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| GLOBAL FINANCIAL CRISIS: ASIAN PERSPECTIVES |
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Global Financial Crisis Overview
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| No economy has been immune to the global recession triggered by the collapse of the US housing market. Effects from government
stimulus packages should start being seen in the second half of 2009, but is enough being done to pull economies out of
their slump? |
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| KIM Kyeong-Won, KIM Hwa-Nyeon |
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Japan: Trying to Avoid a Second Lost Decade
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| Buffeted this time by the bursting of a bubble abroad, Japan must try to avoid a second lost decade. Its search for the proper measures to stave off another prolonged slump is becoming more difficult as public patience over the government's ability to handle the latest crisis sinks lower. Still, there is some hope. |
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| Akio Shibata |
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Singapore: Impact of a Global Recession on a Small Open Economy
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| The global financial crisis and economic fallout illuminated Singapore's heavy dependence on foreign direct investment and
trade, making it one of the first economies to go into recession. It must now take steps to stimulate domestic demand while
waiting out the storm in the global financial markets. |
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| SHIN Jang-Sup, Daniel Soh |
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China: Aiming for 8% Growth Despite the Global Financial Crisis
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| Facing its greatest economic crisis since embarked on economic reforms 30 years ago, China is unleashing its massive fiscal
and forex reserves in hopes of attaining 8% growth in 2009. Other nations can only dream of expanding at that rate. But for
China, it means a painful slowdown after years of double-digit gains. |
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| PYO Min-Chan |
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Global Economic Crisis and East Asia: What ASEAN+3 Can and Should Do
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| Since the 1997 Asian financial crisis, ASEAN plus China, Japan and Korea have laid the groundwork for mutual assistance in future financial crises; the Chiang Mai Initiative. More work could quickly build on the foundation, and, in the process, offer a few lessons to the rest of the world. |
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| PARK Yung-Chul |
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