A profound change is occurring in the global economy, as the emerging market economies enjoy much more rapid growth and relatively much sounder public finances than the industrial countries, which will place increasing global economic importance on the emerging economies.

By developing mortgage and bond markets together, can they potentially reinforce each other?

The ongoing sovereign debt crisis in Europe continues to weigh heavily oncredit markets and political systems throughout the developed world. 

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

It is encouraging to learn that the International Monetary Fund no longer promotes the view that emerging market countries should be hastening to carry out rapid capital account liberalisation.

3.8 percent of drugs sampled from countries with emerging economies failed basic quality control tests--and these drugs are used to treat potentially lethal infections. Africa has a greater problem with substandard products than any other location.

If there is one thing we learned from the 2008-2009 global economic recession, it is how much more interconnected the global economy has become and how difficult it is for emerging market economies to decouple from industrialized economies.

Whereas public debt levels in many major industrialized countries will soon exceed 100 percent of GDP, those in the major emerging market economies generally range from 40 to 50 percent of GDP.