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But the crisis has laid bare the flaws of Russia's politics, which has failed to diversify the economy, create a domestic financial market or build institutions.
ECONOMIST: Russia's economy
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Because they were so heavily protected, Japanese financial institutions monopolized their rich domestic market.
FORBES: Where do you buy your rice cakes?
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Default would then be inevitable, and with it damage to both market confidence and the domestic financial system.
ECONOMIST: Now for round two | The
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The Japanese agency will start collecting data next year on banks' assets, domestic market shares, and transactions with other financial institutions to measure the potential risks that banks could pose to the financial system, Nikkei said.
MSN: Japan's FSA may hike bank capital requirements beyond top three: Nikkei - Business - Stocks & economy | NBC News
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Moreover, the process where debts are being "placed" at below market interest rates in pension funds and other more captive domestic financial institutions is already under way in several countries in Europe.
BBC: The beginnings of 'financial repression'?
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Unquestionably, a lot of hard thinking needs to be done about the international financial system and, even more important, about the domestic financial systems of emerging economies that wish to avail themselves of the global capital market.
ECONOMIST: Heading for meltdown?
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Currently, only a very low percentage of the household savings of Indians are invested in the domestic stock market, but with GDP growing at 7-8% annually and a stable financial market, we might see more money joining the race.
FORBES: The ABCs Of Investing In India