The Global Financial Crisis and Asia: Implications and Challenges

Publication | December 2012

This book aims to identify and analyze the impact of the 2007-2009 global financial crisis on Asian economies

This book aims to identify and analyze the impact of the 2007-2009 global financial crisis on Asian economies and to assess the short-term and longer-term policy responses to the crisis in terms of their effectiveness and sustainability. The volume highlights that Asian economies have recovered strongly from the crisis, reflecting their aggressive moves to ease monetary and fiscal policy. However, the biggest challenge lies ahead. It asserts that, given that it is unlikely that the US and Europe will be engines of global growth, Asian economies should contribute to global economic adjustment by creating their own growth engines.

This book features:

  • A unique collection written by international experts from developed economies in the West and emerging economies in Asia.
  • Comprehensive coverage of macroeconomic policy, real sector issues, infrastructure, labor market and social policy, financial sector reform and regulation, and regional cooperation and financial architecture
  • Detailed information of how countries were affected by the global financial crisis and their policy responses.

The Global Financial Crisis and Asia draws lessons on how best to avoid or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basis for sustainable and inclusive long-term growth.

Co-published with Oxford University Press (OUP). For orders, please contact Oxford University Press (OUP).

Edited by: Masahiro Kawai, Mario Lamberte, and Yung Chul Park


  • Introduction and Overview
  • America's Financial Crisis: the End of an Era
  • The Eurozone in the Global Financial Crisis
  • Recession and Recoveries in Asia: What Can the Past Teach Us about the Present
  • Intra-Regional Trade in East Asia: The Decoupling Fallacy, Crisis and Policy Challenges
  • Decoupling of East Asia: Myth or Reality?
  • The Global Financial Crisis: Impact on the Chinese Economy, Policy Responses and Rebalancing Approach
  • The Global Economic Crisis: Impact on India and Policy Responses
  • The Republic of Korea's Economy in the Swirl of Global Crisis
  • Thailand's Growth Rebalancing
  • Malaysia and the Global crisis: Impact, response, and rebalancing strategies
  • Lessons of the Crisis for Emerging Markets
  • Growth Patterns in Asian Emerging Markets: Implication for Global Rebalancing
  • International Reserves and Swap Lines in Times of Financial Distress

Additional Details

  • Economics
  • 978-0-19-966095-7 (print)

Subscribe to our newsletter to get the latest news and find out about our upcoming events and job openings..

Follow ADBI on social media.