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Crises in Asia: Recovery and policy responses

Title
Crises in Asia: Recovery and policy responses
Authors
Hong K.Tang H.C.
Ewha Authors
홍기석
SCOPUS Author ID
홍기석scopus
Issue Date
2012
Journal Title
Journal of Asian Economics
ISSN
1049-0078JCR Link
Indexed
SCOPUS scopus
Abstract
The goal of this paper is to provide stylized facts on recovery from economic downturns and to evaluate the role of macroeconomic policies in promoting recovery. In particular, we examine gross domestic product (GDP) recessions and financial downturns (credit contractions and stock price declines) using data from 21 Organisation for Economic Co-operation and Development (OECD) economies and 21 developing Asian economies. We find, in general, recovery from a GDP recession in the Asian economies is somewhat slower than in the OECD economies. However, recovery from a financial downturn is not much different between Asia and the OECD. We also find the OECD economies have been more active and effective in using counter-cyclical policies than the Asian economies in the face of GDP recessions and financial downturns. Recent evidence, however, suggests the Asian economies may have better success in the current global crisis. © 2012 Elsevier Inc. All rights reserved.
DOI
10.1016/j.asieco.2012.07.002
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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