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The global financial crisis of 2008 - 09 is a watershed event that cries out for a reexamination not only of industrial countries' financial systems but also of growth strategies in developing countries. The author will argue that the worst of the crisis is over, and that the developing countries are emerging with less damage than in the debt crisis of the 1980s, for Latin America, and the financial crisis of the late 1990s, for East Asia. Nonetheless, serious fiscal challenges will confront the industrial countries in the coming years, as a consequence of bailout costs and recessionary fiscal losses.
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