The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the contrast between Asia’s performance during the more recent crisis with its performance during its own crisis and the gap between what the US and EU leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabilization policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must.
عن المؤلف
Changyong Rhee has been director of the Asia and Pacific Department at the International Monetary Fund since 2014. Rhee acts as spokesperson on economic issues and heads its Economics and Research Department, which carries out policy research on development challenges facing Asia and the Pacific. He has over 20 years experience as an economist, financial advisor and academic. Previously, he held a range of senior public policy positions in Korea. He is Secretary General and Sherpa of the Presidential Committee for the G-20 Summit of the Republic of Korea. He served as the Vice Chairman of the Financial Services Commission as well as chairman of the Securities & Futures Commission. In the public sector, he has provided extensive policy support to the Korean government, including serving as a member of the National Economic Advisory Council in the Office of the President, and advisor to the Bank of Korea. In the private sector, he has advised Shinhan Bank and Woori Investment and Securities Company, among others. He has also been the Director of the Financial Market think tank, the Korea Fixed Income Research Institute. As an academic, he has served as a Professor of Economics at Seoul National University, with numerous research papers published in leading economic journals.Adam S. Posen, the President of the Peterson Institute for International Economics, has specialized in macroeconomic and monetary policy, resolution of financial crises, central banking issues, and the economies of Western Europe, Japan, and the United States. Posen brings a distinctively global perspective to macroeconomic policy analysis and forecasting. He has written about the financial and economic challenges faced by the European Union following the adoption of the euro and the lasting impact of Japan’s economic crisis of the 1990s, while providing counsel directly to the Japanese government in Tokyo. Leading up to the successful London G-20 summit of 2009 during the global financial crisis, he consulted for the UK Cabinet Office.
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