title: Averting a Global Crisis
abstract: Averting a Global CrisisIn the autumn of 1998, for a brief period at least, the specter of "global depression" was in the air.Already in the first half of the year, economic activity had gone into free fall in Asia, while the Japanese economy remained becalmed in the doldrums.Russia's default and devaluation then dealt a heavy blow to an already fragile international financial system.The impact showed up most dramatically in the distress and last-minute rescue of the now-notorious hedge fund Lon
journal: Oldenbourg eBooks