This book is based on the papers presented and discussions held at a high-level regional workshop organized by the Asian Development Bank in January 2010 to discuss the impact of the global economic and financial crisis on developing Asia. It provides a clear and thought-provoking analysis of the global economic crisis from the perspective of 19 Asian countries.

The papers present concrete ways in which Asian economies and financial systems can be made more responsive and resilient. The book proposes that Asian economies can capitalize on the global economic crisis by using it as an opportunity to move from crisis management to gradually assuming global economic leadership. It spells out a general framework for strengthening recovery efforts, ensuring inclusive growth and open regionalism, rebalancing Asia's growth model, and creating greater regional cooperation for a prosperous and resilient Asia.

This is perhaps the first ever book in the market to undertake an in-depth discussion about the impact and the long-term implications of the global financial crisis on economies in Asia.

Global Economic and Financial Crisis: Genesis and Global Response

Global economic and financial crisis: Genesis and global response


This paper reviews the current global financial crisis, analyzes the global response and the implications of current global policy, particularly on Asia. It then evaluates the issues and challenges facing Asian policy makers.

The Global Financial Crisis

The global financial crisis, the most severe in the post-war period, can be traced to the excessive consumption in the Anglo-Saxon countries, financed essentially by excessive leverage, which was embedded primarily in the financial sector through financial derivatives and located in the under-regulated shadow banking area. Through a combination of excessively loose monetary policy, low interest rates, growing fiscal deficits, and lax regulation, asset bubbles were allowed to emerge between 2003–2007. The reversal ...

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