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1、节选·IwillprovideabriefoverviewoftheAsianexperienceduringtheglobalfinancialcrisis.·Iwillhighlightthediversityofexperiences,bothwithinAsiaandbetweenAsiaandotherregions,anddrawsomeinferencesaboutthedifferentchannelsthroughwhichtheeffectsofthefinancialcrisisweretransmittedaroundtheworld.oTrad
2、e(countriesmostopentotradesuffered,onaverage,thegreatestdeclinesingrowthrelativetotrend.)andofinance(financialopennesswasassociatedwithgreaterdeclinesinoutput)·IwilldiscussAsia'spolicyresponsetotheeconomicandfinancialconsequencesofthecrisis.oCountriesinAsiacameintothecrisiswithfairlystro
3、ngmacroeconomicfundamentals,includinglowinflationandfavorablefiscalandcurrentaccountpositions.Goodfundamentals,inturn,providedscopeforstrongpolicyresponsesinmanycountries.oGenerallyspeaking,theAsianresponsetothecrisisappearsthusfartohavebeeneffective.Importantly,asIhavesuggested,theAsian
4、recoverytodatehasbeeninsignificantparttheresultofgrowthindomesticdemand,supportedbyfiscalandmonetarypolicies,ratherthanofgrowthindemandfromtradingpartnersoutsidetheregion.·Finally,Iwillfocusonmedium-termchallenges.ForbothAsiaandtheUnitedStates,perhapsthegreatestmedium-termchallengeistoac
5、hievemorebalancedgrowthand,intheprocess,tofurtherreduceglobalimbalances.ofinancialinstitutionsmustbecarefullyregulated,transparent,andsufficientlywellcapitalizedandliquidtowithstandlargeshocks.otoogreatarelianceonexternaldemandcanalsoposeproblems.omustavoidever-increasingandunsustainable
6、imbalancesintradeandcapitalflows.oAstheglobaleconomyrecoversandtradevolumesrebound,however,globalimbalancesmayreassertthemselves.omustacttonarrowthegapbetweensavingandinvestmentandtoraisedomesticdemand.ChairmanBenS.BernankeAttheFederalReserveBankofSanFrancisco’sConferenceonAsiaandtheGlob
7、alFinancialCrisis,SantaBarbara,CaliforniaOctober19,2009AsiaandtheGlobalFinancialCrisisTheriseoftheAsianeconomiessinceWorldWarIIhasbeenoneofthegreatsuccessstoriesinthehistoryofeconomicdevelopment.Japan'stransitiontoaneconomicpowerhousewasfollowedbytherapidascentoftheAsiant
