Sachs Jeffrey D. author Columbia University. Earth Institute Columbia University. Economics Columbia University. International and Public Affairs Columbia University. Health Policy and Management Columbia University. Earth Institute originator text Articles 2009 English The global financial crisis results from three factors: overly expansionary US monetary policy; inappropriate financial deregulation; and a financial panic following the bankruptcy of Lehman Brothers. Asia is now experiencing a serious downturn as the result of falling consumption and exports, and an intensifying credit squeeze due to global deleveraging. Through appropriate monetary, financial, and public-investment policies, Asia can lead the world to recovery, in essence by replacing the declining consumption spending with increased public spending on critical goods and services (such as health and education) and public investments in sustainable infrastructure, including pollution control, sustainable energy systems, efficient water use, broadband connectivity, and other priority areas. Asian Development Review, vol. 26, no. 1 (2009), pp. 3-15. Finance http://hdl.handle.net/10022/AC:P:8249 NNC NNC 2009-09-30 13:04:33 -0400 2011-09-16 13:12:07 -0400 451 eng