However, I should point out that all were affected indirectly through the global economic downturn. This includes emerging market economies. To me, at least, it is clear that we all have a lot to learn from both the recent and past financial crises. History has shown that crises have emanated from all regions of the world and have a range of causes.
Eliminating this bias, which I admit would not be trivial in political terms, would encourage businesses to make greater use of equity capital as a funding instrument. And that, in turn, would facilitate greater private risk sharing whilst at the same time reducing the debt bias.