Introduction

Barry Eichengreen and Bokyeong Park

Chapter 1 in The World Economy after the Global Crisis:A New Economic Order for the 21st Century, 2012, pp 1-6 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe global credit crisis of 2008–2009 was the most serious shock to the world economy in 80 years. It was for the world what the Asian crisis of 1997–1998 had been for emerging markets: a profoundly alarming wakeup call. By laying bare the fragility of global markets, it raised troubling questions about the operation of the 21st century world economy. It cast doubt on the efficacy of light-touch financial regulation and, more generally, on the prevailing commitment to economic and financial liberalization. It challenged the managerial capacity of institutions of global governance. It augured a changing of the guard, pointing to the possibility that the economies that had been leaders in the global growth stakes in the past would no longer be leaders in the future…

Keywords: World Economy; Financial Crisis; Global Trading System; Global Financial System; International Monetary System; G20; Global Governance; Emerging Markets; Asia; Advanced Economies (search for similar items in EconPapers)
Date: 2012
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