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Emerging Asia: two paths through the storm


  • Galina Hale
  • Alec Kennedy


The overall effect of the global financial crisis on emerging Asia was limited and short-lived. However, the crisis affected some countries in the region more than others. Two main crisis transmission channels, exposure to U.S. financial markets and reliance on manufacturing exports, determined how severely countries in the region were affected. Countries that were relatively less connected to global financial markets and relied less on trade fared better and recovered more quickly than countries that were more dependent on global financial and trade markets.

Suggested Citation

  • Galina Hale & Alec Kennedy, 2012. "Emerging Asia: two paths through the storm," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar26.
  • Handle: RePEc:fip:fedfel:y:2012:i:mar26:n:2012-09

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    References listed on IDEAS

    1. Berkmen, S. Pelin & Gelos, Gaston & Rennhack, Robert & Walsh, James P., 2012. "The global financial crisis: Explaining cross-country differences in the output impact," Journal of International Money and Finance, Elsevier, vol. 31(1), pages 42-59.
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    Financial crises - Asia;


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