"Limited financial integration with foreign banks meant that the financial systems proved robust to the sub-prime shocks." Financial systems across the region did fare better than elsewhere, but that's not to say they proved robust. In 2009 the RBI had to call in the heads of commercial banks in order for them to reduce their interest rates. In late 2008 India faced a liquidity crunch that made it very hard for firms to access funds from banks. Meanwhile Pakistan had to turn to the IMF due to a balance of payments crisis. Pakistan's stockmarket was shut for an extended period in 2008, due to fears companies would be wiped out by investors fleeing the nation. Otherwise a very nice piece. Keep up the good work.