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Achieving Global Cooperation on Economic Recovery and Long-Term Sustainable Development

Sachs, Jeffrey D.

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.

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Also Published In

Title
Asian Development Review
URL
RePEc:ris:adbadr:2611

More About This Work

Academic Units
Earth Institute
Published Here
September 30, 2009