Word: brazil
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Dates: during 1990-1999
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...global economy also requires different structures for policy coordination. The enhanced role that emerging-market economies play in the global system calls into question the relevance of the present Group of Seven structure of world economic summitry. As events and decisions in Brazil, China and East Asia contribute heavily to stabilizing the economic system or wreaking havoc on it, it is about time that an economic and monetary policy coordination structure be put in place that integrates the new important players--even if this means that some members of a previously exclusive club will lose their privileges...
...1930s, which had the potential of pulling into that vortex the financial institutions and markets of the core economies," says Kenneth Courtis of Deutsche Bank Group in Tokyo. "The hole was so big, you couldn't see the bottom." But the ho-hum reaction of world markets to Brazil's currency collapse shows, says Courtis, "that the emerging-markets crisis at least in this virulent first phase is over." That means the story of 1999 will be written by the core economies--North America, Japan and Europe--and these should keep global growth on course for the rest...
Last summer Russia's collapse had the peculiar result of spurring foreign banks and money managers to run screaming from Brazil--and Brazil's tumble cascaded through Latin America. "So we are living in this funny interconnected world," says Naim, "where a country that does not trade with Latin America, does not have investments with Latin America, is on the other side of the world from Latin America, crashes and takes down Latin America...
...many of those funny interconnections have been cut. Financial institutions have used the time to weed their portfolios and especially to reduce their exposure to high-risk regions and sectors. That helped international markets shake off Brazil's latest shudder. The downside is that emerging economies are largely off the horizon of foreign portfolio managers, who feel safer on Wall Street no matter how giddy its prices. As Naim notes, Amazon.com now has a market capitalization that exceeds the entire stock market of Argentina...
Musicians are no longer original, talented and spontaneous. Instead, they are ungifted "mimbos" [male bimbos] who must go to specialized camps to learn choreography and teen seduction in their quest for fame and wealth. ROBERT LUHRS VIEGAS Recife, Brazil...