PERCENT_MARKERS Kenneth Rogoff's amazing sustainability of emerging markets - Project Syndicate

Surprisingly to many analysts, emerging markets have not plunged into a debt crisis. This is partly due to central banks' decision to reject populist proposals in favor of a modern version of macroeconomic orthodoxy.

The annual meeting of the International Monetary Fund and the World Bank

The annual meeting of the International Monetary Fund and the World Bank, held Oct. 9-15 in Marrakech and bringing together finance ministers and central bank governors, confronted them with an unusual combination of economic and geopolitical catastrophes: Wars in Ukraine and the Middle East, a string of defaults among low- and lower-middle-income earners, a downturn in China driven by real estate volatility, and rising long-term global interest rates - all against the backdrop of a slowing and fractured global economy.

The absence of a developing country debt crisis

What surprised seasoned analysts the most, however, was an expected disaster that has not yet occurred: the emerging market debt crisis.

This outcome has left economists confused. When did these serial defaulters become bastions of economic resilience? Maybe it's just the calm before the storm.