Two Crises, Different Outcomes examines East Asian policy
reactions to the two major crises of the last fifteen years: the
global financial crisis of 2008 9 and the Asian financial crisis of
1997 98. The calamity of the late 1990s saw a massive meltdown
concentrated in East Asia. In stark contrast, East Asia avoided the
worst effects of the Lehman Brothers collapse, incurring relatively
little damage when compared to the financial devastation unleashed
on North America and Europe. Much had changed across the
intervening decade, not least that China rather than Japan had
become the locomotive of regional growth, and that the East Asian
economies had taken numerous steps to buffer their financial
structures and regulatory regimes. This time, Asia avoided
disaster; it bounced back quickly after the initial hit and has
been growing in a resilient fashion ever since.
The authors of this book explain how the earlier financial
crisis affected Asian economies, why government reactions differed
so widely during that crisis, and how Asian economies weathered the
Great Recession. Drawing on a mixture of single-country expertise
and comparative analysis, they conclude by assessing the long-term
prospects that Asian countries will continue their recent
success.
Contributors: Muhamad Chatib Basri, Minister of Finance of the
Republic of Indonesia and Professor of Economics at the University
of Indonesia; Yun-han Chu, Institute of Political Science, Academia
Sinica; Richard Doner, Emory University; Barry Naughton, University
of California, San Diego; Yasunobu Okabe, Japan International
Cooperation Agency Research Institute; T. J. Pempel, University of
California, Berkeley; Tom Pepinsky, Cornell University; Keiichi
Tsunekawa, National Graduate Institute for Policy Studies,
Tokyo"
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