Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now


October 11, 2013, 12:00 AM EDT
Peterson Institute for International Economics, Washington, DC

William R. Cline (PIIE), Joseph E. Gagnon (PIIE), Adam S. Posen (PIIE), Edwin M. Truman (PIIE), Simon Johnson (PIIE), Donghyun Park (Asian Development Bank) and Changyong Rhee (Asian Development Bank)

Event Summary

The Peterson Institute and the Asian Development Bank (ADB) released their joint study on responding to financial crises on October 11, 2013. This study contrasts Asia's successful efforts to respond to the recent crisis with its performance during its own crisis in the late 1990s, and the gap between the recommendations made to Asian policymakers by US and EU leaders then and what they have practiced during their own crisis since 2008. Coauthors William R. Cline, Joseph E. Gagnon, Simon Johnson, Adam S. Posen, Donghyun Park, Changyong Rhee, and Edwin M. Truman presented their views on macroeconomic response, international coordination, and political economy.

Event Materials

Joseph E. Gagnon: Responses of Central Banks in Advanced Economies to the Global Financial Crisis
Simon Johnson: Policy Advice and Actions during the Asian and Global Financial Crises [pdf]
Donghyun Park: Why Did Asian Countries Fare Better during the Global Financial Crisis than during the Asian Financial Crisis? [pdf]
William R. Cline: Sovereign Debt and Asia: International Lessons and Emerging Issues [pdf]
Changyong Rhee: Global and Regional Financial Safety Nets: Lessons from Europe and Asia [pdf]
Edwin M. Truman: Evolution of the Asian and European Financial Crises: Role of the International Monetary Fund [pdf]

Book: Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now
Changyong Rhee and Adam S. Posen, eds.
October 2013