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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 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.
Table of Contents
Preface Part 1: Overview 1. Introduction and Overview, Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park Part 2: Crisis in the US and Transmission to Europe 2. America's Financial Crisis: the End of an Era, Barry Bosworth and Aaron Flaaen 3. The Eurozone in the Global Financial Crisis, Charles Wyplosz Part 3: Impacts of the Global Financial Crisis on Asia 4. Recession and Recoveries in Asia: What Can the Past Teach Us about the Present, Souvik Gupta and Jacques Miniane 5. Intra-Regional Trade in East Asia: The Decoupling Fallacy, Crisis and Policy Challenges, Prema-Chandra Athukorala and Archanun Kohpaiboon 6. Decoupling of East Asia: Myth or Reality?, Yung Chul Park 7. The Global Financial Crisis: Impact on the Chinese Economy, Policy Responses and Rebalancing Approach, Bin Zhang and Yongding Yu 8. The Global Economic Crisis: Impact on India and Policy Responses, Rajiv Kumar and Pankaj Vashisht 9. The Republic of Korea's Economy in the Swirl of Global Crisis, Dongchul Cho 10. Thailand's Growth Rebalancing, Somchai Jitsuchon and Chalongphob Sussangkarn 11. Malaysia and the Global crisis: Impact, response, and rebalancing strategies, Shankaran Nambiar Part 4: Lessons and Emerging Issues in Asia 12. Lessons of the Crisis for Emerging Markets, Barry Eichengreen 13. Growth Patterns in Asian Emerging Markets: Implication for Global Rebalancing, Eswar S. Prasad 14. International Reserves and Swap Lines in Times of Financial Distress, Joshua Aizenman