Chairman Ben S. Bernanke at the Federal Reserve Bank of San Franciscos Conference on Asia and the Global Financial Crisis, Santa Barbara, California, October 19, 2009
Asia and the Global Financial Crisis: “As a prelude to the papers and discussions to follow, I will provide a brief overview of the Asian experience during the global financial crisis. I will highlight the diversity of experiences, both within Asia and between Asia and other regions, and draw some inferences about the different channels through which the effects of the financial crisis were transmitted around the world. I will discuss Asia’s policy response to the economic and financial consequences of the crisis. Finally, I will focus on medium-term challenges. For both Asia and the United States, perhaps the greatest medium-term challenge is to achieve more balanced growth and, in the process, to further reduce global imbalances.”
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