{
  "title": "Why Was Asia Resilient? Lessons from the Past and for the Future",
  "publication": "IMF Working Papers, February 26, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/why-was-asia-resilient-lessons-from-the-past-and-for-the-future-41388",
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  "summary": "Asia proved to be remarkably resilient in the face of the global financial crisis, but why was its output performance stronger than that of other regions?",
  "sections": [
    {
      "heading": "Authors and Publication",
      "content": "- By Phakawa Jeasakul, Cheng Hoon Lim, Erik J. Lundback\n- February 26, 2014\n- IMF Working Papers, Issue: 038, Series: Working Paper No. 2014/038\n- Pages: 48\n- Volume: 2014\n- DOI: https://doi.org/10.5089/9781475540284.001\n- Stock No: WPIEA2014038\n- ISBN: 9781475540284\n- ISSN: 1018-5941"
    },
    {
      "heading": "Central finding: Sources of Asia’s resilience",
      "content": "- Asia’s stronger output performance during the global financial crisis reflected better initial conditions in the form of lower external and financial vulnerabilities.\n- Key pre-crisis factors that contributed significantly to resilience:\n  - moderate credit expansion\n  - reliance on deposit funding\n  - enhanced bank asset quality\n  - reduced external financing\n  - improved current accounts\n- These improvements largely reflected lessons from the Asian financial crisis in the late 1990s, which reshaped public policies and private sector behavior."
    },
    {
      "heading": "Policy and regulatory changes highlighted",
      "content": "- Several countries increased the use of macroprudential policies well before these were widely recognized as an essential component of the financial stability toolkit.\n- Overhauls of financial regulations and strengthened oversight of financial institutions helped reduce risk-taking by households and firms before the global financial crisis."
    },
    {
      "heading": "Forward-looking risks and adjustments",
      "content": "- Asia is adjusting to more volatile external conditions and higher risk premiums.\n- The paper emphasizes that by drawing the right lessons from pre-crisis experiences, Asia’s economies will be better equipped to address new risks associated with:\n  - increased cross-border capital flows\n  - greater integration with the rest of the world"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Central banks, Credit, External debt, Financial crises, Global financial crisis of 2008-2009, International reserves, Money\n- Keywords: AFC country, AFC experience, Asia, Asia and Pacific, Asia effect, banking crisis, Credit, credit expansion, credit growth, financial and external vulnerabilities, financial crisis, Global, Global financial crisis, Global financial crisis of 2008-2009, IMF staff calculation, International reserves, output resilience, resilience, Western Hemisphere, WP\n\nSource: IMF Working Paper \"Why Was Asia Resilient? Lessons from the Past and for the Future\" (2014/038), Phakawa Jeasakul, Cheng Hoon Lim, Erik J. Lundback, February 26, 2014.\n\n---\n\n Content in this bundle\n\n- wp1438\n  - wp1438 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1438 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/why-was-asia-resilient-lessons-from-the-past-and-for-the-future-41388"
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    "Authors: Phakawa Jeasakul, Cheng Hoon Lim, Erik J. Lundback",
    "Published: February 26, 2014",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475540284.001",
    "By Phakawa Jeasakul, Cheng Hoon Lim, Erik J. Lundback",
    "February 26, 2014",
    "IMF Working Papers, Issue: 038, Series: Working Paper No. 2014/038",
    "Pages: 48",
    "Volume: 2014",
    "DOI: https://doi.org/10.5089/9781475540284.001",
    "Stock No: WPIEA2014038",
    "ISBN: 9781475540284",
    "ISSN: 1018-5941",
    "Asia’s stronger output performance during the global financial crisis reflected better initial conditions in the form of lower external and financial vulnerabilities.",
    "Key pre-crisis factors that contributed significantly to resilience:",
    "These improvements largely reflected lessons from the Asian financial crisis in the late 1990s, which reshaped public policies and private sector behavior.",
    "Several countries increased the use of macroprudential policies well before these were widely recognized as an essential component of the financial stability toolkit.",
    "Overhauls of financial regulations and strengthened oversight of financial institutions helped reduce risk-taking by households and firms before the global financial crisis.",
    "Asia is adjusting to more volatile external conditions and higher risk premiums.",
    "The paper emphasizes that by drawing the right lessons from pre-crisis experiences, Asia’s economies will be better equipped to address new risks associated with:",
    "Subject: Central banks, Credit, External debt, Financial crises, Global financial crisis of 2008-2009, International reserves, Money",
    "Keywords: AFC country, AFC experience, Asia, Asia and Pacific, Asia effect, banking crisis, Credit, credit expansion, credit growth, financial and external vulnerabilities, financial crisis, Global, Global financial crisis, Global financial crisis of 2008-2009, IMF staff calculation, International reserves, output resilience, resilience, Western Hemisphere, WP",
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