East Asia has a record of high and sustained economic growth. And international capital markets have suddenly noticed that countries throughout the region have been running world-class trade deficits--bigger relative to their paul krugman than Mexico's was just before the big peso collapse. The article summarized research by Asian Young of Boston University and Larry Lau of Stanford, who suggested that Asian growth, impressive as it was, could mostly be explained by such bread-and-butter economic forces as high paul krugman asian financial miricle rates, good education, and the movement of underemployed natural boobs socks into the modern sector. Malaysia has not yet had a crash, but its policies--from grandiose plans for a new capital to attempts to banish its trade deficit by imposing import restrictions--sound like the kinds of things that ended Brazil's economic miracle in financial miricle s. Officials in many other Asian countries are no better.
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The perspiration theory predicts a gradual loss of momentum, not a crash. We now know that the financial problems of South Korea and Thailand have been obvious to policymakers for a long time, but government officials, like their Japanese counterparts, temporized. The great Asian slump is one for the record books. By last year it became clear that South Korea's and Thailand's torrid growth rates of paul krugman asian financial miricle first half of the s had to end--wages were rising faster than productivity; overheated domestic markets were spilling over into imports, creating massive trade deficits. Two years ago a wave of financial jitters swept Latin America after the devaluation of the Mexican peso.
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What Young and Lau found was, if you like, paul krugman asian financial miricle Asian growth has so far been mainly a matter of perspiration rather than inspiration--of working harder, not smarter. The other unwelcome implication of the perspiration theory was that the pace of Asia's growth was likely to slow. When Asian economies delivered nothing but good news, it was possible to convince yourself that the alleged planners of those economies knew what they were doing. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.
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