Chronicle of an unexpected recovery Emerging from crisis A year ago, few would have predicted the recovery that the Asian and Latin American economies are currently undergoing. The crisis of 1998, which seemed to mark the beginning of the end of the prosperity of both regions, galvanized the governments of Asia and Latin America into introducing certain structural reforms which are, somewhat surprisingly, bearing fruit. Pedro Videla is Associate Professor at the Department of Economic Analysis for Management at IESE. Resumen: The author describes the different reasons, both internal and external, for the recovery of the emerging economies; outlining his principal conclusions. Pedro Videla proposes flexible exchange systems which remove the possibility of balance of payments crises and inflation. He also suggests the application of transparent and effective financial systems as a replacement for regulatory frameworks, and the implementation of sensible regulations. Although the prospects for Asia and Latin America are encouraging, there are still countries such as Ecuador which continue to stagnate in poverty. El autor describe las diferentes razones, internas y externas, para la recuperación de las economías emergentes, y extrae las principales conclusiones. Pedro Videla propone sistemas de cambio flexibles que eliminen la posibilidad de crisis de balanza de pagos e inflación, así como la aplicación de sistemas financieros transparentes y eficaces que sustituyan los deficientes marcos regulatorios y de normas prudenciales. Aunque las perspectivas para Asia y América Latina son alentadoras, todavía existen países, como Ecuador, que siguen estancados en la miseria. Ver artículo en PDF