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사회과학대학
경제학전공
Journal papers
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Crises in Asia: Historical perspectives and implications
Title
Crises in Asia: Historical perspectives and implications
Authors
Hong K.
;
Lee J.-W.
;
Tang H.C.
Ewha Authors
홍기석
SCOPUS Author ID
홍기석
Issue Date
2010
Journal Title
Journal of Asian Economics
ISSN
1049-0078
Citation
Journal of Asian Economics vol. 21, no. 3, pp. 265 - 279
Indexed
SCOPUS
Document Type
Article
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. © 2009 Elsevier Inc.
DOI
10.1016/j.asieco.2009.07.006
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