The good news (fingers crossed) is that a full-fledged emerging-market financial crisis is unlikely. For one thing, this time was different with regard to fiscal behavior, as Luis Felipe Céspedes and I show in a recent paper.
这是坏消息。好消息（让我们祈祷吧）是，席卷新兴市场的金融危机不太可能发生。一方面，从财政行为角度看，今时不同往日，我和切丝皮蒂斯（Luis Felipe Céspedes）在最近的论文中指出了这一点。