Hal S. Scott
Lee C. Buchheit
Edward F. Greene
Mark J. Roe
Lucian A. Bebchuk and Robert J. Jackson, Jr.
The Politicization of Corporate Governance: Bureaucratic Discretion, the SEC, and Shareholder Ratification of Auditors
J. Robert Brown, Jr.
Steven L. Schwarcz
This Note explores these and other reasons behind this divergence in performance, and makes two contributions to the literature. First, the Note analyzes the impact of the different policy responses adopted by Brazil and Russia in the lead-up to the crisis and the different policy interventions undertaken during the crisis. Second, the Note outlines three normative lessons for emerging market countries that are similarly placed, suggesting that countries should: manage total external debt (public and private), rather than target only public external debt; make deft and targeted interventions that conserve financial resources, rather than blunt and open-ended commitments; and, increase the quality and transparency of financial and macroeconomic regulation.