The Role of Emerging Markets in the New World Economic Order

In Emerging Markets: Resilience and Growth Amid Global Turmoil (Brookings Press, 2010), authors M. Ayhan Kose and Eswar Prasad draw on their extensive research to assess the resilience of emerging market economies in the face of the global financial crisis. Their analysis shows that emerging market economies weathered the crisis much better than the advanced countries, and most of these economies have bounced back rapidly from the global recession. The authors track down the reasons for this resilience, explain why some countries in this group have done better than others, and draw lessons for the durability and sustainability of the long-term growth of these economies.

On December 3, Global Economy and Development at Brookings will host a discussion of the book and the changing nature of the global economy with Brookings Senior Fellow Eswar Prasad and M. Ayhan Kose, assistant to the director of the research department at the International Monetary Fund. Zhu Min, special advisor to the IMF Managing Director, and Kemal Derviş and Donald Kohn from Brookings will join the panel and offer their reactions to the book. The discussion will focus on understanding the evolution of emerging market economies and will use the lens of the global financial crisis to evaluate the strengths and weaknesses of emerging markets and their role in the new world economic order.

Zanny Minton Beddoes, economics editor of The Economist, will provide introductory remarks and moderate the discussion. After the program, the panelists will take audience questions.