Crises in Asia: Recovery and Policy Responses
AbstractThe 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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Bibliographic InfoPaper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 48.
Length: 56 pages
Date of creation: 01 Apr 2010
Date of revision:
Recession; Financial Crisis; Recovery; Policy Response; Asia;
Find related papers by JEL classification:
- E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
- NEP-MAC-2010-05-02 (Macroeconomics)
- NEP-SEA-2010-05-02 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Yap, Josef T. & Majuca, Ruperto P. & Park, Cyn-Young, 2010. "The 2008 Financial Crisis and Potential Output in Asia: Impact and Policy Implications," Discussion Papers DP 2010-11, Philippine Institute for Development Studies.
- Park, Cyn-Young & Majuca, Ruperto & Yap, Josef, 2010. "The 2008 Financial Crisis and Potential Output in Asia: Impact and Policy Implications," Working Papers on Regional Economic Integration 45, Asian Development Bank.
- Kiseok Hong, 2010.
"Fiscal Policy Issues in Korea after the Current Crisis,"
- Hong, Kiseok, 2010. "Fiscal Policy Issues in Korea after the Current Crisis," ADBI Working Papers 225, Asian Development Bank Institute.
- 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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