Literature Review
There are various studies on causes, effects and policy responses of GFC in Asia and the rest of the world (Hwang & Im, 2009; Basri & Siregar, 2009; Bautista, 2009; Nidhiprabha, 2009; McKibbin & Stoeckel, 2009; Claessens & Kose, 2010; Chor & Manova, 2011; Crotty, 2009; Fidrmuc, 2010). There are a large number of literatures using CGE model to analyze the impact of GFC2.
For instance, Strutt and Walmsley (2009) used dynamic GTAP model to analyze the impact of GFC, with a particular focus on trade and sectoral impacts, and also included the analysis of the impact of fiscal stimulus packages and a general decline in global investment. The result shows that under a “moderate” crisis scenario, trade falls by approximately 14 percent from the 2020 baseline. Willenbockel and Robinson (2009) used a multi-countries, multi-sector CGE model, which was called GLOBE model to assess the impact of the GFC on
Literature ReviewThere are various studies on causes, effects and policy responses of GFC in Asia and the rest of the world (Hwang & Im, 2009; Basri & Siregar, 2009; Bautista, 2009; Nidhiprabha, 2009; McKibbin & Stoeckel, 2009; Claessens & Kose, 2010; Chor & Manova, 2011; Crotty, 2009; Fidrmuc, 2010). There are a large number of literatures using CGE model to analyze the impact of GFC2.For instance, Strutt and Walmsley (2009) used dynamic GTAP model to analyze the impact of GFC, with a particular focus on trade and sectoral impacts, and also included the analysis of the impact of fiscal stimulus packages and a general decline in global investment. The result shows that under a “moderate” crisis scenario, trade falls by approximately 14 percent from the 2020 baseline. Willenbockel and Robinson (2009) used a multi-countries, multi-sector CGE model, which was called GLOBE model to assess the impact of the GFC on
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