Crises In Asia: Recovery And Policy Responses
This paper is to provide stylized facts on recovery from economic downturns and to evaluate the role of macroeconomic policies in promoting recovery. In particular, the authors examine Gross Domestic Product (GDP) recessions and financial downturns (credit contractions and stock price declines) using data from 21 Organization for Economic Cooperation and Development (OECD) economies and 21 developing Asian economies. They find, in general, recovery from a GDP recession in Asian economies is somewhat slower than in OECD economies. However, recovery from a financial downturn is not much different between Asian and OECD economies.