Global Financial Crisis and Policy Responses in Southeast Asia : Towards Prudent Macroeconomic Policies
AbstractThe global fi nancial crisis hit the Southeast Asian economies through fi nancial and real sectors by the combination of lower global demand and tighter credit demand effect. The challenge for policymakers in this region is not just to prevent the escalation of the crisis and to mitigate the downturn, but also to ensure a good starting position once the rebound sets in. Policymakers should avoid taking on an excessive level of debt or creating the conditions for an infl ationary bubble by the current reaction to the global slowdown. A prudent counter-cyclical policy is necessary, and we should not ignore the medium and long-term sustainability.
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Bibliographic InfoPaper provided by Economic Research Institute for ASEAN and East Asia (ERIA) in its series Working Papers with number PB-2009-04.
Length: 8 pages
Date of creation: 01 Jul 2009
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-03 (All new papers)
- NEP-CBA-2010-07-03 (Central Banking)
- NEP-MAC-2010-07-03 (Macroeconomics)
- NEP-REG-2010-07-03 (Regulation)
- NEP-SEA-2010-07-03 (South East Asia)
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