A developing country view of the current global crisis: what should not be forgotten and what should be done
从发展中国家视角反思全球危机，强调防止危机需协调汇率、资本账户与国内金融市场监管，并指出传统调整政策会加剧衰退，呼吁为发展中国家制定应对议程。
Macroeconomic theory will surely be affected by the current global crisis. There are signs that some 'old' theories and insights will have a comeback. This paper argues that among them economists should not forget the lessons that have been learnt from three decades of several financial crises in developing countries. We emphasise two important lessons. First, preventing crises in developing countries requires not only the regulation of domestic financial systems, but also a consistent set of macroeconomic policies. In particular we stress the need for consistency between the exchange rate rule, the capital account regime and the domestic financial market regulations. Second, financial crises in developing countries tend to worsen both the balance of payments and the fiscal balance. Traditional adjustment policies tend to exacerbate the recessive trends in output and employment. This is just the opposite of what is required and what governments in developed countries are able to do. Developing countries should push for an agenda that helps them deal with these problems. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.