Adam Posen is President of the Peterson Institute for International Economics. He is one of the world’s foremost experts on macroeconomic policy, resolution of financial crises, the economies of Europe, Japan, and the US, and central banking issues. In April 2012, an article in the Atlantic magazine named Dr. Posen to its international team of “superstar central bankers.” Rhee Changyong is the Chief Economist of the Asian Development Bank. He is the chief spokesperson for ADB on economic forecasts and trends and oversees the Economics and Research Department (ERD). He was the Secretary General of the Presidential Committee for the G-20 Summit, where he played a key role in shaping and advancing the agenda for the 2010 G-20 Seoul Summit. Prior to this, Rhee was Vice-Chairman of the Financial Services Commission of the Republic of Korea.
Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Nowby Changyong Rhee, Adam S. Posen
The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the contrast between Asia's performance during the more recent crisis with its performance during its own crisis and the gap between what the US and EU leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabilization policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must.
- Peterson Institute for International Economics
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