Thus, the first danger to worry about for 2005 and beyond - when world interest rates will most likely rise - is another wave of emerging-market financial crises. For countries like Mexico, Brazil, Turkey, Argentina, Korea, Malaysia, and Thailand, the record of the 1990's demonstrates that interest-rate spreads can widen and capital flows reverse remarkably rapidly, regardless of how favorably IMF officials and analyses by major banks view a country's policies.