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Growth with Resilience in East Asia and the 2008–2009 Global Recession

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  • Lino Briguglio
  • Stephen Piccinino

Abstract

This paper assesses why the 2008–2009 global economic recession impacted East Asia less than it did the United States (US) and the European Union (EU). The paper utilizes a “growth-with-resilience†(GWR) index aimed at measuring the extent to which a country can absorb or counteract external shocks and at the same time promote economic growth. The main findings show higher GWR index scores for East Asia compared to those for the EU and the US, which may explain why the global recession had a milder impact on the region. The study also shows East Asia as being very heterogeneous, with major differences in the countries’ economic, political, and social realities, more so than in the US and EU. Therefore, the overall picture for the region may not apply to individual economies.

Suggested Citation

  • Lino Briguglio & Stephen Piccinino, 2012. "Growth with Resilience in East Asia and the 2008–2009 Global Recession," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 29(02), pages 183-206, December.
    • Handle: RePEc:wsi:adrxxx:v:29:y:2012:i:02:n:s0116110512500175
    DOI: 10.1142/S0116110512500175
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    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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