Navigating Financial Crises: Lessons from 2008 and Beyond

This chapter examines the differing impacts of the 2008 financial crisis and more recent market stresses on banking versus market-based systems. It discusses the evolution of emerging market debt strategies and the challenges posed by currency mismatches, while highlighting the critical role of central banks and liquidity in navigating crises. Ultimately, the chapter emphasizes the resilience of emerging markets and the complexities of investor behavior during economic upheavals.