The Global Financial Crisis: ACE Conference on APEC Turns 20 and Anniversary of the Financial Tsunami
Post-event Statement
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The conference on The Global Financial Crisis: All China Economic (ACE) Conference on Asia-Pacific Economic Cooperation (APEC) Turns 20 and Anniversary of the Financial Tsunami was successfully completed on 14 December 2009, as a part of Global Financial Crisis conference series organized by the Asian Development Bank Institute. The overall conference was organized by City University of Hong Kong. The Research Department of ADBI organized a keynote speech and a session on economic and financial policy recommendations for Asia.
The keynote speech on "Asia's Contribution to Global Economic Adjustment" outlined Asia's contribution to a sustainable global recovery after the Global Financial Crisis, including both short-term stimulus measures and policy measures to rebalance growth toward greater reliance on domestic and regional demand and away from exports to the developed world.
The session on economic and financial policy recommendations for Asia included three presentations. The first was "The Global Financial Crisis and Macroeconomic Policy Issues", which reviewed the macroeconomic policy measures used by Asian countries to deal with the adverse impact of the global financial crisis; it then discussed macroeconomic (including exchange rate and reserve management) policy options for the region's economies once recovery is underway.
The second presentation on "Implications of the Global Financial Crisis for Financial Sector Reform and Regulation in Asia" analyzed three broad areas of implications for financial sector reform and regulation in Asia: the need to find ways to reduce the vulnerability of Asian financial systems to economic and financial shocks; the need to deepen and integrate regional financial markets to contribute to rebalancing Asian growth toward domestic demand; and the potential for regional and national institutions to contribute to a reformed international financial architecture.
The third presentation on "Economic Crises and East Asian Regional Cooperation Architecture" reviewed the main regional economic cooperation initiatives undertaken since the 1997/98 crisis and made recommendations on future directions.
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Background
Sustained economic growth can contribute significantly to poverty reduction. Indeed, countries that have enjoyed economic growth for long periods of time have witnessed marked declines in poverty incidence. But an economic and financial crisis could frustrate such development. Even though countries can recover quickly from the crisis, they may not return to the same growth path as before the crisis, thus delaying further the economic development process. Because a crisis can have long-term developmental implications, ADBI is keen in making a contribution to the understanding of the causes of a crisis and to the formulation of policy measures that ADB's developing member countries (DMCs) could adopt to avoid a crisis.
The current financial crisis and global economic downturn did not originate in Asia, and, indeed, Asian countries in structural terms are generally in good shape. Nonetheless, Asian economies and financial markets have already begun to feel the impacts of the crisis, and these are likely to deepen substantially over the coming year. The most obvious areas of impact have been exports and equity markets, which have declined sharply across the region, but stresses in currency and credit markets have emerged as well, and domestic demand has softened. This sensitivity has been heightened by the export-led growth strategies followed by many countries.
In this environment, it is very important to analyze issues related to the need for economic and financial reform of the financial sector in Asia. This activity will contribute a keynote speech and a session on Asian economic and financial policy issues to the All China Economics International Conference (ACE International Conference), which is being organized by the City University of Hong Kong. The conference will be held in Hong Kong on 13-16 December, and the theme of the conference this year is “APEC Turns 20 and Anniversary of the Financial Tsunami”. The session will also contribute to the development of chapters for the planned overall book on the global financial crisis.
Objectives
To present a keynote address on “APEC Turns 20 and Anniversary of the Financial Tsunami” and to organize a conference session on the subject of economic and financial policy issues in Asia. The individual presentations will cover: - Macroeconomic policy issues and policy recommendations
- Financial sector reform and regulation and policy recommendations
- Regional cooperation and architecture, and policy recommendations
Outputs
Conference presentations.
Partners
City University of Hong Kong.
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