From today's FT comment section, an article by the finance minister of Chile:
Chile, for example, runs fiscal policy according to a structural rule whereby spending is determined by anticipated revenue, which depends on an independent committee’s estimates of the long-term copper price and potential output growth. Fiscal policy is countercyclical, resulting in a surplus in the good times and a deficit in the bad times. The rule has allowed Chile to accumulate more than $20bn (about 9 per cent of GDP) in sovereign wealth funds, most of which can be used in case of significant shocks.
[...] These elements are at the core of the contingency plan we have been designing in Chile during the past few months. At recent meetings with my emerging market colleagues, especially from Latin America, we have discussed the design of contingency programmes that will enable us to respond effectively should the international outlook deteriorate further. In this way, emerging markets can not only help themselves but also help cushion the rest of the global economy. In other words, we now have a clear opportunity to be part of the solution instead of being part of the problem.
Addendum: Lesson vol.1