At the same time, we are taking  1  Primary dealers are banks and securities broker-dealers that trade in U.S. government securities with the Federal Reserve Bank of New York. On behalf of the Federal Reserve System, the New York Fed's Open Market Desk engages in the trades to implement monetary policy.
This most likely explains in part why the banking sectors in many emerging market economies have weathered the financial storm much better than in developed economies. Other factors that have contributed to their stability is that many banks in emerging market economies still engage predominantly in plain vanilla banking activities…. …and that they are strongly funded by wholesale funding.