Edited by Masahiro Kawai, Peter J. Morgan and Shinji Takagi
Chapter 1: Monetary and Currency Policy Issues: An Overview
Shinji Takagi 1.1 INTRODUCTION The global financial crisis severely affected Asia, with the sharpest contraction of output occurring from late 2008 to early 2009. Although the initial impact of the crisis appeared limited, the region was hard hit when the crisis spread to the real sector and caused the volume of world trade to collapse. The hardest hit was Japan, whose real gross domestic product (GDP) growth fell from 2.4 percent per year in 2007 to –1.2 percent in 2008 and further to –5.2 percent in 2009 (Figure 1.1). The region’s other 20.0 2007 2008 2009 15.0 10.0 5.0 0.0 ia a re a C si a s or e na ,C hi ei Th si PR In d ne pa Ko al ay ne ap do Ja pi ilip ai la nd n Ph Si –10.0 Note: PRC = People’s Republic of China. Source: IMF, World Economic Outlook database, October 2010, available at http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/index.aspx. Figure 1.1 GDP growth in selected Asian economies (% per year) 1 M2840 - KAWAI 9780857933348 PRINT.indd 1 Ta ip –5.0 In M ng 24/01/2012 13:18 2 Monetary and currency policy management in Asia exporters of manufactured goods were adversely affected in early 2009, but they pulled themselves out of severe economic contraction by mid2009. For the year as a whole, real GDP declined only moderately in these countries (for example, 21.7 percent for Malaysia; 21.3 percent for Singapore); the Republic of Korea (henceforth Korea) even managed to escape negative economic growth for the...
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