Perspiration and inspiration paul krugman biography

WHAT EVER HAPPENED TO THE ASIAN MIRACLE?

Two years ago a wave of financial jitters swept Latin America after the devaluation of the Mexican peso. Now a similar case of financial contagion has spread across Asia following Thailand's currency crisis.

First the Thai baht, then the Philippine peso, then the Malaysian ringgit, then the Indonesian rupiah; what's next?

Actually, that's the wrong question. Almost every economy in Asia will feel the ripples from this summer's wave of devaluations: higher interest costs because international markets fear further devaluations, lower export prices because the devaluations will intensify competition, reduced capital inflows because once ebullient foreign investors have become suddenly wary, and maybe a growth slowdown.

Perspiration and inspiration paul krugman biography

The real question is whether and how fast the region's economies will bounce back. Is this just a blip, a temporary setback--or is it the end of the Asian miracle?

Or was there any miracle in the first place?

A little backg