Global financial crisis and industrial upgrading of emerging economy

Abstract

With the spread of coronavirus, unprecedented supply and demand disruptions crippled the economy. To a large extent, it predicts the advent of financial crisis. Different from previous literatures which mainly focus on the negative impact of novel coronavirus on the word economy and specific industries, this paper researches on the problem under the context of pandemic what an emerging economy should do to undertake the world industrial transfer thus promoting domestic industrial upgrading and improving its position in global value chain. Dissecting the evolution process of the Southeast Asian financial crisis of 1997-98 and the American subprime crisis of 2008-09, this paper provides the introduction to a special issue concerning the relation between global financial crisis and industrial upgrading of emerging economy. Through historical analysis, summarizing experiences and lessons given by previous financial crises, this paper concludes with some revelations and puts forward recommendations for emerging economies. This research also gives the authorities from emerging economies a precise overview of the current emerging issues, therefore they can implement appropriate policies to respond timely to the current circumstances.