Prof. Jayanth R. Varma’s Financial Markets Blog

A blog on financial markets and their regulation

Krugman on Asian Crisis as success story

Paul Krugman says so partly tongue in cheek, but still it is remarkable to read this from the world’s foremost authority on the Asian Crisis:

I will say, 15 years ago it would never have occurred to me that we would be looking back at Asia’s crisis as a success story.

My last blog post on the good that came out of the Asian Crisis looks a little less outrageous now. Also while I gave Malaysia of 1997-98 as an example of a bad response to a crisis, Krugman points to peripheral Europe. Now that is a truly atrocious response to a crisis – one in which the creditors are still in charge and are still thinking like creditors.

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