The triad in crisis: What we learned and how it will change global cooperation
This paper reviews the propagation of the 2008-2009 financial crisis through China, Japan and the United States (the "triad") and analyzes the responses of these countries from the viewpoints of achieving recovery and returning to a growth path that will be free of the imbalances that limit long-term sustainability. For a variety of reasons, the triad countries are both key protagonists in the crisis, and central agents in the recovery from it. Greater cooperation among them will be important to ensure that the recovery that emerges leads to a sustainable growth path. Their actions are important also because they can have great influence on the responses of other countries. The paper concludes with an overview of areas in which cooperation is especially desirable.
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- Ben S. Bernanke, 2009. "Federal Reserve policies to ease credit and their implications for the Fed's balance sheet: a speech at the National Press Club Luncheon, National Press Club, Washington, D.C., February 18, 2009," Speech 443, Board of Governors of the Federal Reserve System (U.S.).
- Eswar S. Prasad, 2009.
"Rebalancing Growth in Asia,"
NBER Working Papers
15169, National Bureau of Economic Research, Inc.
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