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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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Introduction and Overview

Introduction and Overview

(p.3) 1 Introduction and Overview
The Global Financial Crisis and Asia

Masahiro Kawai

Mario B. Lamberte

Yung Chul Park

Oxford University Press

This chapter discusses the motivation of this book and provides an overview of the issues. Section 1.2 reviews the background of the recent global financial and economic crisis, including the possible contribution to the global imbalance. Section 1.3 analyzes the impact of the crisis on Asian economies, tracing out the financial, trade and exchange rate channels, and identifying the factors that determined the variation of impacts across those economies. Section 1.4 reviews the fiscal, monetary policy and other responses of both advanced economies and emerging Asian economies to the crisis, including examining their effectiveness and sustainability. Section 1.5 summarizes the lessons from the global financial and economic crisis, focusing on the need for Asian economies to reduce both their vulnerability to financial crises Section 1.6 suggests some policy measures that can help achieve this end. Section 1.7 the regional and global impacts of Japan's triple disasters. Section 1.8 concludes.

Keywords:   financial crisis, global imbalance, policy response, impact of crisis, Asian market

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