Global oil prices sharply declined by more than 50% in the past few months. What will be the real “time bomb” for this “crisis”?

Winners

To be sure, there are actually a lot of winners from this steep drop in crude prices. The decline in oil prices is potentially favorable for a host of net-energy importers ranging from developed nations such as Japan and certain European Union members to emerging markets.

Keep in mind that the 45% decline in oil prices since the end of July acts much like a tax cut for consumers of energy.

Emerging market countries such as Singapore, Thailand and India, which are largely dependent upon imported energy, likewise enjoy an income windfall as energy costs have fallen.

The Obvious Losers

It is easier for most market commenters to pick up that countries, which lack reserve funds and rely heavily on oil to support state budgets and current account balances, will likely suffer from lost revenue and …