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Financial crisis - US versus Asian. Factors and policy response F

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  • Gulam Hassan, Mohamed Aslam

Abstract

The financial crisis which erupted in the United States of America in 2007 drove the real economic sector into a crisis that has diminshed the world’s economic growth thereafter. There is no single theory that can explain what has happened in the US. Eventhough there were a few financial crises models, however all the models are “meaningless”. Traditional macroeconomic policies were used to restore the distress economy but the policies seemed to be ineffective. In this regards, heterodox economic perspectives may provide some answers in dealing with such economic crisis that have been experienced by the US. The financial crisis experienced in Asia in 1997-98 could provide some ideas for economic crisis solutions. The aim of this paper is (a) to discuss the financial crisis in the US and East Asia 1997/1998, and (b) to look at unorthodox economic policies that could possibly be considered in dealing with the financial crisis.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38206.

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Date of creation: 10 Jan 2012
Date of revision: 16 Apr 2012
Handle: RePEc:pra:mprapa:38206

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Keywords: Financial Crisis; Macroeconomics; Heterodox Economic Policy; Capital Control;

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  1. Christopher J. Neely, 1999. "An introduction to capital controls," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Nov, pages 13-30.
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