Oxfam may not be the normal place to go to for investment advice but Duncan Green has a thoughtful piece on his blog about how the credit crunch will affect developing economies (despite confusing Morgan Grenfell and Morgan Stanley). His argument is that the countries most integrated with the global economy are likely to be most affected. Regions such as Africa, the Caribbean, central America and Mexico will be hit by falling external demand for their goods. China, with its strong domestic market, should be OK. Developing country firms are likely to find it harder to raise funds on the international capital markets as developed world investors become more risk averse.