The Global Financial Crisis and Asia: Implications and Challenges
Masahiro Kawai, Mario B. Lamberte, Yung Chul Park
OUP Oxford, Oct 25, 2012 - Business & Economics - 324 pages
This book aims to identify and analyze the impact of the 2007-09 global financial crisis on Asian economies and to assess the short-term and longer-term policy responses to the crisis in terms of their effectiveness and sustainability. It draws lessons on how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basis for sustainable and inclusive long-term growth. Organized into four parts, it offers an accessible explanation of the causes, consequences, and contagion mechanisms of the crisis. Part 1 provides an overview of the major issues and presents policy recommendations. Part 2 reviews the crisis in the US and its transmission to Europe. Part 3 focuses on the impact on Asia. And Part 4 concludes lessons of the crisis for Asian countries. The volume highlights that Asian economies have already recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, the biggest challenge lies ahead. It asserts that, given that it is unlikely that the US and Europe will be engines of global growth, Asian economies should contribute to global economic adjustment by creating their own growth engines.
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Aizenman ASEAN Asia’s Asian Development Bank Asian financial crisis assets average balance billion capital flows central banks China countercyclical countries currency crisis current account debt decline decoupling deficit deleveraging depreciation dollar domestic demand East Asia East Asian economies effects emerging markets euro Eurozone exchange rate export growth export-led external factors Figure financial markets financial system fiscal stimulus fourth quarter funds GDP growth global financial crisis global imbalances gross domestic product growth rate house price impact important income increase India Indonesia industry inflows interest rates International Monetary Fund intra-regional trade investment Japan Korea liquidity loans macroeconomic Malaysia manufacturing ment monetary policy mortgage-backed securities output People’s Republic percent of GDP percentage points PRC’s production quarter of 2008 ratio rebalancing recovery reduce regional relative renminbi share shocks short-term Source stability stimulus package structure subprime swap lines Taipei,China Thailand tradable