The Financial Crisis and Asian Developing Countries

Edited by: Yılmaz Akyüz

Publisher: TWN

ISBN: 978-967-5412-52-3

Year: 2011   No. of pages: 352

16.5    cm x 24 cm

About the Book

The world was plunged into the most severe economic and financial crisis of post-war times in 2008-09, and even the most dynamic growth region, Asia, was not spared from its effects. This book examines how the developing economies of Asia were hit by the turmoil, the measures they took in response and the policy lessons to be drawn from this experience.

From its epicentre in the major advanced economies, the shockwaves of the crisis were transmitted to Asia via trade and finance. To deal with these damaging effects, most of the regional economies adopted expansionary fiscal and monetary policies, which have largely proved effective in stabilizing conditions and promoting recovery.

Whether this recovery will be sustainable, however, will depend on how the developing countries of Asia address the structural fragilities the crisis has exposed in their economies. As this book makes clear, the region’s economies should seek to rebalance domestic and external sources of growth, as well as pursue strategic rather than full-blown integration with global financial markets.

Written for the second phase, commencing 2009, of a Third World Network research project on financial policies in Asia, the papers collected in this book look at the crisis and its implications for the region from a broad standpoint and also in relation to selected individual countries from east, Southeast, South and West Asia

About the Author

YILMAZ AKYÜZ is Chief economist of the South Centre and a former Director of the Division on Globalization and Development Strategies at the United Nations Conference on Trade and Development (UNCTAD). He directed the TWN research project on financial policies in Asia.


1         The Global Economic Crisis and Asian Developing Countries: Impact, Policy Response and

      Medium-Term Prospects        

      Yilmaz Akyüz

2    The Post-Crisis Changes in the Financial System in Korea:  Problems of Neoliberal Restructuring and Financial Opening After 1997 

      Kang-Kook Lee

3    The Impact of the Global Financial Crisis on the Chinese Economy and China's Policy Responses         

      Yu Yongding

4    The Impact of the Global Financial and Economic Turmoil on the Philippines: National Responses and Recommendations to Address the Crisis  

      Joseph Anthony Lim

5    The Global Crisis and the Turkish Economy 

      Ercan Uygur

6    Financial Liberalization and the Impact of the Financial Crisis on Singapore    

      Michael Lim Mah-Hui and Jaya Maru

7    Pakistan: Causes and Management of the 2008 Economic Crisis       

      Irfan ul Haque

8    The Global Crisis and the Indian Economy   

      CP Chandrasekhar

9    The Impact of the Global Financial Crisis: The Case of Malaysia       

      Goh Soo Khoon and Michael Lim Mah-Hui


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