He also is credited with identifying currency crises as an academic field. One is whether it can stick to a fiscal policy, including a policy toward Social Security, that prepares the country for the coming demographic deluge. The other is whether it can deal adequately with the risk of economic instability, here and abroad. This story originally appeared in the online edition of the Princeton Alumni Weekly. The Bulletin is published weekly during the academic year, except during University breaks and exam weeks, by the Office of Communications, Princeton University, Princeton, NJ 08544.
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