Given that the weakness in emerging economies' imports had accounted for the major part of the slow trade, the ongoing recovery in their imports is likely to have a positive impact on a wide range of advanced economies' manufacturing sectors.
But investors around the world changed their attitude to risk in 2007 and 2008. The compensation they require for taking on risk has increased. Wholesale funding and securitisation are now more expensive. In the case of securitisation, costs have also risen in part because some investors have left the market altogether. The increase in costs has affected all financial institutions, but to varying degrees.