TWO CRISES, DIFFERENT OUTCOMES: East Asia and Global Finance

Many books have been written about the global financial crisis (GFC) of 2008 and 2009, but most have focused on its origin in the US, propagation to Europe, and debates in these countries on policy responses. This multi-author volume deserves attention as an important addition to the sparse literature on the GFC’s impact on the rest of the world (the “global periphery”), the East Asian countries in this case. It examines the remarkable resilience of the East Asian countries to the GFC against the backdrop of the experiences during the Asian Financial crisis (AFC) of 1997 and 1998, and the policy challenge of reshaping development strategies in the post-GFC era