From Asian to Global Financial Crisis

Erscheinungsjahr 2009
ISBN: 978-0-521-13415-6
Verlag: Cambridge University Press

Buch, Englisch, 504 Seiten, Format (B × H): 154 mm x 228 mm, Gewicht: 694 g

This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the global crisis of 2008–9. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study's main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change.

Autoren/Hrsg.

Sheng, Andrew

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Finanzkrisen, Wirtschaftskrisen
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Wirtschaftliche Globalisierung
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzkrisen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Volkswirtschaften einzelner Länder und Regionen
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte

Inhaltsverzeichnis

Introduction; 1. Things fall apart; 2. Japan and the Asian crisis; 3. The beam in our eyes; 4. Banking: the weakest link; 5. Washington consensus and the IMF; 6. Thailand: the karma of globalization; 7. South Korea: strong body, weak heart; 8. Malaysia: the country that went her own way; 9. Indonesia: from economic to political crisis; 10. Hong Kong: unusual times need unusual action; 11. China: rise of the dragon; 12. From crisis to integration; 13. The new world of financial engineering; 14. What's wrong with financial regulation?; 15. The global financial meltdown; 16. A crisis of governance; Appendices: From Asian to global crisis: chronology of notable events; Abbreviations and acronyms.

Über Autor(innen)

Sheng, Andrew
Andrew Sheng is currently the Chief Adviser to the China Banking Regulatory Commission and a Board Member of the Qatar Financial Centre Regulatory Authority, Khazanah Malaysia Berhad and Sime Darby Berhad, Malaysia. He is also Adjunct Professor at the Graduate School of Economics and Management, Tsinghua University, Beijing, and at the Faculty of Economics and Administration at the University of Malaya, Kuala Lumpur. Professor Sheng was Chairman of the Securities and Futures Commission of Hong Kong from 1998 to 2005. A former central banker with Bank Negara Malaysia and Hong Kong Monetary Authority, between 2003 and 2005 he was Chairman of the Technical Committee of IOSCO, the Organization of Securities Commission, the standard setter for securities regulation. He is a columnist for Caijing Magazine, the largest and most widely read finance journal in China. He edited Bank Restructuring: Lessons from the 1980s (1996) and holds an honorary doctorate from the University of Bristol.