How Has Asia Fared in the Global Crisis? A Tale of Three Countries: Republic of Korea, Philippines, and Thailand

The global economic crisis in 2008-2009 had varying impacts on economies in Asia and the Pacific. This paper studies the impacts of the global crisis, with emphasis on the labor market, on three Asian countries: Republic of Korea (Korea), Philippines, and Thailand. It develops a crisis index that measures the impacts of the crisis by comparing actual values of economic indicators during the crisis period (2008-2009) with counterfactual...