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MPDD Policy Brief No.4, August 2010: The European debt crisis: implications for Asia and the Pacific
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| Author(s):
N/A
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| Economic Sector(s):
N/A |
| ESCAP Reference
No.: No., August 2010 |
| Division/Office:
Macroeconomic Policy and Development |
| Published Date:
August 2010 |
| Country:
{Non-country Specific Publication} |
| Hard Copy Price:
Online Copy Only
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| The MPDD Policy Briefs analyze contemporary macroeconomic policy challenges facing the ESCAP region. The series aims at generating a forward-looking discussion among policy planners, researchers and other stakeholders to help to forge political will and build a regional consensus on the needed policy actions and pressing reforms. Asia-Pacific economies are increasingly concerned about the impact of the public debt crisis in a number of European economies. The Brief explains that while the Asia-Pacific region at present has not been affected to a substantial degree by the spillover from the European debt crisis, there remains cause for considerable concern, as the crisis has the potential to worsen in the coming months. In this climate of uncertainty, the Brief recommends that policymakers in the region should adopt a number of measures to protect themselves against any resulting contagion. The Brief also analyzes some of the immediate policy implications of the debt crisis for the Asia-Pacific regional integration process, drawing lessons from the experience of the European model of integration in dealing with the crisis. |
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Introduction
I. Impact of the crisis
Public debt financing in Asia and the Pacific less at risk
Trade impact on Asia and the Pacific is contained
The risk of return of financial contagion
Asia and the Pacific needs to maintain support measures
II. Systemic implications for macroeconomic coordination in Asia and the Pacific
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