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Has the Crisis Changed Policy Space on the Emerging Market Front?
Tracy verinog: We saw a lot of fiscal expansion, not just in the us. Has has the crisis changed anyone's view about what is capable of? That may be from a policy space perspective, that e m had more latitude to fight down turns on their own than we thought. The question is, how much more space do emerging markets have? I think fiscal space has narrowed because the debts of emerging markets have grown relative to where they were er in last year.