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Crises in Asia: Recovery and Policy Responses

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Author Info

  • Hong, Kiseok

    () (Ewha Womans University)

  • Tang, Hsiao Chink

    () (Asian Development Bank)

Abstract

The goal of this paper is to provide stylized facts on recovery from economic downturns and to evaluate the role of macroeconomic policies in promoting recovery. In particular, we examine gross domestic product (GDP) recessions and financial downturns (credit contractions and stock price declines) using data from 21 Organisation for Economic Co-operation and Development (OECD) economies and 21 developing Asian economies. We find, in general, recovery from a GDP recession in Asian economies is somewhat slower than in OECD economies. However, recovery from a financial downturn is not much different between Asian and OECD economies. We also find OECD economies have been more active and effective in using counter-cyclical policies than Asian economies in the face of GDP recessions and financial downturns. Recent evidence, however, suggests Asian economies may have better success in the current global crisis.

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File URL: http://aric.adb.org/pdf/workingpaper/WP48_Recovery_and_Policy_Responses.pdf
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Bibliographic Info

Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 48.

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Length: 56 pages
Date of creation: 01 Apr 2010
Date of revision:
Handle: RePEc:ris:adbrei:0048

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Related research

Keywords: Recession; Financial Crisis; Recovery; Policy Response; Asia;

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References

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  1. Cyn-Young Park & Ruperto P. Majuca & Josef T. Yap, 2010. "The 2008 Financial Crisis and Potential Output in Asia : Impact and Policy Implications," Finance Working Papers 23101, East Asian Bureau of Economic Research.
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Cited by:
  1. Kiseok Hong, 2010. "Fiscal Policy Issues in Korea after the Current Crisis," Working Papers id:2982, eSocialSciences.
  2. Kiseok Hong, 2010. "Fiscal Policy Issues in Korea after the Current Crisis," Macroeconomics Working Papers 22754, East Asian Bureau of Economic Research.

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