Since a crisis is a shock impinging on a system, the response can be used to deduce aspects of the system's structure. Analysis of the crisis and recovery suggests aggregate supply in India is elastic but subject to upward shocks. This has implications for cyclical policy and for fiscal...

Asian intraregional trade far exceeds intraregional financial flows. Regional financial integration requires further market development with supportive institutions and common standards. Internal growth generation is important for the region to sustain global growth in the face of continued...

The swing in favour of markets weakened regulation, created incentives for excessive risk-taking, and reduced transparency and diversity. As a result, financial markets became more pro-cyclical. The right combination of regulation and markets is required to reverse this. Principle-based reform...