This chapter discusses the motivation of this book and provides an overview of the issues. Section 1.2 reviews the background of the recent global financial and economic crisis, including the possible contribution to the global imbalance. Section 1.3 analyzes the impact of the crisis on Asian economies, tracing out the financial, trade and exchange rate channels, and identifying the factors that determined the variation of impacts across those economies. Section 1.4 reviews the fiscal, monetary policy and other responses of both advanced economies and emerging Asian economies to the crisis, including examining their effectiveness and sustainability. Section 1.5 summarizes the lessons from the global financial and economic crisis, focusing on the need for Asian economies to reduce both their vulnerability to financial crises Section 1.6 suggests some policy measures that can help achieve this end. Section 1.7 the regional and global impacts of Japan's triple disasters. Section 1.8 concludes.
Keywords: financial crisis; global imbalance; policy response; impact of crisis; Asian market
Chapter. 12655 words. Illustrated.
Subjects: Financial Markets
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