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pt. I. Financial globalization and world money -- pt. II. Currency crises and bailouts -- pt. III. Growth and the …
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cut back investment in innovation. Since innovation in the United States determines the evolution of the world …
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This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand...
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