20 Years After the Asian Financial Crisis: Lessons Learned and Future Challenges
Park, Cyn-Young; Lee, Junkyu; Villafuerte, James; Rosenkranz, Peter | September 2017
Abstract
The Asian financial crisis (AFC) that took the world by surprise 20 years ago was a major turning point for many of the region’s economies. The crisis exposed structural weaknesses and policy distortions in crisis affected countries, along with poorly planned financial liberalization and premature capital account opening. A surge in external capital inflows— driven in part by the region’s economic success and de facto dollar peg—led to excessive credit and asset price growth across crisis-affected countries. However, these financial imbalances quickly unraveled, triggering the crisis and threatening the region’s long-term economic growth.
Citation
Park, Cyn-Young; Lee, Junkyu; Villafuerte, James; Rosenkranz, Peter. 2017. 20 Years After the Asian Financial Crisis: Lessons Learned and Future Challenges. © Asian Development Bank. http://hdl.handle.net/11540/7398. License: CC BY 3.0 IGO.PDF ISBN
978-92-9257-952-4
Print ISBN
978-92-9257-951-7
ISSN
2071-7202 (Print)
2218-2675 (e-ISSN)
Keywords
Crisis
Unemployment
Economic cooperation
Gross domestic product
Employment
Economic forecast
Economic indicators
Growth models
Gross domestic product
Macroeconomics
Economic forecast
Economic Crisis
Economic Efficiency
Economic Policies
Regional Economic Development
Job Evaluation
Evaluation
Macroeconomic
Macroeconomic Analysis
Performance Evaluation
Impact Evaluation
Economic Welfare
Economic Incentives
Financial crisis
Labor economics
Regional economics
Turnover
Economic survey
Job analysis
Labor turnover
International relief
Exports
Economic development projects
Economic policy
Economic forecasting
Show allCollapse