It still requires the approval of the Senate, but the risk of a catastrophic default that could have sparked a global market meltdown has all but disappeared. ![]() US lawmakers in the House of Representatives passed a bipartisan bill Wednesday to raise the debt ceiling and allow the government to continue to pay its bills. But there are still plenty of storm clouds darkening the outlook. Are all emerging market crises alike? Marcos Chamon, Atish Ghosh and Jun Il Kim 11.With the threat of an unprecedented US debt crisis receding fast, the global economy looks to have dodged a huge shock. Macroeconomic policies of Korea to cope with the crisis Hyeon-Wook Kim 10. ![]() Macroeconomic and financial policies before and after the crisis Barry Eichengreen 9. Structural fundamentals of Korean corporations: this time was different Kyung-Mook LimĨ. Are all emerging market crises alike? Marcos Chamon, Atish Ghosh and Jun Il Kim 11. The great trade collapse and contraction of eports from Korea during the global crisis Hangyu Lee > PART III POLICY PERSPECTIVESĨ. Imbalances, overheating and the prospects for global recovery Menzie D. How did Korean financial markets get infected by the global financial crisis? Hangyong Lee and Min-Kyu Song 6. International financial markets and transmission of the crisis: determinants of exchange market pressure and absorption by international reserves Joshua Aizenman and Michael M. Responses of the Korean economy to the global economic crisis: another currency crisis? Dongchul Cho > PART II INTERNATIONAL PERSPECTIVESĤ. The global financial crisis: is it unprecedented? Michael D. Introduction and overview Maurice Obstfeld, Dongchul Cho and Andrew Mason PART I HISTORICAL PERSPECTIVESĢ. 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?Īcademics, 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.Ĭontents 1. 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. 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. A sharp collapse in international trade followed, leaving no country on the globe immune to a sequence of economic shocks. ![]() In 2008, the global economy experienced the most severe crash since World War II.
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