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Australian National University; Head of the East Asian Bureau of Economic Research;

By Peter Drysdale and East Asia Forum


When the global financial crisis hit the U.S. and European economies in 2008, the emerging economies in Asia—with their high rates of growth, huge current account surpluses and export-oriented growth strategies— were an easy target for those in the industrial world who had difficulty coming to terms with the mess they had made of managing financial markets in a era of seemingly unlimited cheap international capital. Rebalancing global growth became the mantra for how to shape the contribution of emerging economies to ending the global recession, temporarily hiding the need to rein in structural deficits and financial imprudence in the developed world. As Europe teeters towar

Year: 2013
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