The Global Financial Crisis and Asia Implications and Challenges

Author: Masahiro Kawai; Mario B. Lamberte; Yung Chul Park
Publisher: Oxford University Press
ISBN: 9780199660957
Published In: October 2012
Format: Hardback , 344 pages
Jurisdiction: Asia, International ? Disclaimer:
Countri(es) stated herein are used as reference only

Out of stock

Description
Contents
Author

Details

Unique collection written by international experts from both developed economies in the West and emerging economies in Asia
Comprehensive coverage of macroeconomic policy (monetary, fiscal, and foreign currency management), real sector issues (trade and industrial structure), infrastructure, labor market and social policy, financial sector reform and regulation, and regional cooperation and financial architecture
Provides detailed information of how countries were affected by the global financial crisis and their policy responses

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.

Readership: Academics, policymakers, think tanks, international development agencies, and Asian specialists. Students taking courses on the financial crisis, the political economy of Asia, and economic development.

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

Edited by Masahiro Kawai, Dean and Chief Executive Officer, Asian Development Bank Institute (ADBI), Mario B. Lamberte, Director of Research, Asian Development Bank Institute (ADBI), and Yung Chul Park, Distinguished Professor, Division of International Studies, Korea University

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 Chief Economist for the World Bank's East Asia and the Pacific region. He was a consultant at the Board of Governors of the Federal Reserve System and at the International Monetary Fund and Special Research Advisor at the Institute of Fiscal and Monetary Policy in Japan's Ministry of Finance. He has published numerous books and academic articles on economic globalization and regionalization, and regional financial integration and cooperation in East Asia. He earned his PhD in economics from Stanford University.

Mario B. Lamberte is Director of Research at ADBI. Prior to joining ADBI, he worked for the Philippine Institute for Development Studies (PIDS) as a Research Fellow from 1981 to 1986, Vice-President from 1987 to 1997 and President from 1998 to March 2005. He advised the Philippine Senate on legislative measures pertaining to financial markets and trade policy reforms. He served as a consultant of several multilateral and bilateral donor agencies in several occasions. He has authored and co-authored several published research papers and edited several books. His current areas of interest are regional economic cooperation and integration, financial markets and development economics. Dr. Lamberte earned his doctoral degree in economics from the University of the Philippines in 1982 and spent his post-doctoral studies at Stanford from 1983 to 1984 was a visiting fellow at the International Food Research Institute in 1989. He was elected President of the Philippine Economic Society (PES) in 1993

Yung Chul Park is Research Professor and Director at Center for International Trade and Finance, Graduate School of International Studies, Seoul National University. He is also a member of National Economic Advisory Council. He was an Ambassador for International Economy and Trade, Ministry of Foreign Affairs and Trade, and also Chairman of the board at the Korea Exchange Bank. He has served as Chief Economic Adviser to President Doo Hwan Chun of Korea, as President of the Korea Development Institute, President of the Korea Institute Finance, and as a member of the Bank of Korea's Monetary Board. He was also Director of the Institute of Economic Research at Korea University, taught at Harvard University and Boston University, and worked for the International Monetary Fund. He received his Ph.D. from the University of Minnesota. From June to December of 1998, he managed the merger of Korea's two largest commercial banks as Chairman of the CBK-Hanil Bank Merger Committee.

Contributors:
Joshua Aizenman, University of California, Santa Cruz
Prema-Chandra Athukorala, Australian National University
Barry Bosworth, Brookings Institution
Dongchul Cho, Korea Development Institute
Barry Eichengreen, University of California, Berkeley
Aaron Flaaen, Brookings Institution
Masahiro Kawai, Asian Development Bank Institute
Souvik Gupta, International Monetary Fund
Somchai Jitsuchon, Thailand Development Research Institute
Archanun Kohpaiboon, Thammasat University
Rajiv Kumar, Indian Council for Research on International Economic Relations
Mario B. Lamberte, Asian Development Bank Institute
Shankaran Nambiar, Manipal International University
Jacques Miniane, International Monetary Fund
Yung Chul Park, Seoul National University
Eswar S. Prasad, Brookings Institution
Chalongphob Sussangkarn, Thailand Development Research Institute
Pankaj Vashisht, Indian Council for Research on International Economic Relations
Charles Wyplosz, Graduate Institute, Geneva
Yongding Yu, Chinese Academy of Social Sciences
Bin Zhang, Chinese Academy of Social Sciences