Even if Australia can survive in the current world, we all (developed and emerging markets alike) would benefit from some changes in the international architecture.
*  *  *  During the past several years, changes in asset prices have attracted considerable attention from the public, from economic researchers, and from monetary policymakers. That attention is well deserved: Recent changes in asset valuations have been enormous, and they appear to have had substantial effects on the economy. The observation that asset prices influence macroeconomic performance is hardly new.