. This report addresses the issue of building the financial infrastructure for emerging middle-class economies.

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Private Capital Flows, Emerging Economies and International Financial Architecture (A CFR Paper)

Author: Glenn Yago

This report suggests that the control of capital in the developed world continues to shift away from private and state-owned institutions and toward public markets. Thereore, small and medium-sized firms with the best prospects for innovation and income/wealth generation need to be liberated from their dependence upon bank-based financial systems. They must also have the ability to turn to market-based systems with access to institutional capital providers at home and abroad.

See more in International Finance; Emerging Markets

Primary Sources

Joint Declaration for Peace and Cooperation in Northeast Asia

Chinese Premier Li Keqiang, Japanese Prime Minister Shinzo Abe, and South Korean President Park Geun-hye met in Seoul on November 1, 2015, for the Sixth Trilateral Summit, the first since 2012. The trilateral talks were proposed by South Korea in 2004 as a meeting outside of ASEAN to build cooperation on economic, humanitarian, security, and diplomatic issues. The first summit was held in Japan in 2008.

See more in Asia and Pacific; Regional Security; Emerging Markets

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Remarks by President Obama to the People of Africa

President Barack Obama spoke at the African Union headquarters in Addis Ababa on July 28, 2015. He discussed the ten year renewal of the African Growth and Opportunity Act and additional reforms and other assistance the United States and African leaders work on to increase trade, investment, and growth on the continent. He also addressed the need for presidents to respect term limits and transfer power peacefully and for nations to provide equal treatment for women and girls.

See more in Africa (sub-Saharan); United States; Emerging Markets; Economic Development

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Ufa Declaration of the Seventh BRICS Summit

Leaders from Brazil, Russia, India, China, and South Africa met on July 9, 2015, in  Ufa,  Russia for the  Seventh BRICS Summit, which marked the entry into force of the BRICS's New Development Bank (NDB), which the leaders expect to begin accepting investment requests in the beginning of 2016. The declaration also states the leaders' concerns on international security issues such as corruption, nuclear weapons, instability and conflict, and terrorism, and their commitments to social issues like global health and education.

See more in Global; Emerging Markets; Global Governance

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U.S.-India Joint Statement: "Shared Effort; Progress for All"

U.S. President Barack Obama and Indian President Narendra Modi made this joint statement on January 26, 2015. They discussed clean energy and climate change, civil nuclear cooperation, and defense and economic cooperation. Both administrations also discussed their visions to strengthen ties in the Asia-Pacific region. Defense secretaries from both countires met in June 2015 and released the U.S.-India Defense Framework.

See more in United States; India; Renewable Energy; Emerging Markets

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Fortaleza Declaration of the Sixth BRICS Summit

The sixth summit of the BRICS (Brazil, Russia, India, China, South Africa) countries met in Fortaleza, Brazil, on July 15, 2014. The theme of discussions was "Inclusive Growth: Sustainable Solutions" and the declaration detailed progress in establishing the BRICS's New Development Bank, which was first discussed in the 2013 Durban Joint Statement.

See more in Global; Emerging Markets; International Organizations and Alliances

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Joint Statement of the Fifth BRICS Summit in Durban, March 2013

The fifth summit of the BRICS (Brazil, Russia, India, China, South Africa) countries met in Durban, South Africa March 26 and 27, 2013, to discuss "political and economic coordination." They released their fifth summit declaration, "BRICS and Africa: Partnership for Development, Integration and Industrialisation," which includes plans for a BRICS development bank. In the 2014 Fortaleza Declaration of the Sixth BRICS Summit, more details about the bank are explained.

See more in Emerging Markets; Trade; Global