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    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
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    Citable URI
    http://hdl.handle.net/11540/7398
    Metadata
    Show full item record
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    adb-brief-85.pdf (148.7Kb)
    Author
    Park, Cyn-Young
    Lee, Junkyu
    Villafuerte, James
    Rosenkranz, Peter
    Theme
    Economics
    Evaluation
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise