The authors conclude that policymakers may have been barking up some wrong trees, chafing at theprovincialism of syndicated bank loans, for example, while missing out on how integrated private-equity financing has become.
Our natural resources and opening to the Gulf makes up a potential superpower, if we can overcome years of petty provincialism and find the political will to see the region in its entirety.
Rather they might reflect an underlying decline in provincialism, as investors gradually come to appreciate the dangers of relying excessively on home-country assets.