looking askance. The world hung on tenterhooks waiting for the US to

raise its debt ceiling, only to find those inside the credit ratings

agencies were unimpressed by the outcome. Then, the markets crashed and

the rollercoaster continued. Debt-ridden Europe is still reeling,

there's even uncertainty around China. But optimists in resource-rich

Australia are holding on tight. Predicting what's next is tricky as the

world's financial markets are more integrated these days. However,

according to Australian School of Business finance professor Ron

Masulis, the question is not whether a slowdown is expected, but just

how serious and how long will it be?