Domino Effect: How Lehman's Failure marked the beginning of the End for the Dollar

... foreign reserves could help mitigate the effects of the crisis. Their foreign reserves helped up to a point. Yet, even after the usage of these foreign reserves to stimulate their ailing economies, emerging markets were still at a disadvantage[2]. Output ... ... in one word: Globalization. In India’s case, its rapid integration into the global financial system followed the 1998 financial crisis. It sought to raise its foreign reserves, as did every other emerging market affected by the crisis. So where ...