Over the decade and
a half after the Southeast Asian crisis, emerging markets in Asia have
seen a substantial transformation of their financial structures, defined
by the markets, institutions and instruments that populate them and the
regulatory frameworks that govern them. There has also been some shift
in the explicit or implicit macroprudential framework adopted in these
countries. Broadly speaking four kinds of tendencies have been observed:
(i) persistence with open doors for cross-border flows of financial capital;
(ii) domestic deregulation and provision of greater space for new foreign
and domestic private interests; (iii) a degree of regulatory forbearance
with increasing adoption of Basel type, capital-adequacy based regulation;
and (iv) macroprudential regulation of a kind that implies a combination
of deflation and reserve accumulation. Put together, these tendencies
have not been the best from the point of view of growth that is broad-based
and inclusive and of financial stability.
More recently, despite the experience of the global financial crisis which
points to the potential dangers associated with some or all of the above
tendencies, there has been no change in direction. Part of the reason
is fear that significant changes in the regulatory framework in one or
a few countries may encourage regulatory arbitrage that drives accumulated
legacy capital out of the country with destabilising effects. Unfortunately,
globally, despite the experience with the crisis and efforts such as the
Dodd-Frank Act in the US, only real advance, if any, has been a stretched
out restructuring of the Basel framework.
This also raises the following questions, given the financial evolution
of Asian EMEs over the last decade and a half: (i) what would an appropriate
structure of financial regulation for these countries; (ii) whether there
are strong common elements in the structures they should adopt; and (iii)
whether regional cooperation for the shaping and implementation of an
appropriate framework may overcome the problems created by the absence
of global consensus.
The workshop would
- map the tendencies with regard to financial evolution in Asian EMEs noted above;
- assess their consequences for growth and stability;
- discuss the implications for financial regulation; and
- examine the need and potential for regional financial and regulatory
cooperation.
PROGRAMME
Friday May 17
9:50 am -10:00am
Inaugural and Welcome
Kwon Soonwon, Director of Financial Economy Institute
Session 1: 10:00 am – 11:30 am
Finance in Asia after the crisis
C.P. Chandrasekhar (Download Presentation)
Lim Mah Hui (Download Presentation)
Kang-kook Lee (Download Presentation)
Session 2: 11:45 am – 12:30 pm
Finance in Asia after the crisis
Hendri Saparini (Download Presentation)
Chang Kyung-Sup (Download Presentation)Session 3: 2:00 pm - 3:15 pm
Asian financial cooperation
Lee Doowon (Download Presentation)
Piti Srisangnam (Download Presentation)
Session 4: 3:30 pm – 5:00 pm
The Korean experience
Kim Gi-Juhn
Moon Myoung-soon
Kwon Soonwon
Kim Do-Kyun & Chang Kyung-Sup (Download Presentation)
Saturday May 18
Session 1: 10:00 am – 11:15 am
Perspectives on finance and regulation I
Huang Ying (Download Presentation)
Joseph Lim (Download Presentation)
Session 2: 11:30 am - 12:30 pm
Perspectives on finance and regulation II
Sabri Oncu (Download Presentation)
Jayati Ghosh (Download Presentation)
Session 3: 3:30 pm – 5:00 pm
Prospects for Financial and Regulatory Cooperation in Asia: Open Session
Participants
C.P. Chandrasekhar, Professor, Centre for
Economic Studies and Planning, Jawaharlal Nehru University, New Delhi
110 067, India (cpchand@gmail.com)
Chang Kyung-Sup, Professor of Sociology and
Director, Political Economy and Social Policy Research Center, Seoul National
University, Seoul, South Korea (changks@snu.ac.kr)
Hendri Saparini, Managing Director, ECONIT
Advisory Group Jl. Tebet Barat Dalam IV No. 5-7 Jakarta Selatan 12810,
Indonesia. (hendrisaparini@yahoo.com)
Huang Ying, Associate Researcher, Institute
of World Economic Studies,China Institutes of Contemporary International
Relations(CICIR), A-2 Wanshousi, Haidian, Beijing 100081, China (fortstonesg@163.com)
Jayati Ghosh, Professor and Chairperson,
Centre for Economic Studies and Planning, Jawaharlal Nehru University,
New Delhi 110 067, India (jayatijnu@gmail.com)
Joseph Anthony Lim, Professor, Department
of Economics, Ateneo de Manila University, Quezon City, Philippines (josephanthony_lim@yahoo.com)
Kang-Kook Lee, Professor, Graduate School
of Economics, Ritsumeikan University. Shiga ken KusatsushiYagura 1 cho-me6-3-303,
Japan (kangkooklee@gmail.com)
Kim Do-Kyun, Research Fellow, Seoul National
University Asia Center (SNUAC), South Korea
Kim Gi-Juhn, Member, the National Assembly,
South Korea
Kwon Soonwon, Professor, Sookmyung Women's
University, Division of Business Administration, Seoul / Director, Financial
Economy Institute, South Korea (soonwon@sookmyung.ac.kr)
Lee Doowon, Professor, Department of Economics,
Yonsei University, South Korea (leedw104@yonsei.ac.kr)
Michael Lim Mah Hui, Regional Adviser on
Finance Issues, South Centre, Penang, Malaysia (limmahhui@aim.com)
Moon Myoung-soon, Team Head, Consumer Protection
Department, Kookmin Bank, South Korea
Piti Srisangnam, Faculty of Economics, Chulalongkorn
University, Phayathai Road, Bangkok 10330, Thailand (piti31@gmail.com)
Sabri Oncu, Head of Research, Centre for
Advanced Financial Research and Learning, C-8, 8th Floor, Reserve Bank
of India, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, India
(sabri.oncu@gmail.com)