ALBA, Joseph D.; CHIA, Wai-Mun; PARK, Donghyun - Economic Research Institute for ASEAN and East Asia (ERIA) - 2011
East Asia’s small open economies were hit in varying degrees by the sharp drop in the output of major industrial countries during the global financial and economic crisis of 2008-2009. This highlights the role of monetary policy regimes in cushioning small open economies from adverse external...