tag:blogger.com,1999:blog-7464708.post7736211137703944871..comments2024-02-29T05:08:47.676-05:00Comments on Kids Prefer Cheese: Kindred spiritsMungowitzhttp://www.blogger.com/profile/02340064320347875601noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7464708.post-22585035415742393142012-05-27T15:44:12.643-04:002012-05-27T15:44:12.643-04:00Thanks!
We don't think Asian 97 was a small ...Thanks! <br /><br />We don't think Asian 97 was a small event either. We just think it was a small event for non-Asian countries. We go into much greater detail in the underlying paper (currently R&R), but global growth, trade, equity markets, etc. all stayed positive in the years during the Asian crisis. Only local markets in Asia were severely affected. <br /><br />As we say in the FP piece (and spell out in more depth in the paper), Asia 97 was very bad for Korea, Thailand, Malaysia, and Indonesia, somewhat bad for Hong Kong, Japan, and a few other (mostly Asian) countries with direct exposure, but was practically a non-event everywhere else. The US had zero bank failures resulting from it. I don't know of any in Europe either. <br /><br />We generally think of the late 90s as being a very good time for growth in the US and the ROW. One of the best times in post-war history, in fact. That view is not compatible with a story that says that Asia was a severe global crisis.Kindred Winecoffhttps://www.blogger.com/profile/14330671232391851377noreply@blogger.com