Written by a distinguished group of Asian social scientists, this study summarizes and synthesizes the economic impacts of the crisis on individual countries and their policy response since 2008, and in particular carefully scrutinizes the immediate and remote causes of the crisis. It not only...

Japan's dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term 'Japanization' is often used by economists to describe long-term stagnation and deflation. Symptoms include...

In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the...

The SDG Summit will take place on 18-19 September 2023 in New York. UN Secretary-General António Guterres has called it the “centrepiece” of the UN’s work this year. Numerous reports for this year’s mid-term review of the 2030 Agenda and the SDGs will lament the “lack of political...

Korea’s rapid recovery from the global downturn has transitioned into a full-fledged expansion. Policies to strengthen the resilience of the economy and pave the way for sustained and equitable growth is required. Greater two-way flexibility of the exchange rate is needed to support the...

Korea has made a spectacular recovery from the Asian crisis. Executive Directors commended this developments, and stressed the need to implement monetary and fiscal polices. They commended the structural reforms, and emphasized the need to strengthen the asset management sector. They welcomed...