Keun Lee Comments on Financial Spillover in Emerging Asia: A Tale of  Three Crises.

B Keun Lee, Seoul National University: b This paper analyzes the propagation of shocks originating in the United States and Japan into countries of emerging Asia (EA) in terms of five asset classes. It compares the scale and nature of spillovers during the 2008-09 global financial crisis (GFC), the 2013 "taper tantrum" (TT), and the ongoing COVID-19 pandemic. Further, the GFC was immediately followed by extraordinarily strong macro-stabilization measures across the world, rendering economic outcomes to reflect both GFC and dramatic policy reactions like the quantitative easing (QE) in 2009. [Extracted from the article]