Recently, moves of major central banks to help stabilize the markets during the height of the subprime mortgage problem in the US, have also served to further increase global liquidity. These official moves seem to have produced their intended effects by halting further sell-offs in the markets, which subsequently showed a recovery.
At the same time, and going forward, the emerging economies will be confronted with the challenges that have long concerned advanced economies: population ageing and, perhaps, reform fatigue.