The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...

1. The global financial crisis : the great recession and the recovery -- 2. Asian economic architecture before the global financial crisis -- 3. Global financial market turbulence and its impact on the Asian economy -- 4. The Asian economy spearheading the global recovery -- 5. A leadership role...