Could the crisis, paradoxically, have accelerated emerging countries' growth ?

- "In early 2010 there has been very robust growth in emerging countries (except in Central Europe), while the economies of OECD countries are weaker, hence also normally emerging-country exports."
- "By what mechanisms could the crisis, paradoxically, have increased
emerging countries' growth? It could be imagined that:
• faced with the crisis in OECD countries, the emerging countries have stepped up strategies of stimulation of domestic demand;
• the crisis has led to transfers of productive investment from OECD countries to emerging countries;
• the crisis has halted the appreciation of emerging countries' currencies, due to the safe haven role of the dollar;
• or simply that increasingly significant trade between emerging countries
generates a multiplier effect which is sufficient to accelerate these countries' growth or else that the first quarter of 2010 was temporarily strong in OECD countries."
- "In fact, all these explanations are valid and played a role. Even though growth is slowing in OECD countries, the fact that the emerging countries stimulate their domestic demand, benefit from investment transfers, no longer have appreciating currencies and increasingly trade with one another, will maintain high growth in emerging countries."
Natixis Flash Economics 359 20100713