Global Economic Crisis: Impacts, Transmission and Recovery


Maurice Obstfeld, Dongchul Cho, and Andrew Mason (eds.)

KDI/EWC series on Economic Policy


Cheltenham, United Kingdom and Northampton, MA: Edward Elgar Publishing

Available From: Edward Elgar Publishing
Publication Date: 2012
ISBN: 978-1-78100-629-0
Binding: hardcover
Pages: 320


In 2008, the global economy experienced the most severe crash since World War II. A sharp collapse in international trade followed, leaving no country on the globe immune to a sequence of economic shocks. This timely book explores many of the key issues raised in the wake of the global economic crisis and provides an in-depth analysis of crisis transmission to emerging markets.

The expert contributors compare the recent crisis with earlier crises, explore international aspects of the crisis from the perspectives of financial markets and trade, and examine macroeconomic policy responses. In so doing, they address important questions including: How did this crisis differ from those suffered previously? How and why did flaws in financial markets contribute to the crisis? How important were global imbalances and global overheating in explaining the global meltdown? Did different pre-crisis fundamentals generate different post-crisis performances? And, how severe were the economic shocks to countries such as Korea and other emerging economies?

Academics, students and policymakers in the fields of economics, international economics, finance, money and banking, and Asian studies will find this book to be a thought-provoking and stimulating read.

1. Introduction and overview
Maurice Obstfeld, Dongchul Cho and Andrew Mason
2. The global financial crisis: is it unprecedented?
Michael D. Bordo and John S. Landon-Lane
3. Responses of the Korean economy to the global economic crisis: another currency crisis?
Dongchul Cho
4. International financial markets and transmission of the crisis: determinants of exchange market pressure and absorption by international reserves
Joshua Aizenman and Michael M. Hutchison
5. How did Korean financial markets get infected by the global financial crisis?
Hangyong Lee and Min-Kyu Song
6. Imbalances, overheating and the prospects for global recovery
Menzie D. Chinn
7. The great trade collapse and contraction of eports from Korea during the global crisis
Hangyu Lee
8. Macroeconomic and financial policies before and after the crisis
Barry Eichengreen
9. Macroeconomic policies of Korea to cope with the crisis
Hyeon-Wook Kim
10. Are all emerging market crises alike?
Marcos Chamon, Atish Ghosh and Jun Il Kim
11. Structural fundamentals of Korean corporations: this time was different
Kyung-Mook Lim