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Asia, a Guilty Bystander

In: China After the Subprime Crisis

Author

Listed:
  • Chi Lo

Abstract

By living below their means, frugal Asians piled up a huge amount of savings which flowed westwards to support the spendthrift Americans in living beyond their means. The global saving–investment imbalance remained in a stable disequilibrium state for almost fifteen years until the subprime crisis broke. So, although Asia did not have a financial crisis due to its relatively sound economic and financial fundamentals, it was a guilty bystander in the global credit quake. Still, it could not escape the economic impact of the subprime shock, because of its heavy reliance on exports to and capital inflow from the developed world.

Suggested Citation

  • Chi Lo, 2010. "Asia, a Guilty Bystander," Palgrave Macmillan Books, in: China After the Subprime Crisis, chapter 4, pages 54-73, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29896-5_5
    DOI: 10.1057/9780230298965_5
    as

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