Part IV: Living with the Global Cycle

Ayhan Kose, and Marco Terrones
Published Date:
December 2015
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Chapter Epigraphs

[T]here is a danger that recession will feed on itself and that confidence in the future will be progressively sapped throughout the world as caution follows disappointment.

Max Wilkinson (1982)

Last summer economists in America and Britain agonized about the risk of recession. Now that it has happened they have turned their attention to another “R-word”: recovery. To most people a recession sounds bad, a recovery good. But in some ways a recession can, like a strict diet, be good for an economy’s health. Recession can cleanse the economy of imbalances and clear the system for a strong recovery.

The Economist (1991)

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