Abstract
Developed countries are facing our today's global economic recession with difficulties like the previous financial crises. Are Emerging economies undergoing this crisis differently? According to Minsky and his readjustment of Fisher's theory, today's subprime crisis which affects the real estate sector is quite similar to the previous crises, especially the Asian crisis. In 2009, the gross domestic product (GDP) of emerging markets was 1.7%, whereas in advanced countries' GDP was -3.4%. Are they touched by the crisis as strongly as developed nations? Is the Decoupling theory viable during the financial crisis?
