Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Impact of the US Subprime Mortgage Crisis on the World and East Asia: Through Analyses of Cross-border Capital Movements

Contents:

Author Info

  • Sayuri SHIRAI

    (Faculty of Policy Management, Keio University, Japan)

Abstract

The world economy is currently suffering a global financial and economic crisis that has become severe since the second half of 2008. This global financial situation was triggered by?the advent of the subprime mortgage crisis in the United States that became apparent in mid-2007.?Europe was the first area affected, thereafter its contagion spread to the rest of the world. East Asia?did not escape. The nature of the current global financial crisis is unprecedented in terms of (1) the?scale of the problems in the financial sector (particularly in the United States and Europe), (2) the?depth and speed of contagion worldwide (through financial sector and trade linkages), and (3) the?severity of the recession (particularly in emerging market economics, small countries, and East?Asia). This paper analyzes, mainly, cross-border capital movements by looking at the pre-crisis?features of the United States as the crisis hypocenter and its relationships with other countries.?Detailed observations are presented on cross-border investment in stocks and debt securities, as well?as banking activities. The paper then sheds light on the impact of the subprime mortgage crisis on?cross-border capital movements in the United States, the United Kingdom, and East Asia. Other?performance indicators such as exchange rates, economic growth and international trade are also?discussed in the case of East Asia. The paper examines several challenges posed for East Asia by?the crisis.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.eria.org/ERIA-DP-2009-10.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Economic Research Institute for ASEAN and East Asia (ERIA) in its series Working Papers with number d013.

as in new window
Length:
Date of creation: 2009
Date of revision:
Handle: RePEc:era:wpaper:d013

Contact details of provider:
Postal: The ASEAN Secretariat Mezzanine Floor, 70A Jl.Sisingamangaraja, Jakarta 12110
Phone: +62-21-5797-4460
Fax: +62-21-5797-4463
Web page: http://www.eria.org/
More information through EDIRC

Related research

Keywords: Subprime mortgage; Global financial and economic crisis; Capital flows; International financial center.;

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Shirai, Sayuri, 2009. "世界経済危機とグローバル・マネーの変動 ―国際経済秩序へのインプリケーションー
    [Global Economic Crisis and Movements of Cross-Border Capital Flows ―Implicatio
    ," MPRA Paper 18619, University Library of Munich, Germany.
  2. Sayuri Shirai, . "Cross-Border Investment and the Global Financial Crisis in the Asia-Pacific Region," MPDD Working Paper Series WP/09/04, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:era:wpaper:d013. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Hiroshi Okasaki).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.