gnificant risks for which such economies frequently are ill-prepared to counter. One such risk is financial contagion that allows problems evolving in a major economy to wash like a today wave over smaller economies. Another such risk is the inability of, the unfeasibility of, and the undesirability of regulating the actions of investors based in small open economies in relation to participation in the global marketplace. A third important risk is associated with the behavior of financial institutions based in small open economies in their interactions with the global marketplace (Kit & Sim, 2008; Organization for Economic Cooperation and Development, 2008; Reddy, 2008; Stiglitz, 2001).
Root Causes of the Current Global Financial Crisis
As indicated in the introductory section of this paper, the apologists for the perpetrators of the current global financial crisis have put forward a plethora of bogus factors in an effort to explain the causes of the chain of events and outcomes. In the wider society and economy, there is a great deal of mutual finger pointing and accusations that attempt to deflect accountability and responsibility more so than to develop an unde
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