The root causes (although not the asset bubbles) are different but the subsequent brakes on economic growth and rising bankruptcies are familiar. Political risk further soured the picture in 1997-8, leading to riots and the ousting of governments, and is again a factor now – witness Thailand or Pakistan. Threats to social stability in China were barely an issue before; it broadly sat out the crisis, and the internet, a key channel for mobilising protesters, was nowhere. Absent rapid government spending, there is potential for an uglier outcome this time.
订阅以继续探索完整内容，并享受更多专属服务。