ECONOMIC don, Joseph Stiglitz today praised Malaysia for its sound regulatory framework that had protected its financial system in difficult times and suggested that it should give technical assistance to the United States and some European countries.
He said some developing countries have better financial regulatory framework compared with the developed nations.
“Malaysia and India did a much better job than the US. They should give technical assistance to US and some European countries as they understand good banking much better,” he told reporters on the sideline of Bank Negara Malaysia High Level Conference 2009 in Kuala Lumpur.
However, he expects Malaysia to be affected by the current financial crisis due to its export dependency.
He said many developing countries were export-based and Malaysia was one of the most successful.
“But global trade is now contracting faster than global GDP and export dependent economies are expected to receive some of the whiplash.” — Bernama