The tow rope snapped, however, in heavy seas and the fishing boat went aground on rocks.

BBC: Tobermory lifeboat in 11-hour rescue drama

During the journey back to Tobermory, the fishing boat's bridle, to which the tow rope was attached, broke.

BBC: Tobermory lifeboat in 11-hour rescue drama

To stretch Mr Rogoff's metaphor, the rope East Asia extends to America is not a noose but a tow-line, which will gradually pull Asian economies towards greater prosperity.

ECONOMIST: Economics focus