Comparing the Asian and Eurozone Crises: A Perspective from Asia

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Policy Brief Series Issue 5, Dec 2011

Comparing the Asian and Eurozone Crises: A Perspective from Asia Ramkishen S. Rajan and Sasidaran Gopalan1

Key Points •

This policy brief compares the current crisis in Europe with the Asian crisis of 1997-98, and tries to identify the common elements as well as differences in both crises.

This brief argues that the Eurozone crisis should put an end to suggestions that Asia should consider having any sort of exchange rate coordination for the foreseeable future.

Ramkishen Rajan is currently a Visiting Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore and Professor of International Economic Policy and Public Policy, George Mason University, USA. E-mail: rrajan1@gmu.edu. Sasidaran Gopalan is a research scholar at the School of Public Policy, George Mason University, USA. E-mail: sasi.daran@gmail.com. All errors are our own. This brief builds upon remarks made by the first author at the EU Center in Singapore on “Leadership and Governance in a Post-Crisis Landscape – The EU and East Asia,” November 22, 2011. 1


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