Emerging markets have learned from past financial crises and adjusted their policies to balance growth with stability. In the 1990s and 2000s, they focused on controlled exchange rates, proactive monetary policy, and financial stability. Meanwhile, OECD countries moved towards financial integration faster, leading to crises like the one in 2008. Emerging markets' approach of building reserves and using public finance for integration proved more resilient. With capital flowing back to emerging markets, it's crucial to manage this carefully to avoid repeating past mistakes.