Asian Responses To The Global Financial Crisis

Author : Jehoon Park,T. J. Pempel,Geng Xiao
Publisher : Edward Elgar Publishing
Page : 305 pages
File Size : 49,6 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781781003916

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Asian Responses to the Global Financial Crisis by Jehoon Park,T. J. Pempel,Geng Xiao Pdf

This book takes account of the global financial crisis from Asian perspectives, considering Asian responses to the crisis via two key arenas – regionalism in Asia and the G20. The expert contributors – both Asian and Western – illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of 'middle' powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development. Written with a uniquely multidisciplinary approach, this book will prove a fascinating read for a wide-ranging audience encompassing academics, students, researchers and policymakers in a number of fields including Asian studies, economics, public policy and regional studies.

Author : Masahiro Kawai,Mario B. Lamberte,Yung Chul Park
Publisher : Oxford University Press
Page : 343 pages
File Size : 44,8 Mb
Release : 2012-10-25
Category : Business & Economics
ISBN : 9780199660957

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The Global Financial Crisis and Asia by Masahiro Kawai,Mario B. Lamberte,Yung Chul Park Pdf

This book demonstrates how Asian countries tried to minimize the impact of the global financial crisis, identifies structural weaknesses in their economies, and discusses policy options for strengthening Asian economies to avoid future crises and promote sustainable growth in the long-term.

Author : Michael S. H. Heng,Tai-Wei Lim
Publisher : World Scientific
Page : 267 pages
File Size : 53,6 Mb
Release : 2009
Category : Business & Economics
ISBN : 9789814273794

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Destructive Creativity of Wall Street and the East Asian Response by Michael S. H. Heng,Tai-Wei Lim Pdf

The current financial crisis provides a valuable occasion for the world to re-examine the grand statements of wisdom which dominate the financial world for a long time. The impact is extremely serious as a result of the convergence of a number of factors such as huge current account deficits of the United States, globalization, deregulation, loose monetary policy, and excessive liquidity. This book seeks to address the critical issues in deregulation, derivatives, leveraging, remuneration systems, and rating agencies. This book will also examine Asia''s response and why Asian economies have been less affected by the global financial crisis. Are corporate governance, culture, management styles or even a state-led model the main reasons? Would the Asian sovereign funds help to be the last line of defense against the excesses of the crisis? Is the US$80 billion Asian crisis fund envisaged as the first instance of a coordinated East Asian response to the crisis and would this truly underpin the creation of an East Asian regional order? This book reaffims the need for banks and financial institutions to provide value-adding services, exercise prudence and due diligence and pay due regard for societal interest.

Author : Daigee Shaw,Bih Jane Liu
Publisher : Edward Elgar Publishing
Page : 233 pages
File Size : 49,9 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9780857931702

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The Impact of the Economic Crisis on East Asia by Daigee Shaw,Bih Jane Liu Pdf

This insightful book explores the economic conditions and policy response of four major East Asian economies in the wake of the 2008 global economic crisis. Written by a distinguished group of Asian social scientists, this study summarizes and synthesizes the economic impacts of the crisis on individual countries and their policy response over the past few years, and in particular carefully scrutinizes the immediate and remote causes of the crisis. It not only offers an assessment of the impacts of the crisis, and identifies specific country measures that can be undertaken to stabilize the situation, but also looks at the crisis from three important economic perspectives: that of a healthy fiscal system, international trade, and the energy market. This insightful research monograph will be gratefully received by academics in economics and development studies as well as public policy think tanks. Government economic planning agencies in emerging countries, as well as international economic organizations and institutions such as World Bank and United Nations will also find plenty of key insights and important information in this path-breaking book.

Author : Masahiro Kawai,Mario B. Lamberte,Yung Chul Park
Publisher : OUP Oxford
Page : 343 pages
File Size : 52,8 Mb
Release : 2012-10-25
Category : Business & Economics
ISBN : 9780191636738

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The Global Financial Crisis and Asia by Masahiro Kawai,Mario B. Lamberte,Yung Chul Park Pdf

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.

Author : Ateneo Center for Asian Studies. International Conference
Publisher : Ateneo de Manila University Press
Page : 0 pages
File Size : 40,5 Mb
Release : 2012
Category : Business & Economics
ISBN : 9710426249

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Global Financial Crisis in the Asian Context by Ateneo Center for Asian Studies. International Conference Pdf

This volume focuses on the Asian financial crisis of the late 1990s and the 2008 financial crisis that originated in the United States. How have these crises affected Asia? How has Asia coped? What has been the impact of the crises on ordinary people? Between the covers of this book are theoretical perspectives on financial crises, followed by specific studies on the crises' impact on Filipino overseas workers and the responses of families with overseas workers in Paete, Laguna; the effects of the crises on the Indonesian pirates; the connection of an economic framework between Taiwan and China to the financial crisis; and the impact and responses of business firms in selected countries in ASEA + 3.

Author : Jean-Pierre Cabestan,Jean-François Di Meglio,Xavier Richet
Publisher : Routledge
Page : 210 pages
File Size : 53,7 Mb
Release : 2012-11-27
Category : Social Science
ISBN : 9781136295942

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China and the Global Financial Crisis by Jean-Pierre Cabestan,Jean-François Di Meglio,Xavier Richet Pdf

This book examines China’s response to the 2007-2008 global financial crisis, and the resulting new status acquired by China within the international economy. It considers the things China did to weather the crisis, discussing the stimulus package put in place by China and how China’s banks coped, but above all examines the measures which countries outside China look to China to put in place in order to better encourage and secure world-wide economic recovery, measures such as currency revaluation, tax reform and greater stimulation of domestic demand. The book contrasts China’s response to the crisis, and China’s increasingly central role in the world economy, with the responses of the European Union. The book also assesses China’s increasingly important regional role, in particular its dialogue with the new Japanese government, and China’s positioning towards Southeast Asia, and also discusses the growth of Chinese foreign direct investment.

Author : T. J. Pempel,Keiichi Tsunekawa
Publisher : Cornell University Press
Page : 280 pages
File Size : 52,5 Mb
Release : 2015-05-06
Category : Political Science
ISBN : 9780801455018

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Two Crises, Different Outcomes by T. J. Pempel,Keiichi Tsunekawa Pdf

Two Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success.

Author : Dr Mu Yang,Michael Siam Heng Heng
Publisher : World Scientific
Page : 144 pages
File Size : 50,8 Mb
Release : 2012-07-25
Category : Electronic
ISBN : 9789814434621

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Global Financial Crisis and Challenges for China by Dr Mu Yang,Michael Siam Heng Heng Pdf

The book analyzes the nature of Chinese economy which enables it to go through the financial tsunami pretty unscathed. It discusses the stimulus package designed by the Chinese government to keep the economy on course, as well as its results ? both positive and negative aspects in the middle and long term. The 2008?09 financial crisis makes it very clear that we need a two-pronged approach to deal with the situation, namely governments need a) to take quick and decisive actions to stem any further deterioration in financial systems; b) to revamp their economies by refitting existing engines in the real economy. China, as the third largest economy in the world, and with its robust domestic consumption and a healthy financial system, is one of the most important drivers to pull the world out of recession. According to the Chinese leadership, China's main contribution is to keep its own economy running smoothly. In response to the crisis, the Beijing government has poured money into the following sectors: public housing, earthquake reconstruction, physical infrastructure, social security, education and healthcare. So far, the results have helped China to maintain the targeted high growth. Given the open nature of its economy, its high growth has also benefited other countries, thereby contributing to the global economy. The current crisis strengthens a trend that has emerged since the Asian financial crisis of 1997. And that is the enhanced economic integration of China with its East Asian neighbours and Southeast Asia. This augurs well for East Asian regionalism which may include the birth of Asian Monetary Fund. The global environment in the wake of the crisis poses new challenges to China, for example, in the form of shrinking size of its traditional export market in the USA and Europe. China needs to modify its strategy from previous export-oriented and investment-driven strategy into one with more emphasis on consumption. There is a lot of scope for China to embark on productive consumption such as cleaning up the environment, physical infrastructure, social security, education and healthcare. If done well, they will lay a firm basis for long-term economic development. It represents an occasion for China to embark on a nation-wide effort to upgrade its economy in the key sectors. At the same time, attention needs to be paid to improving economic-legal institutional framework to support China's role as a major global player.Contents: IntroductionThe 2008 Financial Crisis and the Chinese EconomyShanghai as an International Financial CentreThe Renminbi DebatePromoting China-ASEAN Economic CooperationThe Flying Geese ModelReflections on Developmental ModelsBy Way of Conclusion: Some Random Thoughts Readership: Academics interested in Asian Studies, China's economy and the financial crisis; general public.

Author : Michael S. H. Heng,Tai-Wei Lim
Publisher : World Scientific
Page : 267 pages
File Size : 48,8 Mb
Release : 2009
Category : Business & Economics
ISBN : 9789814273787

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Destructive Creativity of Wall St. and the East Asian Response by Michael S. H. Heng,Tai-Wei Lim Pdf

The current financial crisis provides a valuable occasion for the world to re-examine the grand statements of wisdom which dominate the financial world for a long time. The impact is extremely serious as a result of the convergence of a number of factors such as huge current account deficits of the United States, globalization, deregulation, loose monetary policy, and excessive liquidity. This book seeks to address the critical issues in deregulation, derivatives, leveraging, remuneration systems, and rating agencies. This book will also examine Asia's response and why Asian economies have been less affected by the global financial crisis. Are corporate governance, culture, management styles or even a state-led model the main reasons? Would the Asian sovereign funds help to be the last line of defense against the excesses of the crisis? Is the US$80 billion Asian crisis fund envisaged as the first instance of a coordinated East Asian response to the crisis and would this truly underpin the creation of an East Asian regional order? This book reaffims the need for banks and financial institutions to provide value-adding services, exercise prudence and due diligence and pay due regard for societal interest.

Author : Changyong Rhee,Adam S Posen
Publisher : Columbia University Press
Page : 322 pages
File Size : 45,5 Mb
Release : 2013-09-30
Category : Political Science
ISBN : 9780881326758

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Responding To Financial Crisis by Changyong Rhee,Adam S Posen Pdf

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.

Author : Andrew Sheng
Publisher : Cambridge University Press
Page : 505 pages
File Size : 46,8 Mb
Release : 2009-09-28
Category : Business & Economics
ISBN : 9781139481915

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From Asian to Global Financial Crisis by Andrew Sheng Pdf

This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the global crisis of 2008–9. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study's main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change.

Author : Jong-Wha Lee
Publisher : World Scientific Publishing Company
Page : 593 pages
File Size : 54,8 Mb
Release : 2016
Category : Business & Economics
ISBN : 981474963X

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Crisis and Recovery by Jong-Wha Lee Pdf

Crisis and Recovery: Learning from the Asian Experience is a collection of selected articles related to the Asian experience with two crises — the Asian financial crisis in 1997-98 and the global financial crisis of 2007-08 — written by Dr Jong-Wha Lee, former chief economist of the Asian Development Bank. These papers are grouped into three broad topics: Anatomy of Asian Growth and Crises, Asian Financial Crises: Responses and Lessons, and Global Financial Crisis and Challenges to Asia's Sustained Growth.The topics include the relation of the East Asia's development strategies with the 1997-98 Asian financial crisis, the causes of the Asian financial crisis, the desirability of IMF programs, the assessment of recovery and structural reforms, the process of spillovers of the global financial crisis to Asia, regional and global economic linkages, the role of China and the renminbi, and the long-term growth projections of Asian economies.The research collected in this book will be very useful for policymakers who want to learn from the Asian experience with the crises and it is a key contribution to ongoing research and policy debates on the future of Asian economies.

Author : Wang Mengkui
Publisher : Routledge
Page : 321 pages
File Size : 49,8 Mb
Release : 2008-11-21
Category : Business & Economics
ISBN : 9781134039944

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China in the Wake of Asia's Financial Crisis by Wang Mengkui Pdf

This book examines China’s response to the Asian financial crisis of 1997, both in its immediate aftermath and in the years since. Based on research conducted by the China Development Research Foundation, one of China’s leading think-tanks, this book includes contributions from senior policy makers in the Chinese government.

Author : Yongding Yu,Third World Network
Publisher : Unknown
Page : 42 pages
File Size : 55,8 Mb
Release : 2010
Category : China
ISBN : 9675412259

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The Impact of the Global Financial Crisis on the Chinese Economy and China's Policy Responses by Yongding Yu,Third World Network Pdf