Endnotes
1The term liquidity trap is used to refer to a situation where the demand for money becomes
infinitely elastic.
2The ratio of exports to GDP is close to 60% in the Netherlands and about 40% in the Republic of
Korea. No one would argue that the Netherlands is a country pursuing export-led industrialization.
3An East Asian regional arrangement for economic cooperation among the ten countries that
comprise ASEAN, plus the PRC, Japan, and Republic of Korea.
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The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
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