Economic and Financial Crisis Management in Asia: A Critical Analysis

Recent financial and economic crisis in Asia and its management have produced dismal outcomes, economically, politically and socially, in many respects in several crisis economies. The paper focuses on a critical analysis of this crisis' diagnostics, prescriptions and outcomes, and discusses initiatives to avoid or better manage future and similar crises. The role played by increasing globalisation in economic crisis management at the country level is also assessed. The recent emergence of new Asian regionalisms such as the ASEAN+3 is argued as a promising initiative to overcome some external problems encountered in recent years and to effectively promote trade, investment, development and growth in the region.