In a recent paper with Ugo Panizza of the Graduate Institute of Development Studies in Geneva, we show that in the aftermath of the 2008 crisis, emerging-market countries that could run the kind of counter-cyclical Keynesian policies espoused by Krugman had low levels of foreign-currency debt. It is only because they were “Austerians” before the crisis that they could afford to be Keynesians afterwards.
相反，西班牙的债务是欧元债务，它无法印刷欧元，而且其债权人大多是外国人。许多新兴市场国家与西班牙差不多。在与日内瓦发展研究研究生院的乌戈·帕尼扎（Ugo Panizza）合作的一篇论文中，我们指出，2008年危机后，能够实施克鲁格曼所信奉的反周期凯恩斯主义政策的新兴市场国家外币债务水平较低。他们之所以能在事后成为凯恩斯主义者，唯一原因是他们在危机前是“紧缩派”。