AFC = Asian Financial Crisis, COVID-19 = coronavirus disease, GFC = global financial crisis, PRC = People's Republic of China, SARS = Severe Acute Respiratory Syndrome, US = United States.
Asia includes Australia, East Asia, South Asia and Southeast Asia. ASEAN+3 includes Hong Kong, China; Japan; the PRC; the Republic of Korea; and Southeast Asia. East Asia includes Hong Kong, China; Japan; the PRC; the Republic of Korea; and Taipei,China. South Asia includes India, Pakistan (beginning March 1997) and Sri Lanka (beginning March 1997). Southeast Asia includes Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
Sources: ADB calculations using data from Bloomberg; CEIC; Haver Analytics; and International Monetary Fund. International Financial Statistics. http://data.imf.org/IFS (accessed January 2021); and methodology by Mercado and Park (2014).