This paper analyzes why the global financial crisis in 2008 severely affected Asia's trade. Asia has been suffering … from the falls in export demand from developed countries. However the abrupt trade declines in Asia are not fully explained … abrupt and deep collapse in world trade, while other world-wide recessions had more moderate effects on world trade. This …

This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening … easily if they are coordinated within Asia. …