However, exactly because of such strengthened interdependence, stress will not only affect the country in which it emerges initially, for example, Thailand in the case of the Asian crisis, but also be transmitted immediately to markets in other countries.
Bill White felt that leaning against economic and financial excesses during boom makes more sense as cleaning up after the bust is impossible. The trilemma is less on the upswing, but magnifies in the downswing. Y.C. Park questioned the efficacy of macro-prudential tools in containing mortgage credit growth in Korea.