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Crises in Asia: Historical Perspectives and Implications

  • Hong, Kiseok

    (Ewha Womans University)

  • Lee, Jong-Wha

    (Asian Development Bank)

  • Tang, Hsiao Chink

    (Asian Development Bank)

The paper analyzes the stylized features of historical crisis episodes for 21 developing Asian economies over 1961–2007. The paper finds that while there is substantial diversity, on average, recessions and financial downturns are more frequent, longer lasting, and more severe in Asia than in the Organisation for Economic Co-operation and Development countries. The paper also finds that the likelihood and severity of a recession tends to increase when it is associated with credit crunches or stock market crashes. Severe financial downturns or recessions in the global economy are often coupled with financial crises or recessions in Asia. In view of the current global crisis and severe financial downturns, Asian economies are expected to experience a severe recession in 2009.

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Paper provided by Asian Development Bank in its series ADB Economics Working Paper Series with number 152.

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Length: 32 pages
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:ris:adbewp:0152
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  1. Cardarelli, Roberto & Elekdag, Selim & Lall, Subir, 2011. "Financial stress and economic contractions," Journal of Financial Stability, Elsevier, vol. 7(2), pages 78-97, June.
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  16. Kim, Soyoung & Lee, Jong-Wha & Park, Cyn-Young, 2009. "Emerging Asia: Decoupling or Recoupling," Working Papers on Regional Economic Integration 31, Asian Development Bank.
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