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Southeast Asia's Policy Response to the Global Economic Crisis
Beginning of article
This paper examines the impact of the global financial crisis on Southeast Asia, focusing especially on the policy responses of the various governments. In spite of seeing OECD asset markets crumble and financial credit freeze, Southeast Asia was slow to fully mobilize to reduce the impact of the crisis. Monetary policy -makers did rise to the challenge, but the tools of fiscal expenditure were slow to be used. The impact of fiscal policy was too late to stimulate domestic demand and mitigate the impact on the poor. This review of policy responses could yield policy lessons for sustaining growth and cushioning the poor in the face of future crises. The discussion is on the larger, more …
