The year 2017 marks the 10th and 20th anniversaries respectively of two major crises in the global economy, whose repercussions continue to be felt even now. Chronologically the first was the balance of payments crisis in several countries in East Asia, and the second was the banking crisis mainly in the US and the UK. Turning to the second first, one of its fallouts was a sharp fall in interest rates. In the advanced economies, interest rates are still at historic lows (though likely to go up shortly) and output is just catching up to pre-crisis levels. The Economist, in
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