Financial Crisis and the Developing Countries

This paper critically focuses that as far as the developing countries are concerned with financial crises, particularly countries that will be adversely affected. There might be countries that are less affected, and they may avoid recession, and recover sooner than expected. Prospects for the world's rich countries would be much bleaker. Some options are available to the developing countries for minimizing the impact of crisis. The urgent need for accelerating financial development in developing countries is through domestic financial deepening, domestic resource mobilization, and reform of international financial system.