The Financial Crisis in Asia. Statement by Marcus Noland (IIE)
1998
M. Noland
The main points of this testimony are that :events in Asia will slow US economic growth, and increase the US trade deficit on the order of $50 billion in the medium-run, with most of this increase generated by trade with Japan and South Korea. The effects will be experienced unevenly across the economy, however, with sectors such as light manufacturing experiencing declining output and employment, while sectors such as real estate and construction will growgrowing trade deficits may increase trade tensions between the US and its trade partners, posing serious challenges for US policyin the short-run, we have little alternative but to bolster the International Monetary Fund, flawed though it may bein the longer-run, the creation of a new insurance-oriented organization, together with a reorganization of the Bretton Woods institutions, would be advisable
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