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Empirical Similarities and Differences Between the Global Financial Crisis and the Asian Crisis

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  • Park, Ji-Woo
  • Jeong, Kim

Abstract

The purpose of this article is to provide some empirical evidence about the recent global financial crisis compared to previous crises. First, this comparative analysis is conducted at the financial level by assessing the extent of international contagion among major stock markets during recent episodes of financial turbulence. Secondly, we examine the real impact of the crises, notably by comparing the losses of GDP during the recent crises in the advanced countries. Our results show that the recent financial crisis differs from other crises in the extent of the international contagion and the power with which it hit the real economies of the advanced countries.

Suggested Citation

  • Park, Ji-Woo & Jeong, Kim, 2018. "Empirical Similarities and Differences Between the Global Financial Crisis and the Asian Crisis," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 4(Winter Ed), pages 228-236.
    • Handle: RePEc:zbw:espost:193693
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    References listed on IDEAS

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    4. Kirrane, Christopher, 2017. "Looking Back to the Asian Crisis," MPRA Paper 89104, University Library of Munich, Germany.
    5. Goodhart, Charles & Dai, Lu, 2003. "Intervention to Save Hong Kong: The Authorities' Counter-Speculation in Financial Markets," OUP Catalogue, Oxford University Press, number 9780199261109.
    6. Baur, Dirk G., 2012. "Financial contagion and the real economy," Journal of Banking & Finance, Elsevier, vol. 36(10), pages 2680-2692.
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    More about this item

    Keywords

    Financial crisis;

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets

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