It is also clear from F8 that we were surprised – pleasantly so – that despite the pessimism of many that the Asian crisis spelled the beginning of the end of globalization, we had already concluded that very few countries, if any, intended to withdraw from the international economic system.
The 2011 paper reflects lessons both about policy – especially the critical role of the exchange rate for small open economies – and about crisis management, some of which I learned from my experience as Governor of the Bank of Israel. Both B9 (don’t panic in a crisis) and B10 are rules of behavior for those managing economic crises, or indeed any crisis.