摘 要:源于20世纪90年代的第三次全球化，使得全球经济的相互影响与联系日益增强。这种联系在21世纪第一场全球金融危机中得到充分展现。发轫于美英等发达经济体的全球金融危机，通过经济贸易、金融等渠道给中国在内的新兴市场经济体带来了重大的负面冲击，新兴国家经济普遍出现了波动。

　　　本文立足于2007年至2012年的全球经济与金融危机，分析新兴市场经济体的增长波动问题。本文第二部分对新兴经济体的增长波动进行描述；第三部分深入分析新兴国家自身波动纵向对比与发达经济体的波动横向对比，即定性分析；第四部分探讨了新兴市场经济体增长波动的影响因素并建立假设模型，即定量分析。经过计量检验分析，本文发现：对外投资开放度对经济增长波动具有明显的相关性。

关键词：发达国家；金融危机；经济增长；新兴市场经济体；增长波动

Abstract:The third globalization from the 1990s improved global economy growing mutual influence and connection which fully demonstrated in the 21st century the first global financial crisis. Origin from the United States and Britain and other developed economies, the global financial crisis has brought significant negative impact on emerging market economies, including the China through economic trade, finance and other channels. The economic of Emerging economies got volatility generally.

　　　Based on the global economic and financial crisis from 2007 to 2012, the writer had analyzed economic growth fluctuations in the emerging market economies. The second part describes the economic growth fluctuations in a general way. The third part analysises differences between emerging countries and developed economies by the means of crosswise comparison and longitudinal comparison, namely qualitative analysis. The fourth part discusses the factors of emerging market economies fluctuations and modelling the influencing factors, namely quantitative analysis. The fifth part provides summary and prospect. The paper shows openness of foreign investment has a significant correlation with economic growth fluctuations. 

Keywords: Emerging market economies; subprime mortgage crisis; economic growth；growth fluctuation；Developed country