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What Makes East Asia Resilient? A Review


This paper attributes East Asia’s resiliency from external shocks to its trade drive. It explains how trade promotes external and internal balances to pave the way to recovery and sustained growth. To illustrate this resiliency, the paper describes how East Asia’s trade-driven economies rode out of two recent crises caused by global factors. To drive home the point, the paper ends with a sketch of instability when external balance depends instead on external financing.

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