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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Emerging Asia: two paths through the storm
Galina Hale
Alec Kennedy

The overall effect of the global financial crisis on emerging Asia was limited and short-lived. However, the crisis affected some countries in the region more than others. Two main crisis transmission channels, exposure to U.S. financial markets and reliance on manufacturing exports, determined how severely countries in the region were affected. Countries that were relatively less connected to global financial markets and relied less on trade fared better and recovered more quickly than countries that were more dependent on global financial and trade markets.

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Galina Hale & Alec Kennedy, "Emerging Asia: two paths through the storm" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 09, 2012.
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Keywords: Financial crises - Asia
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