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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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The Eurozone in the Global Financial Crisis

The Eurozone in the Global Financial Crisis

(p.63) 3 The Eurozone in the Global Financial Crisis
The Global Financial Crisis and Asia

Charles Wyplosz

Oxford University Press

This chapter contrasts the United States (US) and European situations during the global financial and economic crisis and examines how much of the crisis has been imported by Europe from the US. The chapter argues that Europe never had a chance to avoid contagion from the US. Trade and financial links — some of which operate through third countries, those in East Asia in particular — are simply too powerful. At the same time, domestic conditions were often critical in a number of countries where house prices had generated unsustainable booms, even though there is no European equivalent to subprime lending. The chapter also documents the relatively limited reaction of both monetary and fiscal authorities. The concluding remarks consider the differences that the monetary union has made and their relevance.

Keywords:   financial crisis, contagion effect, monetary union, subprime lending, house price boom

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