Responding to Financial Crisis : Lessons from Asia then, the United States and Europe now

Cover -- Table of Contents -- Preface -- Chapter 1 Introduction -- The United States and Europe Can Learn from Japan's "Lost Decades" -- Central Bank Actions in Advanced Economies during the Global Financial Crisis Had Net Positive Impact -- Asian Countries Fared Better during the Global Financial Crisis than during the Asian Crisis -- The West Failed to Practice What It Preached during the Asian Crisis -- The Role of the International Monetary Fund Is Crucial -- Regional Financial Arrangements and Global Institutions Should Increase Coordination -- Regional Financial Institutions Face the Same Challenges as Global Institutions -- Most of Emerging Asia Is in a Solid Debt Position, but Japan Faces Challenges -- Chapter 2 Banking Crises and "Japanization": Origins and Implications -- Japan's Stagnation Experience -- International Comparative Perspectives of Banking Crisis Experiences -- Econometric Analysis of Banking Crises and Growth -- Conclusion and Policy Implications -- References -- Appendix 2A -- Chapter 3 Responses of Central Banks in Advanced Economies to the Global Financial Crisis -- How Have Central Banks Responded to the Crisis? -- How Effective Were the Responses? -- Conclusions -- References -- Appendix 3A -- Chapter 4 Why Did Asian Countries Fare Better during the Global Financial Crisis than during the Asian Financial Crisis? -- Macroeconomic Performance of Five Asian Countries: TheAsian versus the Global Financial Crisis -- Empirical Framework -- Empirical Results -- Concluding Observations -- References -- Chapter 5 Policy Advice and Actionsduring the Asian and Global Financial Crises -- The Asian Financial Crisis -- The US Financial Crisis -- Conclusion -- References -- Chapter 6 Evolution of the Asian and European Financial Crises: Role of the International Monetary Fund -- Crisis Origins.