November’s publication summarizes three articles. The first examines how deleveraging in the developed world will impact growth in emerging markets. The second looks at the implications behind the prevalence of “shadow banking,” or trust lending, in the Chinese economy. The third presents the bear case for the U.S. dollar going forward.

• “DM Deleveraging, EM Stressing” by Gregory Peters, Neil McLeish, Gerard Minack, and Jason Draho, Morgan Stanley, November 1, 2011
• “China: Is Shadow Banking Another Subprime Debt?” by Yiping Huang, Krishna Hegde, Jian Chang, and Lingxiu Yang, Barclays Capital, October 25, 2011
• “Going Down,” by Douglas Borthwick, November 11, 2011, Welling@Weeden