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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.


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.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Asian Economics.

Volume (Year): 20 (2009)
Issue (Month): 6 (November)
Pages: 700-713

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Handle: RePEc:eee:asieco:v:20:y:2009:i:6:p:700-713

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Keywords: Financial crisis Rebalancing Economic cooperation;


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  1. Prasad, Eswar, 2009. "Rebalancing Growth in Asia," IZA Discussion Papers 4298, Institute for the Study of Labor (IZA).
  2. 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. Plummer, Michael, 2010. "Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia," ADBI Working Papers 201, Asian Development Bank Institute.
  2. 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).
  3. 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.


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