ABOUT THE BOOK
paper looks at the effects of the global economic crisis on the developing
The global crisis has uncovered systemic and structural weaknesses and vulnerabilities in certain areas in the economies examined here and strengths in others. In almost all countries the financial sector has shown a significant degree of resilience to shocks from the global crisis. However, a common feature of the countries examined is their high degree of susceptibility to financial boom-bust cycles and gyrations in equity, property and currency markets. This crisis has shown the risks of full integration with markets in global financial centres and the need to adopt a strategic approach to financial opening and integration.
The crisis has also uncovered
a high degree of vulnerability of the developing economies of
paper was prepared as part of a Third World Network research project
on financial policies in
ABOUT THE AUTHOR
YILMAZ AKYÜZ is Special Economic Advisor to the South Centre and former Director of the Division on Globalization and Development Strategies at the United Nations Conference on Trade and Development (UNCTAD).
2 THE GREAT FINANCIAL BUBBLE, GLOBAL EXPANSION AND IMBALANCES
3 ASIAN VULNERABILITIES AND SPILLOVERS FROM THE CRISIS
Losses on foreign asset holdings
Capital flows and financial and currency instability
4 POLICY RESPONSE AND RECOVERY
5 MEDIUM-TERM PROSPECTS AND POLICY CHALLENGES
Adjustment and growth in major advanced economies
Sustaining rapid growth in
6 CONCLUSIONS: POLICY ISSUES AND LESSONS
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