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Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now

dc.contributor.editorChangyong Rhee
dc.contributor.editorAdam Simon Posen
dc.description.abstractThe 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.
dc.publisherAsian Development Bank
dc.publisherPeterson Institute for international Economics
dc.rightsCC BY NC- ND 3.0 IGO
dc.titleResponding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now
dc.subject.expertAgricultural And Rural Development
dc.subject.expertDevelopment In East Asia
dc.subject.expertInfrastructure Development Projects
dc.subject.expertInstitutional Development
dc.subject.expertMillennium Development Goals
dc.subject.expertPolicy Development
dc.subject.expertSocial Development Programs
dc.subject.expertSocial Development
dc.subject.adbRural planning
dc.subject.adbAid coordination
dc.subject.adbIndustrial projects
dc.subject.adbInfrastructure projects
dc.subject.adbNatural resources policy
dc.subject.adbEducational development
dc.subject.naturalSocial participation
dc.subject.naturalPolitical participation
dc.subject.naturalCommunity banks
dc.subject.naturalBusiness planning
dc.subject.naturalSustainable urban development
dc.subject.naturalSocial contract
dc.contributor.imprintAsian Development Bank
oar.authorRhee, Changyong
oar.authorPosen, Adam Simon

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    These are copublications where the Asian Development Bank (ADB) plays a role in the development, publication, and/or distribution of a book in partnership with academic institutions and commercial academic presses. ADB has worked with intergovernmental organizations such as UN agencies and other development banks as well as commercial academic presses like Edward Elgar, Routledge, Sage, Springer, and Oxford University Press India, among others, on publications that focus on ADB’s areas of concentration.

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