Fanelli, José María2011-04-122011-04-122008http://hdl.handle.net/10625/45958One particularly negative effect of economic crises is the destruction of institutions, making it very difficult to re-build a regulatory infrastructure under volatile conditions. This 2-page article reviews some fundamental macroeconomic themes during economic crises as they apply to emerging countries, and in this case the sub-prime crisis. Reform of international financial architecture is required in order to restrict cyclical bubbles with boom-and-bust economic effects. Feedback effects between volatility and institutions will continue to haunt developing countries. The current crisis strongly indicates that the post-2001 global growth dynamics had been unsustainable.1 digital file (2 p.)application/pdfenECONOMIC RECESSIONMACROECONOMICSECONOMIC GROWTHMONETARY POLICYEMERGING ECONOMIESFINANCIAL MARKETFINANCIAL REGULATIONECONOMIC CRISISGLOBALIZATIONIMFARGENTINACANADAGLOBAL SOUTHIDRC-Related Report