Crises in Asia: Recovery and Policy Responses

Kiseok Hong () and Hsiao Chink Tang ()
Additional contact information
Kiseok Hong: Ewha Womans University, Postal: Department of Economics, Ewha Womans University, Seoul, Korea. Tel +82 2 3277 3909
Hsiao Chink Tang: Asian Development Bank, Postal: 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines, http://www.adb.org

No 48, Working Papers on Regional Economic Integration from Asian Development Bank

Abstract: The goal of this paper is to provide stylized facts on recovery from economic downturns and to evaluate the role of macroeconomic policies in promoting recovery. In particular, we examine gross domestic product (GDP) recessions and financial downturns (credit contractions and stock price declines) using data from 21 Organisation for Economic Co-operation and Development (OECD) economies and 21 developing Asian economies. We find, in general, recovery from a GDP recession in Asian economies is somewhat slower than in OECD economies. However, recovery from a financial downturn is not much different between Asian and OECD economies. We also find OECD economies have been more active and effective in using counter-cyclical policies than Asian economies in the face of GDP recessions and financial downturns. Recent evidence, however, suggests Asian economies may have better success in the current global crisis.

Keywords: Recession; Financial Crisis; Recovery; Policy Response; Asia (search for similar items in EconPapers)
JEL-codes: E20 E30 E32 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2010-04-01
New Economics Papers: this item is included in nep-mac and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbrei:0048

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