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The triad in crisis: What we learned and how it will change global cooperation

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  • Petri, Peter A.
  • Plummer, Michael G.

Abstract

This paper reviews the propagation of the 2008-2009 financial crisis through China, Japan and the United States (the "triad") and analyzes the responses of these countries from the viewpoints of achieving recovery and returning to a growth path that will be free of the imbalances that limit long-term sustainability. For a variety of reasons, the triad countries are both key protagonists in the crisis, and central agents in the recovery from it. Greater cooperation among them will be important to ensure that the recovery that emerges leads to a sustainable growth path. Their actions are important also because they can have great influence on the responses of other countries. The paper concludes with an overview of areas in which cooperation is especially desirable.

Suggested Citation

  • Petri, Peter A. & Plummer, Michael G., 2009. "The triad in crisis: What we learned and how it will change global cooperation," Journal of Asian Economics, Elsevier, vol. 20(6), pages 700-713, November.
    • Handle: RePEc:eee:asieco:v:20:y:2009:i:6:p:700-713
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    References listed on IDEAS

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    1. Eswar S. Prasad, 2011. "Rebalancing Growth in Asia," International Finance, Wiley Blackwell, vol. 14(1), pages 27-66, April.
    2. C. Fred Bergsten, 2009. "Long-Term International Economic Position of the United States, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr20, October.
    3. Ben S. Bernanke, 2009. "Federal Reserve policies to ease credit and their implications for the Fed's balance sheet: a speech at the National Press Club Luncheon, National Press Club, Washington, D.C., February 18, 2009," Speech 443, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:

    1. Byron Gangnes & Ari Van Assche, 2010. "Global Production Networks in Electronics and Intra-Asian Trade," LICOS Discussion Papers 25710, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
    2. Reddy, Kotapati Srinivasa & Nangia, Vinay Kumar & Agrawal, Rajat, 2014. "The 2007-2008 global financial crisis, and cross-border mergers and acquisitions: A 26-nation exploratory study," MPRA Paper 60148, University Library of Munich, Germany.
    3. THORBECKE, Willem, 2012. "The Short- and Long-Run Effects of Exchange Rate Changes on the Japanese Electronics Industry," Discussion papers 12019, Research Institute of Economy, Trade and Industry (RIETI).
    4. Thorbecke, Willem, 2018. "The exposure of U.S. manufacturing industries to exchange rates," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 538-549.
    5. Kotapati Srinivasa Reddy & Vinay Kumar Nangia & Rajat Agrawal, 2014. "The 2007–2008 Global Financial Crisis, and Cross-border Mergers and Acquisitions," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 6(3), pages 257-281, September.
    6. Kusa, Rafał & Duda, Joanna & Suder, Marcin, 2022. "How to sustain company growth in times of crisis: The mitigating role of entrepreneurial management," Journal of Business Research, Elsevier, vol. 142(C), pages 377-386.

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