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The Great Financial Crisis and its Aftermath: A Perspective from Asia

Author

Listed:
  • Hans Genberg

    (South East Asian Central Banks (SEACEN) Research and Training Centre)

Abstract

Compared to advance economies in the West, Asian emerging market have recovered relatively well from the Great Recession of 2008-09 A contributory factor were lessons learned from the Asian Financial Crisis (AFC) of 1997-98 which led to changes in governance frameworks and policy strategies that rendered economies in the region more resilient. This note also suggests that an element of good fortune may have been present. The good economic performance notwithstanding, policy makers must guard against complacency. They need to ensure that possible side effects of current policy frameworks are kept at a minimum, and that the frameworks themselves evolve with changes in the global economy.

Suggested Citation

  • Hans Genberg, 2017. "The Great Financial Crisis and its Aftermath: A Perspective from Asia," Working Papers wp21, South East Asian Central Banks (SEACEN) Research and Training Centre.
    • Handle: RePEc:sea:wpaper:wp21
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    File URL: https://www.seacen.org/publications/RePEc/702003-100414-PDF.pdf
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    Keywords

    great financial crisis; Asia;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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