Achieving Global Cooperation on Economic Recovery and Long-Term Sustainable Development. Asian Development Review, Vol. 26(1), pp. 3-18
Sachs, Jeffrey D. | March 2009
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.
Citation
Sachs, Jeffrey D.. 2009. Achieving Global Cooperation on Economic Recovery and Long-Term Sustainable Development. Asian Development Review, Vol. 26(1), pp. 3-18. © Asian Development Bank. http://hdl.handle.net/11540/1686. License: CC BY 3.0 IGO.Citable URI
http://hdl.handle.net/11540/1686Metadata
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