Abstract
The global financial crisis results from three factors: overly expansionary US monetary policy; inappropriate financial deregulation; and a financial panic following the bankruptcy of Lehman Brothers. Asia is now experiencing a serious downturn as the result of falling consumption and exports, and an intensifying credit squeeze due to global deleveraging. Through appropriate monetary, financial, and public-investment policies, Asia can lead the world to recovery, in essence by replacing the declining consumption spending with increased public spending on critical goods and services (such as health and education) and public investments in sustainable infrastructure, including pollution control, sustainable energy systems, efficient water use, broadband connectivity, and other priority areas.
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