Sauver les marchés émergents

CAMBRIDGE – Si le monde était juste, la plupart des marchés émergents regarderaient la crise financière qui a frappé les économies avancées depuis la ligne de touche – peut-être pas entièrement indemnes, mais en tous cas pas très inquiets. Pour une fois, ce n’était pas leurs excès qui avaient mis le feu aux poudres, mais ceux de Wall Street.

La situation financière et extérieure des marchés émergents n’avait jamais été meilleure, grâce aux dures leçons que les crises à répétition de leur propre histoire leur avaient enseignées. On aurait même pu leur concéder un certain plaisir malicieux à considérer les déboires des Etats-Unis et des autres économies avancées, de la même manière dont l’on peut s’attendre à ce que les enfants prennent un malin plaisir à voir leurs parents s’attirer précisément les ennuis contre lesquels ils mettent leurs enfants en garde.

Mais ce que nous voyons aujourd’hui sont des marchés émergents qui subissent des convulsions financières, peut-être de dimension historique. La crainte n’est plus qu’ils ne puissent plus s’isoler, mais que leurs économies puissent être entraînées dans des crises bien plus profondes que celle qui affecte l’épicentre de la débâcle des subprimes.

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