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This paper analyzes how the global financial crisis has affected emerging Asia and identifies key characteristics that have made these economies more or less vulnerable to a transmission of crises from the advanced economies. After reviewing how economic outcomes in emerging Asia have evolved since the crisis began in the summer of 2007, the authors review several studies of the effect of financial stress and/or growth slowdown in advanced economies on emerging Asia. The authors then discuss how emerging Asia is "Different" in ways that matter for the contagion of crises, with the emphasis on currency and maturity mismatches.
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