Tuesday, October 7, 2008

We're all Thais now

"The global financial system" Krugman writes on his blog, has become "a lot more tightly linked, so that big economies are now experiencing the kind of contagion previously associated with emerging markets caught up in the 1997-1998 crisis. We’re all Brazilians now."

Krugman might just as well have said "we're all Thais now." The 1997 Asian financial crisis was a very bad time for Southeast Asia.

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