A Decade Later: Asia New Responsibilities in the International Monetary System

Seoul, South Korea

May 2-3, 2007



With 2007 marking the tenth anniversary of the Asian financial crisis, we felt that the moment had come to take stock of how policy and debate on the global financial architecture had evolved during a decade of turmoil in Asia. A dramatic build-up of official foreign exchange reserves was one of the more striking aspects of Asia’s policy choices in the aftermath of a crisis that caused significant currency and financial pressures and eventually led to a sharp economic slowdown across the entire region. Numerous papers at this conference highlighted this approach of self-insurance. When one considers that the Asian Financial Crisis, at its core, was a capital account or liquidity crisis, and that some Asian monetary authorities lost the battle simply because they ran out of ‘ammunition’, then it is no surprise that rebuilding reserves became an urgent Asian policy priority post crisis. Both in Europe and in Asia, the process of monetary integration was triggered by a shock. For the EU, the common shock was the breakdown of the Bretton Woods system in the early 1970s. For Asia, it was the financial crisis of the late 90’s. There is one important difference, however. In Europe, politicians soon took ownership of the process.  In Asia, by contrast, the debate was played out at a safe distance below the top political level.



  • Alberto GIOVANNINI: Chief Executive Officer, Unifortune
  • Alberto MUSALEM: Managing Director, Tudor Investment
  • Andrew ROZANOV: Senior Manager, State Street Global Advisers
  • Angel UBIDE: Managing Director, Tudor Investment
  • Antonio CINTURA: Director of Research, Central Bank of Philippines
  • Arnab DAS: Head Emerging Markets Research, Dresdner Kleinwort Benson
  • Chandima MENDIS: Head of Emerging Markets Fixed Income, Axa Investments
  • David FERNANDEZ: Managing Director, JP Morgan
  • David HALE: Chairman, David Hale Global Advisers
  • Edmond ALPHANDERY: Chairman, Euro50 Group
  • Eiji OGAWA: Professor of Economics, Hitotsubashi University
  • Eisuke SAKAKIBARA: Professor of Economics, Waseda University
  • Fan HE: Deputy Director, Institute for World Economy
  • Guan ONG: Chief Investment Officer, Korea Investment Corp.
  • Gyorgy SZAPARY: Former Deputy President, National Bank of Hungary
  • Haizhou HUANG: Managing Director, Barclays Capital
  • Jeffrey SHAFER: Vice Chairman, Citigroup
  • Jeung Hyun YOON: Chairman of Financial Supervisory Commission and Governor of Financial Supervisory Service, Korea
  • Kyung Soo KIM: Deputy Governor and Director General, Institute for Monetary and economic Research, Bank of Korea
  • Kyung Tae LEE: President, KIEP
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Masahiro KAWAI: Dean, Asian Development Bank Institute
  • Michael BUCHANAN: CoGlobal Head Macroeconomics, Goldman Sachs
  • Miranda GOELTOM: Deputy Governor, Bank of Indonesia
  • Nouriel ROUBINI: Professor of Economics, New York University
  • Robert MCCAULEY: Chief Representative Office, Asia and the Pacific, BIS
  • Robert MUNDELL: Nobel Prize, Professor of Economics, Columbia University
  • Seongtae LEE: Governor, Central Bank of Korea
  • Shinji TAKAGI: Professor of Economics, Osaka University
  • Tryggvi HERBERTSSON: Chief Executive Officer, Askar Capital
  • Wolfgang MUNCHAU: Chairman Euro Intelligence and Columnist Financial Times
  • Yung Chul PARK: Professor of Economics, Seoul National University

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