Financial Crisis

ESCAP Series on Inclusive & Sustainable Development: 2

THE CURRENT GLOBAL FINANCIAL TURMOIL

&

ASIAN DEVELOPING COUNTRIES

ESCAP Series on Inclusive & Sustainable Development: 2

THE CURRENT GLOBAL FINANCIAL TURMOIL

&

ASIAN DEVELOPING COUNTRIES

by Yilmaz Akyüz

Bangkok, 2008

Acknowledgements

The author expresses his gratitude to Dr. Noeleen Heyzer, Under-Secretary-General of the United Nations and Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) for commissioning this paper. The paper is relevant in the context of the challenges faced by the developing world at present and is part of the Executive Secretary’s efforts to revitalize ESCAP, strengthen its corporate identity and strategic positioning and enhance its visibility.

Andrew Cornford, Martin Khor and staff members of the Trade and Investment Division and Poverty and Development Division of ESCAP provided comments and suggestions on the draft of the paper.

Printing Conference Management Unit

Editor Orestes Plasencia

Cover Design Marie Ange Sylvain-Holmgren

The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city, or area or of its authorities, or concerning the delimitation of its frontiers and boundaries. The opinions, figures and estimates set forth in this publication are the responsibility of the author and should not necessarily be considered as reflecting the views or carrying the endorsement of the United Nations. Mention of firm names and commercial products does not imply the endorsement of the United Nations. This document has not been formally edited.

THE CURRENT GLOBAL FINANCIAL TURMOIL AND ASIAN DEVELOPING COUNTRIES

Yilmaz Akyüz∗ April 2008, Geneva

1. 2. 3.

Introduction The role of finance in...