Many emerging markets have run current account surpluses for the first time.

But many of these markets are still developing, as many of these countries are still in the process of development.

Finally, many of the best candidates this time around are from emerging economies.

There were many heroes of these battles in the emerging markets.

By contrast, the crises were a wake up call in many emerging market countries.

In fact, many emerging markets experienced declines in investment rates. Nor, on balance, has liberalization of capital flows stabilized consumption.

Home values have soared to high levels in many countries as irrational exuberance grips the markets.

There are plenty of good textbooks that explain what too many policymakers and financial market participants would rather forget.

Experts from emerging markets and elsewhere have much to say about dealing with financial crises.

This has increased the vulnerability of many emerging markets to a sharp reversal in capital flows.

A few onlookers worried about the lack of standards safety procedures in such huge markets and doubted that there is any organized arrangements in case of fire.

Many SINTNCs invested in China because of its potential to become one of the fastest and biggest growing markets in the world.

After all, many people here have been teaching the efficient markets hypothesis that financial markets around the world have become so competitive that it is impossible to make more than a normal return from investing.

Many in the media may not comprehend that yet. But markets do.

Simply put, in many emerging markets, it is not a lack of understanding of international best practices that holds back economic performance.

Likewise, many emerging market central banks reacted to slower growth and lower inflation by cutting policy rates as well.

Markets peaked in 2007, and then fell sharply in many of these places with the onset of the global financial crisis.

For starters, technology is making even many service jobs tradable, enabling them to be offshored to Asia and other emerging markets. And, eventually, technology will replace manufacturing and service jobs in emerging markets as well.

Policymakers in many emerging market countries worry that surging capital inflows will drive up the value of the local currency, destabilize financial markets, and fuel economic overheating.

Despite weak economic growth in advanced economies and a slowdown in many emerging markets, oil is already at around 100 per barrel.

First, many large emerging market countries have done a better job than Europe at managing their economies over the last decade.

One reason is that revenue growth usually goes hand in hand with macroeconomic growth, which increasingly is found in emerging market countries, rather than in many banks mature Western home markets.

Meeting international standards for quality, health and safety is increasingly a precondition for competing in international markets and has become a major factor constraining the ability of many exporters in LDCs from benefiting fully from preferential access initiatives.

What is going on? Many analysts had expected emerging markets to generate exponential growth over the next decade.

For many people, this had the ring of liberation from overregulated markets, overbearing trade unions, and class privilege.

Indeed, growth in many emerging market economies starting with China is highly dependent on retrenching advanced economies.

I believe there is a very good chance that many of these futures markets will soon be predicting substantial price declines in some US cities over the next year.

There are still huge inefficiencies in international financial markets, which remain beset by herding behavior and other pathologies.

Many proponents of the euro claimed that it would quickly evolve as an alternative reserve currency alongside the dollar, or even replace it, in global markets.

Given the limited size of the local market and the lack of possibilities for tapping regional or global markets, film production in many developing countries is not a profitable activity.

Some have actively encouraged markets to take the prices of many financial assets to levels no longer warranted by fundamentals.

Today, a deepening global divide sets the slow growing US against many emerging market economies and commodity producing countries.

Contrary to what many Western economists think, the worst economic breakdowns are not the result of free markets gone haywire, but of excessive concentration of political power.

Thus, the recent problems faced by Greece are only the tip of a sovereign debt iceberg in many advanced economies (and a smaller number of emerging markets).

It may be too soon to say that many risky assets have reached bubble levels, and that leverage and risk taking in financial markets is becoming excessive. But the reality is that credit and asset equity bubbles are likely to form in the next two years, owing to loose US monetary policy.

But many emerging markets are already leading by example on important issues like the need to shift global financial flows from debt toward equity.

CAMBRIDGE When the financial crisis of 2008 hit, many shocked critics asked why markets, regulators, and financial experts failed to see it coming.

True, most studies suggest that developing countries ought to precede any sharp opening to international financial markets by liberalizing trade.

The silver lining is that there are many highly distinguished current and former policymakers out there, particularly from emerging market countries, who have seen this movie before.

Even during the worst of the recent financial crisis, when many markets almost stopped functioning, the FX market carried on relatively normally.

Many large companies in emerging markets such as Russia and India train their own employees, because college graduates often lack the requisite skills.

In many of these cases Turkey during the 1990 s is a good example financial markets enabled irresponsible governments to embark on unsustainable borrowing sprees.

Remarkably, emerging economies with relatively less developed financial markets escaped many of the more egregious consequences of such innovations.

After all, many people here have been teaching the efficient markets hypothesis that financial markets around the world have become so competitive that it is impossible to make more than a normal return from investing. Anyone who beats the market must simply be lucky.

Indeed, many of these countries remain vulnerable to volatile commodity prices, financial system weaknesses, depressed demand from world markets, and shortfalls in external finance, overseas development assistance, and investment.