World Bank2012-03-192012-03-192010978-0-8213-8267-7https://hdl.handle.net/10986/2691A vigorous economic rebound is under way in East Asia since the second quarter of 2009, following the sharp impact from the financial crisis and the global recession that began in late 2008. As much as the reduction in exports and industrial production across the region in the fourth quarter of 2008 and the first quarter of 2009 was unexpectedly swift and deep, so is the strength of the rebound, with doubts about green shoots dispelled in a matter of months and replaced by near-consensus views of a synchronized global rebound led by emerging East Asia. The robust rebound is due to a combination of timely and large fiscal and monetary stimulus in most countries in East Asia, notably in China, and a powerful process of inventory restocking that began after mid-2009. Globally, the advanced economies joined the rebound trend in the third quarter of 2009, and their contributions to global industrial production notably driven by inventory accumulation have begun to outpace the contribution from the East Asia region. These developments are set against a background of solid macroeconomic fundamentals, including high foreign exchange reserves, large private and corporate savings, and low corporate and government debt. The region's well-capitalized banks and much improved banking supervision since the 1997-98 Asian financial crisis have also helped limit financial contagion and the transmission of the forces of global recession.CC BY 3.0 IGOACCOUNTINGADVANCED COUNTRIESADVANCED ECONOMIESADVERSE CONSEQUENCESAGRICULTUREASSET PRICEASSET PRICESBALANCE SHEETSBANK CREDITBANK LENDINGBANK LOANSBANK OFFICEBANK OFFICESBANKING SUPERVISIONBASIS POINTSBENCHMARKBIDSBOND ISSUANCECAPACITY BUILDINGCAPACITY CONSTRAINTSCAPITAL FLOWSCAPITAL INFLOWSCAPITAL OUTFLOWSCAPITAL REQUIREMENTSCASH TRANSFERCASH TRANSFERSCENTRAL BANKCENTRAL BANKSCOLLATERALCOLLATERAL REQUIREMENTSCOMMODITIESCOMMODITYCOMMODITY EXPORTSCOMMODITY PRICESCONSUMER SPENDINGCOPYRIGHT CLEARANCECOPYRIGHT CLEARANCE CENTERCORPORATE DEBTCORPORATE INCOME TAXESCORPORATE PROFITSCORPORATE SAVINGSCOST STRUCTURESCREDIT GROWTHCREDIT LOSSESCROSS-BORDER FLOWSCURRENCYCURRENCY APPRECIATIONCURRENT ACCOUNT BALANCEDEBT LEVELSDEPOSITSDEVELOPMENT BANKDEVELOPMENT STRATEGIESDISBURSEMENTSDISTRIBUTION OF INCOMEDOLLAR VALUESDOMESTIC BANKSDOMESTIC BONDDOMESTIC ECONOMYDURABLESECONOMIC ACTIVITYECONOMIC DOWNTURNECONOMIC OUTLOOKECONOMIC PERFORMANCEECONOMIC POLICIESEQUIPMENTEQUITIESEQUITY INVESTORSEQUITY PRICESEXCHANGE MARKETEXCHANGE RATEEXCHANGE RATESEXPENDITUREEXPENDITURESEXPORT GROWTHEXPORT PERFORMANCEEXPORT SECTORSEXPORTEREXPORTERSEXPORTSEXTERNAL BORROWINGFEDERAL RESERVEFINANCIAL CONTAGIONFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFISCAL DEFICITSFISCAL POLICIESFISCAL POLICYFORECASTSFOREIGN BANKSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETSFOREIGN EXCHANGE RESERVESFOREIGN INVESTORSFOREIGN TRADEGDP PER CAPITAGLOBAL CAPITALGLOBAL ECONOMYGLOBAL MARKETGLOBAL MARKETSGLOBAL TRADEGOVERNMENT BONDSGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT POLICIESGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTGROWTH PROJECTIONSGROWTH RATEGROWTH RATESHOLDINGSHOUSEHOLD INCOMEHOUSEHOLD INCOMESINCOME GROWTHINCOME INEQUALITYINCOME TAXINCOME TAXESINFLATIONINFORMATION TECHNOLOGYINFRASTRUCTURE PROJECTSINITIAL PUBLIC OFFERINGINITIAL PUBLIC OFFERINGSINSTITUTIONAL CAPACITYINSURANCEINTEREST BURDENSINTERNATIONAL BANKINTERNATIONAL BANKSINVENTORIESINVENTORYINVESTMENT BANKINVESTMENT CORPORATIONINVESTMENT FLOWSINVESTOR CONFIDENCEIPOISSUANCEJOB CREATIONLABOR MARKETLENDERSLIQUIDITYLIVING STANDARDSLOANLOCAL CURRENCYLOCAL ECONOMIESLOCAL GOVERNMENTSLOCAL INVESTORSLONG-TERM DEBTLOW-INCOME COUNTRIESMACROECONOMIC POLICIESMARKET SHAREMATURITIESMICRO ENTERPRISESMICRO-ENTERPRISESMIDDLE INCOME COUNTRIESMIDDLE-INCOME COUNTRIESMOBILE PHONEMOBILE PHONESMONETARY AUTHORITIESMONETARY AUTHORITYMONETARY FUNDMONETARY POLICIESMONETARY POLICYMORTGAGEMORTGAGESNET CAPITALNET EXPORTSNONPERFORMING LOANSOPEN COUNTRIESOPEN ECONOMIESOUTPUTOUTPUT GAPSOUTPUTSOUTSOURCINGPENSIONPER CAPITA INCOMEPERSONAL INCOMEPOLICY RESPONSEPOLICY RESPONSESPORTFOLIOPORTFOLIO INVESTMENTSPOST-CRISIS PERIODPOWER PARITYPREMATURE WITHDRAWALPRICE INCREASESPRIVATE INVESTMENTPROTECTIONISMPUBLIC COMPANIESPURCHASING POWERRAPID GROWTHREAL ESTATEREAL GDPRECESSIONREMITTANCEREMITTANCESREPAYMENTRESERVE REQUIREMENTSRETURNRETURN ON ASSETSRETURNSSAFETY NETSSECURITIESSHARE PRICESSKILLED WORKERSSMALL ENTERPRISESSOCIAL PROTECTIONSPECULATIVE BUBBLESSTATE ENTERPRISESSTOCK EXCHANGETAXTAX BREAKSTELECOMMUNICATIONSTRADE FINANCETRADE FINANCINGTRADE POLICIESTRADINGTREASURIESTROUGHTURNOVERUNEMPLOYMENTUNEMPLOYMENT RATESVALUE ADDEDVERTICAL INTEGRATIONVOLATILE CAPITALWAGESWEALTHWORKING CAPITALWorld Bank10.1596/978-0-8213-8267-7