Crises in Asia: Historical Perspectives and Implications

Kiseok Hong, Jong-Wha Lee and Hsiao Chink Tang
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Hsiao Chink Tang: Asian Development Bank

No 152, ADB Economics Working Paper Series from Asian Development Bank

Abstract: The paper analyzes the stylized features of historical crisis episodes for 21 developing Asian economies over 1961–2007. The paper finds that while there is substantial diversity, on average, recessions and financial downturns are more frequent, longer lasting, and more severe in Asia than in the Organisation for Economic Co-operation and Development countries. The paper also finds that the likelihood and severity of a recession tends to increase when it is associated with credit crunches or stock market crashes. Severe financial downturns or recessions in the global economy are often coupled with financial crises or recessions in Asia. In view of the current global crisis and severe financial downturns, Asian economies are expected to experience a severe recession in 2009.

Keywords: Recession; Financial Crisis; Credit Crunch; Asia (search for similar items in EconPapers)
Pages: 32 pages
Date: 2009-04
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Citations: View citations in EconPapers (13)

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Journal Article: Crises in Asia: Historical perspectives and implications (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbewp:0152

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