The global financial crisis originated in advanced economies, but had a major impact on emerging markets. The impact, however, was not uniform. Even in a relatively homogenous group of countries such as ASEAN-4 (Indonesia, Malaysia, the Philippines...
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Hochschule für Wirtschaft und Umwelt Nürtingen-Geislingen, Bibliothek Nürtingen
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The global financial crisis originated in advanced economies, but had a major impact on emerging markets. The impact, however, was not uniform. Even in a relatively homogenous group of countries such as ASEAN-4 (Indonesia, Malaysia, the Philippines and Thailand), there were considerable differences both in terms of instantaneous impact of the crisis and interms of output performance relative to trend. There are several main reasons for the divergence. First, trade shocks had a larger impact on more open economies (Malaysia and Thailand). Second, countercyclical fiscal stimulus in Indonesia and
Cover; The Big Split: Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis?; Abstract; I. INTRODUCTION; II. THE MAGNITUDE OF EXTERNAL SHOCKS; III. STRUCTURAL CHARACTERISTICS AND TRANSMISSION OF SHOCKS; IV. POLICY RESPONSES; V. OTHER FACTORS; VI. CONCLUSION; References
