Despite talk of currency wars, Asian countries have so far avoided full-scale hostilities over their exchange rates.
But Mr. Fuest, co-author of a survey of research on the issue, said it was not possible to say that austerity generally led to higher growth, especially in a currency union where individual countries do not have any real control over their exchange rates.
BBC Capital: So how do people under, say, the euro which serves many countries and economies, feel the effects of and adjust to these shocks when the individual countries in the eurozone have little influence over their exchange rate and monetary policy?
During the 1930s, countries had relatively more direct control over their exchange rates through the actions of their central banks.
Chinese companies must turn over their foreign exchange reserves to the central bank.
Alona Bondarenko, two years older than her sister and doubles partner, Kateryna, said that the tight bond they shared as sisters helped soothe over their sometimes harsh exchanges on the court.
The music industry's decision to turn over their catalogs in exchange for a share of such a measly new revenue stream illustrates the desperation of record labels in China, says Sonal Gandhi, a music and media analyst with Forrester Research in New York.
Capitalism is one thing, but Beck is manipulating his audience to hand over their cash in exchange for swag that can't possibly be worth the price, considering the volume of his output (seven books in three years!).
In a way that would baffle most old-time bureaucrats, independent developers like to collaborate over long distances and make their exchanges public.In one culture clash, Nathan Torkington, an open-source consultant, helped New Zealand's government assemble sets of data.
During one of their exchanges, over Vietnam, Vidal called Buckley a "crypto-Nazi," whereupon Buckley called Vidal a "queer".
