The Impact of the Financial Crisis on Emerging Asia

Morris Goldstein and Danxia Xie

No WP09-11, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper analyzes how the global financial crisis has impacted emerging Asia and identifies key characteristics that have made these economies more or less vulnerable to a transmission of crises from the advanced economies. After reviewing how economic outcomes in emerging Asia have evolved since the crisis began in the summer of 2007, Morris Goldstein and Daniel Xie review several studies of the effect of financial stress and/or growth slowdown in advanced economies on emerging Asia. They then discuss how emerging Asia is "different" in ways that matter for the contagion of crises, with the emphasis on currency and maturity mismatches, the nature of the region's foreign trade links (product composition, the geographic pattern of trade, and the degree of net export-led growth), financial market integration with the advanced economies, and the scope for implementing countercyclical monetary and fiscal stimulus.

Keywords: financial crisis; emerging Asia; crisis vulnerability (search for similar items in EconPapers)
JEL-codes: F15 F31 F34 F37 F41 F43 (search for similar items in EconPapers)
Date: 2009-11
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Citations: View citations in EconPapers (27)

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Journal Article: The impact of the financial crisis on emerging Asia (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:iie:wpaper:wp09-11

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