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Unformatted text preview: Actually the crisis 2008 (sub-prime lending) has more similarities with crisis 2001 (dot.com crisis) than crisis 1997, in that the source of trouble comes from the United States, one of the chief market for the outward looking economies in the process of catching up. One might even question the desirability of an outward-looking policy stance. That of course is certainly going too far. Some degree of prudence in managing the macro-economy should suffice. This includes the keeping of a healthy balance of foreign exchange reserves in a basket of foreign assets, etc.w...
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- Fall '08