Monthly Archives: September 2010

“You can’t cut debt by borrowing.” How often have you read or heard this comment from “austerians” (a nice variant on “Austrians”), who complain about the huge fiscal deficits that have followed the financial crisis? The obvious response is: so what?  

Last week, I posted a section of a speech I delivered in Seoul at a conference organised by the government of the Republic of Korea on “Financial Reform: An Emerging Market Perspective”. This conference was part of the preparation by the South Korean government for the summit of the Group of 20 leading countries, which will take place in Korea in November. This week, I am posting the most important section, on reform. This looks at the twin aspects of the global challenge: macroeconomics and so the global imbalances; and microeconomics and so the regulation of finance. 

Last week I went to South Korea, to give the opening keynote speech at a conference organised by the government of the Republic of Korea on “Financial Reform: An Emerging Market Perspective”. This conference was part of the preparation by the South Korean government for the summit of the Group of 20 leading countries, which will take place in Korea in November. An objective of the South Korean government is to focus attention on the perspective of emerging economies on the crisis.