Asset values also have moved up most quickly in these countries. Perhaps this is not altogether surprising given that no countries in the region have had seriously impaired banking systems, but most have had very expansionary monetary policy.
Australia and the “great recession” While several major countries have had one of their most, if not their most, serious recessions in the post-War period, Australia had arguably one of its mildest. We had a relatively sharp but very brief downturn in aggregate demand and economic activity late in 2008, and then returned to a path of expansion during the first half of 2009.