Asia-Pacific economies after the global financial crisis

Lessons learned and the way forward

image of Asia-Pacific economies after the global financial crisis
This publication is to understand why countries in the Asia and Pacific region were significantly less affected by the global financial crisis than the world’s most advanced economies of Europe and the United States, and what are the main lessons from their experience for building resilience from future crises. The majority of the essays collected in this volume are revised and updated versions of papers presented by experts from the region at a conference organized by the Economic and Social Commission of Asia and the Pacific in Manila in September 2011.




Malaysia experienced two major economic upheavals in recent years: the global financial crisis of 2008-2009 and the Asian financial crisis of 1998. They are quite different, however, when we look at their respective causes, impacts and responses. The 2008-2009 crisis came from the developed countries, the United States and the European Union, its impact was transmitted through the real sector, and recovery was achieved by a large fiscal stimulus to boost the domestic economy. The 1998 crisis started in East Asia and it affected the financial sector, which resulted in a severe contraction of the domestic economy. Malaysia’s response to the 1998 crisis was unconventional at that time – the country imposed capital controls, pegged the ringgit and expanded the domestic economy by lowering interest rates and introducing fiscal stimulus programmes.


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