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Managing Economic Crisis in East Asia

Saw Swee-Hock and John Wong

Publication Year: 2010

This book incorporates a selection of eight revised papers presented to the Conference on “Managing Economic Crisis in East Asia”, organized jointly by the Saw Centre for Financial Studies, NUS Business School, and the East Asian Institute, National University of Singapore, in November 2009. The chapters present a detailed analysis of the impact of the 2008–09 economic crisis in China, Hong Kong, Taiwan, Korea and Japan, and the stimulus packages that were swiftly put in place by the governments to mitigate the economic recession and to pave the way for a quick recovery. The success of the monetary and fiscal policy measures in engendering a strong economic recovery in these countries is also discussed in considerable depth. The book, with contributions from experts on the topics covered, will be extremely valuable to businessmen, analysts, academics, students, policy-makers and the general public interested in seeking a greater understanding of the global economic crisis.

Published by: Institute of Southeast Asian Studies

Title Page, Copyright

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pp. iii-iv

Contents

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pp. v-vi

List of Tables

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p. vii-vii

List of Figures

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p. ix-ix

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Preface

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p. xi-xi

In November 2009, the Saw Centre for Financial Studies, NUS Business School, and the East Asian Institute, National University of Singapore, jointly organized the International Conference on Managing Economic Crisis ...

The Contributors

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pp. xiii-xvi

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1. The Global Financial Crisis: Impact and Response in East Asia

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pp. 1-13

The global economy has barely recovered from the recent shock of the “Great Recession”, which originated in the United States in 2008, first as the twin crisis of the subprime mortgage meltdown and the bursting of its housing bubble, ...

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2. The Impact of the U.S. Subprime Crisis on China's Financial System

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pp. 14-45

The subprime crisis, which originated in the United States and shattered the global economy in 2008, offers valuable lessons on how a particular bank lending behaviour in one country, even a nation with high-level corporate governance ...

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3. The Impact of the Global Financial Crisis on Chinese Foreign Exchange Reserves and China's Responses

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pp. 46-79

In many respects, the world is driven by major crises. The recent global financial crisis, which was triggered by the U.S. subprime mortgage crisis, is bound to bring dramatic changes to the world economic structure and international ...

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4. The Global Financial Crisis and China's Trade Prospects

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pp. 80-107

Trade expansion has been important, if not essential, for China’s economic growth in recent decades. With an annual growth rate of 17 per cent since reforms started in 1978, trade has consistently outstripped the already staggering growth of ...

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5. Hong Kong's Management of the 2008-09 Financial Crisis

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pp. 108-132

Just before Lehman Brothers collapsed, one could hardly say that an asset market bubble was about to burst in Hong Kong. Stock prices had already declined by about one third since the last quarter of 2007. Average housing price was 30 ...

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6. Taiwan's Policy Responses to the Financial Tsunami in 2008

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pp. 133-161

Since August 2007, the U.S subprime mortgage crisis has not only threatened the U.S. economy into a recession, but affected the global financial system. The spread of the U.S. financial storm triggered a global credit crunch and tipped ...

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7. The Foreign Exchange Crisis in Korea

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pp. 162-189

The South Korean economy faced a foreign exchange (FX) crisis again during the global financial crisis in 2008–09, a decade after it suffered from a similar disaster during the Asian Financial Crisis in 1997–98. For four months after ...

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8. Global Financial Crisis and Policy Issues in Japan

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pp. 190-205

Japan experienced an asset bubble in the late 1980s when stock and land prices roughly tripled in a matter of several years before plunging to their original levels — that is, one third of their peak values — following the burst of the ...

Index

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pp. 207-220


E-ISBN-13: 9789814279017
Print-ISBN-13: 9789814311182

Page Count: 220
Publication Year: 2010

Edition: 1

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