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Global and Regional Shocks: Challenges to Asian

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  • Kwanho Shin

Abstract

Two major economic problems are currently shadowing Asian economies. On the one hand, the slowdown in the US economy, ignited by the subprime mortgage crisis, may not be confined to the US region and may affect Asian countries as well. On the other hand, the recent fuel and food price increases, a global shock in nature, are also likely to influence most Asian economies that are heavily dependent on oil imports. This short article, summarises recent studies on these issues, and addresses how Asian economies in particular are challenged by these important developments in the world economy. Policy issues faced by the policymakers in Asia are identified. [ADBI WP120]

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:1788.

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Date of creation: Dec 2008
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Handle: RePEc:ess:wpaper:id:1788

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Related research

Keywords: sub prime mortgage crisis; global slow down; oil imports; food prices; World Economy; Asia; ASEAN;

References

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  1. Kim, Soyoung & Lee, Jong-Wha, 2008. "Real and Financial Integration in East Asia," Working Papers on Regional Economic Integration 17, Asian Development Bank.
  2. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
  3. Calderon, Cesar & Chong, Alberto & Stein, Ernesto, 2007. "Trade intensity and business cycle synchronization: Are developing countries any different?," Journal of International Economics, Elsevier, vol. 71(1), pages 2-21, March.
  4. Canova, Fabio & Dellas, Harris, 1993. "Trade interdependence and the international business cycle," Journal of International Economics, Elsevier, vol. 34(1-2), pages 23-47, February.
  5. Kwanho Shin & Yunjong Wang, 2003. "Trade Integration and Business Cycle Synchronization in East Asia," ISER Discussion Paper 0574, Institute of Social and Economic Research, Osaka University.
  6. Olivier J. Blanchard & Jordi Galí, 2005. "Real wage rigidities and the New Keynesian model," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
  7. Prema-chandra Athukorala, 2003. "Product Fragmentation and Trade Patterns in East Asia," Departmental Working Papers 2003-21, The Australian National University, Arndt-Corden Department of Economics.
  8. Paul Cashin & Manmohan S. Kumar & C. John McDermott, 1995. "International Integration of Equity Markets and Contagion Effects," IMF Working Papers 95/110, International Monetary Fund.
  9. Eichengreen, B., 1992. "Should the Maastricht Treaty be Saved?," Princeton Studies in International Economics 74, International Economics Section, Departement of Economics Princeton University,.
  10. David Romer, 1991. "Openness and inflation: theory and evidence," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
  11. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany.
  12. Kwanho Shin & Chan-Hyun Sohn, 2006. "Trade and Financial Integration in East Asia: Effects on Co-movements," The World Economy, Wiley Blackwell, vol. 29(12), pages 1649-1669, December.
  13. Carmen M. Reinhart & Sara Calvo, 1996. "Capital Flows to Latin America: Is There Evidence of Contagion Effects?," Peterson Institute Press: Chapters, in: Guillermo A. Calvo & Morris Goldstein & Eduard Hochreiter (ed.), Private Capital Flows to Emerging Markets After the Mexican Crisis, pages 151-171 Peterson Institute for International Economics.
  14. Choe, Jong-Il, 2001. "An impact of economic integration through trade: on business cycles for 10 East Asian countries," Journal of Asian Economics, Elsevier, vol. 12(4), pages 569-586.
  15. Shang-Jin Wei & Irina Tytell, 2004. "Does Financial Globalization Induce Better Macroeconomic Policies?," IMF Working Papers 04/84, International Monetary Fund.
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Cited by:
  1. Changchun Hua & Douglas H. Brooks, 2010. "Asian Trade and Global Linkages," Working Papers id:3094, eSocialSciences.

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