Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now
Rhee, Changyong; Posen, Adam Simon | October 2013
Abstract
The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the contrast between Asia's performance during the more recent crisis with its performance during its own crisis and the gap between what the US and EU leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabilization policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must.
Citation
Rhee, Changyong; Posen, Adam Simon. 2013. Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now. © Asian Development Bank. http://hdl.handle.net/11540/72. License: CC BY NC- ND 3.0 IGO.Print ISBN
978-0-88132-674-1
Keywords
Agricultural And Rural Development
Development In East Asia
Infrastructure Development Projects
Institutional Development
Millennium Development Goals
Policy Development
Social Development Programs
Social Development
Rural planning
Aid coordination
Industrial projects
Infrastructure projects
Natural resources policy
Educational development
Social participation
Political participation
Community banks
Business planning
Infrastructure
Sustainable urban development
Social contract
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Citable URI
http://hdl.handle.net/11540/72Metadata
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