Decoupled and resilient ? the changing role of emerging market economies in an interconnected world
分析了近二三十年新兴市场和发展中经济体在全球经济中地位上升、与发达经济体相互依赖关系从单向变为双向的过程，并探讨其政策框架和反周期政策如何增强韧性。
For the last two or three decades, the global economy has been going through an extraordinary transition phase. This period has been marked by stronger integration among economies, fuelled by falling trade and communication costs, but above all by the rising prominence of emerging market and developing economies (EMDE), which as a group have enjoyed persistently higher growth than advanced economies (AE) and have shown greater resilience than in the past. This performance has to a large extent resulted from the use of better policy frameworks and institutions as well as the ability to implement counter-cyclical economic policies. While EMDEs were certainly not spared from the 2008/2009 global financial crisis, these features have helped them to limit its adverse impact and handle the crisis better than similar events in the past. Furthermore, and despite some regional exceptions, EMDEs generally bounced back more rapidly and vigorously from the great recession than AEs. The article shows how EMDEs’ growing weight in the global economy and the multiplication of their connections with other parts of the world have reshaped the global economic landscape. It illustrates how the one-directional influence of AEs on EMDEs’ business cycles has gradually diminished. While this does not imply full decoupling, it nevertheless suggests that the interdependence between EMDEs and AEs is becoming increasingly two-sided.