As an aside... ever notice how countries that adopt policies favored by right wing or libertarian think-tanks tend to have a few very successful years (with much crowing by those think tanks) followed by disaster? Be it Japan, Argentina, Russia, much of Eastern Europe, Ireland, Iceland, etc., it does seem that there's a pattern. Heck, that pattern even applies to the US. I think even some of the promoters of those policies are starting to see that pattern. Its to the point where a lot of folks in those circles are trying to convince the public that Singapore, a country where the government's role in the economy is larger and more intrusive than in most other countries, is an example of a libertarian paradise
I have noticed the pattern of praise from right wing think tanks followed by disaster. I too am amazed that people are trying to convince other people that Singapore as a libertarian paradise. Evidently they don't understand that the "Sovereign" in "Sovereign wealth fund" means "publicly owned" and politically directed, that is socialism.
I do have a question -- when was the Russian (and much of Eastern Europe) good years. I recall catastrophe followed by recovery. I think the examples there are Estonia and maybe Latvia.
The pattern is clear. Financial deregulation can lead to speculative bubbles. AEI, Heritage and Cato assert that they are sustainable booms. Then the crash comes.