First, were macroeconomic conditions in Asia in worse shape than those in Latin America? Asia’s growth performance in the years immediately preceding the crisis did not hint of disruptive imbalances. These economies were registering average annual growth of roughly 7% to 8%.
15  An example of recent research on this subject is: Joseph Gagnon, Matthew Raskin, Julie Remache, and Brian Sack (2010), “Large-Scale Asset Purchases by the Federal Reserve: Did They Work?” Staff Report no. 441 (New York: Federal Reserve Bank of New York, March). See also Gertler and Karadi (2009), footnote 14.