However the recent predictions of the IMF expect negative global growth

The crisis which we live is global. In the past, we have often seen in crisis economies return to prosperity through exports. Thus, after the Asian crisis of 1997-1998, the South Korea and the Thailand have seen their exports grow following the depreciation of their currencies. Similarly, the Japan ended his "lost decade" after the crisis of 1990, in large part by the growth of its exports, which have supported the request. But in both cases, the crisis was localized and other regions of the world, some in high-growth, were eager to imports. This scenario of crisis by exports cannot operate when global demand is low. However the recent predictions of the IMF expect negative global growth. World Trade collapses so because no one wants to import in the ambient doldrums. In addition, lines of credit to finance international trade animals with the financial crisis. And investors withdrew from most of the markets to invest in particular in US Treasury bills, considered the safest investment of the time. More internationalised economies are bumped head-on by these trade and financial shocks. The Ireland has grown rapidly in the 1990s, due in particular to the integration of its manufacturing sector in the process of production of multinational. It is therefore not surprising that the Irish situation is dramatic when international trade collapses. The coup de grace to the Ireland is a housing bubble, funded by an Irish banking sector who borrowed large sums from abroad and is now at the precipice. A few months ago, it was the Iceland, one of the most internationalised economies in the world, who disappeared in the turmoil of the crisis due to a sector financial size of assets and debt were six or seven times the size of its domestic product gross. Although the Icelandic banks have not invested in the famous toxic financial products, financial shock, causing rapid changes in valuation of assets and by limiting the available cash to refinance debt, developed on land in very short time the Icelandic financial giants. The internationalization of bank financing in Iceland is also gone hand in hand with the formation of a housing bubble in Reykjavik. Another striking example is that of Dubai, destination o how fashionable in recent years. Who has heard of celebrities buying an apartment in Dubai The prosperity of Dubai comes from its role as a financial centre in the region, tourism, real estate and its position as regional trade hub. These four engines of growth are being evil in a period of global crisis such as we are. Such as Iceland and Ireland, the bursting of the housing bubble of Dubai has significant adverse effects on the local economy. At the time where I write, the Ukraine has an urgent need of cash through the crisis. A number of countries of Eastern Europe banks, subsidiaries of banks of Western Europe, cannot survive without their parent companies credit lines and would need a clear support of the European Union. This global crisis shows that, is that the internationalization of the world economy, contributing to the prosperity in many regions of the world, has also increased the fragility of some economies, particularly small economies very open to capital flows. This does not mean that he must return to protectionism the 1930s have sufficiently demonstrated how serious error would be but it means that financial markets regulators must keep an eye on the level of external indebtedness of national banking systems and actively deflate embryos real estate bubble. It also probably means that economies with the most important domestic markets (China and the Japan in Asia, the Germany and the France in Europe, the South Africa and Nigeria in Africa, the United States, the Brazil in America) are the most plausible locomotives to the world of the crisis.