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crisis has discouraged United States (US) private consumption, which in turn has significantly reduced exports from Asia …. However, Asia's private consumption is at a very low level even when compared with the current reduced US private consumption …
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Many developing countries have attempted to pursue the East Asian "growth model" in recent decades. This model is widely perceived to have been based on export-led growth. Given that developed countries are likely to grow at a slower rate and be less willing to run trade deficits in the post...
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