When the Asian financial crisis struck, Malaysia faced a devaluation of the ringgit and a mass exodus of capital, even when it raised interest rates at home. The government was therefore able to lower interest rates to stimulate the economy without having to worry about currency fluctuations or capital flight. Table of contents 1. How […]
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managing to cope are places that the humanity the human cost is terrible, but it s a pretty small share of global gdp. there were some crazies old enough to remember the east asian financial crisis where the east asian economy recovered but the east asian people didn t, because korea bounced back fast and indonesia did not. there are not that many south koreans, but they re relatively rich. so this is one of those things that from an economics point of view, the fact that so much of the world being left out of this is not such i big deal. from a human point of view, it s who horrific. there is a similar kind of interesting dichotomy which is that while travel has not recovered, my look at the data suggests trade has recovered, right? why is that? well, trade is a funny thing.
advanced east asia, that s the bulk of the global economy. then the places that are not managing to cope are places that the humanity the human cost is terrible, but it s a pretty small share of global gdp. there were some crazies old enough to remember the east asian financial crisis where the east asian economy recovered but the east asian people didn t, because korea bounced back fast and indonesia did not. there are not that many south koreans, but they re relatively rich. so this is one of those things that from an economics point of view, the fact that so much of the world being left out of this is not such a big deal. from a human point of view, it s horrific. there is a similar kind of interesting dichotomy which is that while travel has not recovered, my look at the data