India, June 26 -- Former US Federal Reserve Chairman Alan Greenspan passed away this week at the age of 100. Greenspan is perhaps the most successful central banker in the world in terms of his record while he held office. He is credited with achieving "the great moderation" in growth and inflation in the US.

Greenspan's legacy is far more chequered than his tenure, thanks to the 2008 Global Financial Crisis (GFC), which erupted a year after he left office. The GFC is often attributed to the financial deregulation under Greenspan. The longer-term judgement on Greenspan, however, should look at economic developments which began well in his term and which continue to haunt the US economy even today.

Published by HT Digital Content Service...