Regarding Japan and Korea, they have their own peculiarities of development challenges that need to be tackled by respective governments. And this also applies to middle-income countries, including Indonesia, developing and less developed countries respectively. I hope I will have enough data and information to write about these in future columns.
I would like to end this discussion by commenting on the policy resolves set and upheld by the Fed and PBOC, as well as by other central banks, by generally maintaining confidence in their capability and professionalism. These are important for good policy decisions by monetary authorities, as well as any government institution, for that matter. And with that I would like to end this column with a quote from Professor Raghuram Rajan, former Reserve Bank of India Governor, who afterwards returned to his teaching job at Booth School of Business, the University of Chicago, where he remains till the present. He advised, via an op ed in Financial Times of August 23, in short as perfectly reflected in its title, “Stop berating central banks and let them tackle inflation.” Very pointed and matter of fact advice, which I heartily support.