Crises in Asia: Historical Perspectives and Implications

28 Pages Posted: 12 May 2010 Last revised: 20 May 2010

See all articles by Jong-Wha Lee

Jong-Wha Lee

Korea University

Hsiao Chink Tang

Australian National University (ANU) - Research School of Pacific and Asian Studies (RSPAS)

Kiseok Hong

Ewha Womans University - Department of Economics

Date Written: April 1, 2009

Abstract

The paper analyzes the stylized features of historical crisis episodes for 21 developing Asian economies over 1961–2007. The paper finds that while there is substantial diversity, on average, recessions and financial downturns are more frequent, longer lasting, and more severe in Asia than in the Organisation for Economic Co-operation and Development countries. The paper also finds that the likelihood and severity of a recession tends to increase when it is associated with credit crunches or stock market crashes. Severe financial downturns or recessions in the global economy are often coupled with financial crises or recessions in Asia. In view of the current global crisis and severe financial downturns, Asian economies are expected to experience a severe recession in 2009.

Keywords: Recession, Financial Crisis, Credit Crunch, Asia

Suggested Citation

Lee, Jong-Wha and Tang, Hsiao Chink and Hong, Kiseok, Crises in Asia: Historical Perspectives and Implications (April 1, 2009). Asian Development Bank Economics Working Paper Series No. 152. Available at SSRN: https://ssrn.com/abstract=1604894 or http://dx.doi.org/10.2139/ssrn.1604894

Jong-Wha Lee (Contact Author)

Korea University ( email )

Anam-dong, Sungbuk-Ku
Dept. of Economics
Seoul, 136-701
82-2-3290-2216 (Phone)
82-2-928-4948 (Fax)

Hsiao Chink Tang

Australian National University (ANU) - Research School of Pacific and Asian Studies (RSPAS) ( email )

Division of Economics, RSPAS
Canberra, Australian Capital Territory 0200
Australia

Kiseok Hong

Ewha Womans University - Department of Economics

11-1 Daehyun-dong
Seodaemun-gu
Seoul 120-750
Korea, Republic of (South Korea)

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