The emerging countries, which overall, had stood up well in 2011, have suffered different degrees of the slowdown in world trade and the financing international banking. In many emerging countries have suffered the increase on the risk aversion of investors for the risk and uncertainty, which has resulted in not only a decline in stock prices,But also of capital outflows and depreciations of currency. Forced to look for internal relays for growth, some countries such as Brazil or India have seen reappear and indeed increase their external imbalances.
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