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The Global Financial Crisis: Impact On Asia And Emerging Consensus

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Executive Summary

The financial crisis, initially traced to subprime mortgage market in the United States (US) and the resulting deleveraging process by global financial institutions involved in highly complex financial transactions, marks the first global financial crisis of the 21st century. Few countries linked to the global financial markets and international trades were spared from the sudden downturn as the financial system imploded in September 2008. The propagation or succession of interlinked events was visible to all - from the sudden and unexpected freezing of the securitization industry to the ensuing adjustment through shrinking of bank balance sheets and the resulting pervasive flight to quality. The confluence of these events wreaked havoc across markets and countries around the world.

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