The Global Financial Crisis and Asia: Implications and Challenges

Hardcover | November 21, 2012

EditorMasahiro Kawai, Mario B. Lamberte, Yung Chul Park

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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 mitigatefuture 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 focuseson 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 assertsthat, 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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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 mitigatefuture crises and to identify structural policy ...

Masahiro Kawai joined the Asian Development Bank Institute (ADBI) as Dean in 2007 after serving as Head of ADB's Office of Regional Economic Integration. Previously, he was a Professor of Economics at the University of Tokyo. He also served as Deputy Vice Minister of Finance for International Affairs of Japan's Ministry of Finance and...

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Format:HardcoverDimensions:344 pages, 9.21 × 6.14 × 0.98 inPublished:November 21, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199660956

ISBN - 13:9780199660957

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Table of Contents

PrefacePart 1: Overview1. Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park: Introduction and OverviewPart 2: Crisis in the US and Transmission to Europe2. Barry Bosworth and Aaron Flaaen: America's Financial Crisis: the End of an Era3. Charles Wyplosz: The Eurozone in the Global Financial CrisisPart 3: Impacts of the Global Financial Crisis on Asia4. Souvik Gupta and Jacques Miniane: Recession and Recoveries in Asia: What Can the Past Teach Us about the Present5. Prema-Chandra Athukorala and Archanun Kohpaiboon: Intra-Regional Trade in East Asia: The Decoupling Fallacy, Crisis and Policy Challenges6. Yung Chul Park: Decoupling of East Asia: Myth or Reality?7. Bin Zhang and Yongding Yu: The Global Financial Crisis: Impact on the Chinese Economy, Policy Responses and Rebalancing Approach8. Rajiv Kumar and Pankaj Vashisht: The Global Economic Crisis: Impact on India and Policy Responses9. Dongchul Cho: The Republic of Korea's Economy in the Swirl of Global Crisis10. Somchai Jitsuchon and Chalongphob Sussangkarn: Thailand's Growth Rebalancing11. Shankaran Nambiar: Malaysia and the Global crisis: Impact, response, and rebalancing strategiesPart 4: Lessons and Emerging Issues in Asia12. Barry Eichengreen: Lessons of the Crisis for Emerging Markets13. Eswar S. Prasad: Growth Patterns in Asian Emerging Markets: Implication for Global Rebalancing14. Joshua Aizenman: International Reserves and Swap Lines in Times of Financial Distress