Different experiences of Asian emerging‐market economies in the two major financial crises
研究了10个亚洲经济体在1997-98年和2007-09年两次金融危机中的表现，发现信贷扩张和外资融资导致过度投资，对银行业产生不利影响，而收入不平等加剧了金融困境。出口导向型增长比投资拉动型增长风险更小，解决不平等问题对金融稳定和增长可持续性至关重要。
Abstract This paper studies 10 Asian economies' experiences during two episodes of financial crises in 1997–08 and 2007–09. Our analysis of five crisis‐hit Asian countries shows that overinvestment via credit expansion and foreign financing has an adverse effect on banking sectors while income inequality contributes significantly to financial distress. With five no‐crisis emerging markets included in our Asia analysis, we find that export‐oriented growth backed up by domestic savings is financially less risky than investment‐led growth facilitated by capital inflows. Since such different strategies of output growth to deal with falling demand are related ultimately to the same factor–rising inequality, this distributional problem must be overcome effectively to enhance financial stability and ensure growth sustainability.