President Ma Ying-jeou received Richard C. Koo, the chief economist of Japan's Nomura Research Institute, at the Presidential Office Tuesday, to take professional guidance in efforts to lead Taiwan out of its recession. Koo, son of former senior adviser to the president, Koo Kuan-min, was invited by a group of heavyweight Taiwanese business tycoons, including Chinatrust Commercial Bank Chairman and CEO Jeffrey Koo, to visit Taiwan. He is Jeffrey Koo's cousin. In the meeting, the economist renowned in both the United States and Japan told Ma that the global recession triggered by the financial storm that occurred in the U.S. last September has rarely happened in the global economic mechanism. The financial problems caused by the credit crisis have led to companies devoting most of their resources to paying off their debts, even at a time when interest rates are near zero. As more money is deposited in banks, it can no longer flow through the market, the economist said, pointing out that the situation stems the movement of funds, which further affects an economy's economic growth. He called this phenomenon a 'balance-sheet recession' and said he believes it is behind the recession stagnation that has been hounding Japan for more than a decade. To resolve the problem, he suggested that the government should launch long-term investment projects to increase the flow of funds in and out of the market and try to maintain the gross domestic production level. 'This process takes a very long time, so the government should be patient,' he told Ma. 