This Crisis is Different (Presentation Slides)

11 Pages Posted: 1 Jul 2020

Date Written: June 3, 2020


This webinar materials reflect the broader implications of my paper about the financial vulnerability in EME during COVID-19 compared to the two previous crises: 2008 GFC and 2013 Taper Tantrum, (also submitted in this SSRN) using the case of Emerging Asia. The paper is titled: "A Tale of Three Crises: Financial Contagion in Emerging Asia"

Abstract for the webinar: The ongoing crisis in emerging market economies (EME) has been severe during the COVID-19, partly because they were actually already vulnerable even before COVID-19 strike. Lots of the vulnerability were "hidden" not captured by standard "measured risk" indicators. This applies to both economic-financial indicators and institutional measures. It is therefore not unlikely that the recovery shape in many EMEs will be of either U shape, W shape, or even L shape
The presentation covers:
1. How we got here: EME Vulnerability
2. COVID-19 Crisis is different
3. External conditions & post COVID-19 scenarios

Keywords: global imbalance, vulnerability of EME, simultaneous evaporation of supply and demand, lots of unknowns, spillover effects, sequencing policy, hope

JEL Classification: C58, D85, F36, F65, G11, G15, C58

Suggested Citation

Azis, Iwan Jaya, This Crisis is Different (Presentation Slides) (June 3, 2020). Available at SSRN: or

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