Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now

Publication | October 2013

This book analyzes different dimensions of crises in Asia, the United States and Europe, and the policies mobilized to minimize damage and avert future difficulties.

This book, a co-publication of ADB and the Peterson Institute For International Economics, includes eight research papers analyzing different dimensions of the various past crises in Asia, the United States, and Europe, and the policies mobilized to minimize the damage and avert future difficulties.

The Asian financial crisis of 1997-1998 was devastating for the region, but policy makers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008-2010, in part because they had learned the right lessons from their own experience.

In this important study, ADB and the Peterson Institute for International Economics join forces to illuminate the contrast between Asia's performance during the more recent crisis with its performance during its own crisis and the gap between what the United States and European Union leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabilization policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must.

Buy this book from Peterson Institute For International Economics.


  • Banking Crises and "Japanization": Origins and Implications
  • Responses of Central Banks in Advanced Economies to the Global Financial Crisis
  • Why Did Asian Countries Fare Better during the Global Financial Crisis than during the Asian Financial Crisis?
  • Policy Advice and Actions during the Asian and Global Financial Crises
  • Evolution of the Asian and European Financial Crises: Role of the International Monetary Fund
  • Global and Regional Financial Safety Nets: Lessons from Europe and Asia
  • Regional Responses to Financial Crises: The Americas, East Asia, and Europe
  • Sovereign Debt and Asia: International Lessons and Emerging Issues