LONDON Violent swings in oil prices are destabilizing economies and financial markets worldwide.

Indeed, economies and markets no longer face liquidity problems, but rather credit and insolvency crises.

Of course, revulsion for liberal economies and global markets is not confined to Germany.

Central Asia s economies need greater access to their neighbors markets, energy, and transportation infrastructure.

Wrong economies grow with more markets not with more public expenditures.

It should assist emerging economies in shaping sound domestic financial markets.

All other economies should continue to be defined as emerging markets.

More fundamentally, where, exactly, does one draw the line between advanced economies and emerging markets?

Other advanced economies or emerging markets (the rest of the euro zone

Currently, both countries economies are thrusting confidently forward both are thirsty for more and bigger markets.

Emerging markets currencies also collapsed, even in economies with huge foreign exchange reserves and relatively little debt.

And credit markets show low spreads, while long term bond yields have fallen in most advanced economies.

Even fast growing emerging markets (China, emerging Asia, and Latin America), and export oriented economies that rely on these markets (Germany and resource rich Australia), are experiencing sharp slowdowns.

Slower growth in many advanced economies, China, and other emerging markets will mean lower demand for US exports.

Slower growth in many advanced economies, China, and other emerging markets will mean lower demand for US exports.

Finally, sovereign risk is rising consider the troubles faced by investors in Dubai, Greece, and other emerging markets and advanced economies.

Economies that remain small and have low GES scores are appropriately treated as emerging markets with lots of risk.

Many emerging economies authorities intervene in currency markets to prevent exchange rate appreciation and a loss of export competitiveness.

To stabilize market oriented economies requires a return to the right balance between markets and provision of public goods.

All economies must address the domestic dislocations that can accompany the freeing up of markets.

For many economies, exports to America would slow, and growth would depend either on finding new markets (say, increased sales in Europe and Japan if those economies picked up), or on being able to increase domestic consumption and investment within those economies.

CAMBRIDGE As the global financial crisis radiates out from the developed economies into emerging markets, it is ravaging not only governance challenged economies such as Venezuela, Russia, and Argentina.

Other advanced economies or emerging markets (the rest of the euro zone New Zealand, Iceland, Estonia, Latvia, and some Southeast European economies) are also nearing a recessionary hard landing.

In a rapidly opening global economy, emerging economies learned to access both technology and markets, thereby growing at unprecedented and accelerating rates.

In Europe, clusters of SMEs appear able to achieve economies of scale and scope, and thus to succeed collectively in global markets.

Seventh, the reasons for advanced economies high unemployment and anemic growth are structural, including the rise of competitive emerging markets.

Inflation is already rising in many advanced economies and emerging markets, and there are signs of likely economic contraction in many advanced economies (the United States, the United Kingdom, Spain, Ireland, Italy, Portugal, and Japan).

Indeed, economies and markets no longer face liquidity problems, but rather credit and insolvency crises. Meanwhile, unsustainable budget deficits and public debt in most advanced economies have severely limited the scope for further fiscal stimulus.

Most of these economies were suffering a loss of their export markets to low wage Asia.

No one has proven able to eliminate bubbles in economies where markets are allowed to function.

No one has proven able to eliminate bubbles in economies where markets are allowed to function.

Inflation is already rising in many advanced economies and emerging markets, and there are signs of likely economic contraction in many advanced economies (the United States, the United Kingdom, Spain, Ireland, Italy, Portugal, and Japan). In emerging markets, inflation has so far been associated with growth, even economic overheating.

Monetary policy will be eased as inflation becomes a non issue in advanced economies (and a lesser issue in emerging markets).

It is designed to preserve international financial markets, not the stability of emerging economies on the periphery.

If investors take money out of the US and park it in other markets, those economies would enjoy a boost of wealth and spending.

As capitalist markets give way to vast commercial networks, and as market economies become market societies, governments and unions are increasingly restricted in scope.

Despite weak economic growth in advanced economies and a slowdown in many emerging markets, oil is already at around 100 per barrel.

Enhanced competition and economies of scale in larger, more closely integrated financial markets should narrow lending margins, lower intermediation costs, and allocate funds more efficiently.

Because emerging economies have relatively weak asset markets, their citizens seek safe haven in advanced country government bonds.

(Full disclosure my firm, together with a large global financial institution, is launching a series of tradable equity indices for stock markets of advanced economies and emerging markets, using a smart beta approach).

But the financial crisis should have reminded everyone that the distinction between advanced economies and emerging markets is not a bright red line.

He said vulnerable emerging markets needed to make contingency plans to protect themselves from a downturn and significant capital outflows from their economies.

In emerging markets and low income economies, the challenge is to avoid overheating, contain financial risks, and address pressing social spending needs, while not compromising sustainability.

Nor would a Tobin tax stand in the way of financial markets punishing governments that grossly mismanage their economies.

In fact, the likely renewed slowdowns in the G 7 economies will jeopardize growth in emerging markets as well.