Word: bergsten
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Dates: during 1990-1999
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...shaky, suffered another setback. Investors watched helplessly as early in the week stock prices sank and long-term interest rates turned upward, depressing investments and driving up mortgages and other borrowing costs. "Rising rates and a falling dollar -- that's the definition of a currency crisis," says C. Fred Bergsten, director of the Institute for International Economics in Washington. "What it says is that foreigners are pulling out of both U.S. currency and financial markets...
...well above the present 5.5%. Inflation would leap to a 9% to 10% annual rate, from around 4% to 4.5%. In Western Europe and Japan there might be some continued prosperity, since those economies have been rising much more rapidly than the U.S.'s. Even so, I.I.E. director Fred Bergsten predicts that "growth would slow by 2 or 3 percentage points, and inflation would rise by 3 to 4 points." Robert Hormats, a vice chairman of Goldman Sachs International, also fears a financial collapse: "If the Japanese stock market drops 4% because of concerns about...
...When you look at what the Administration is doing compared with what it's saying, you've got to ask, 'Where's the beef?' " says C. Fred Bergsten, director of the Institute for International Economics in Washington. "There's a pattern here: the right policies keep coming up short because they're so woefully underfunded...
...many respects, the erosion of the yen is driven by emotion rather than reality, since Japan's economy is still growing at a robust rate of about 4.5%. "It's really psychology, running in just the opposite direction of the underlying economic forces," says C. Fred Bergsten, director of Washington's Institute for International Economics. To prop up the yen, the Bank of Japan first tried intervening in foreign-exchange markets, spending $10 billion, or 17% of the country's currency reserves, to buy yen and dump dollars. Since that proved futile, the central bank last week boosted...