(WP21/2017) The Great Financial Crisis and Its Aftermath: A Perspective From Asia

Publication Date : April 2017Author : Hans Genberg : : Total Downloads : 381

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. 

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