Emerging Asian Regionalism: Ten Years after the Crisis

4 May 2007 (4:00 p.m. - 6:00 p.m.)

A decade after the 1997-1998 financial crisis, East Asia is again seen as one of the world's most successful development models. The region has turned the crisis into an opportunity to undertake extensive financial sector restructuring, improve the productivity of its trade and corporate sectors, and strengthen governance and institutional reforms. Although pre-crisis levels are yet to be reached in several areas, and some countries still struggle to improve governance, overall economic dynamism has returned, with some notable new dimensions. Japan has recovered from a decade of stagnation, and the People's Republic of China has emerged as a major economic power.

South Asia is now growing rapidly and is forging closer ties with East Asia. An unprecedented interest in economic regionalism is reflecting deep, market-driven interactions as well as new government-led initiatives. Despite their diverse economic structures, income levels, and resource endowments, Asian economies are starting to use closer regional ties to provide a new platform for their development process-one that helps build economic resilience and works toward the ultimate goal of poverty reduction. The tenth anniversary of the crisis provides a unique opportunity to take stock of these remarkable achievements and to analyze the new dimensions of Asian interdependence, including their effects on the region's policy choices.

Part of a broader flagship project of ADB, this seminar will focus on a forward-looking assessment offered by key regional leaders and economic analysts. The seminar will discuss the development prospects for Asian economies in a new environment characterized by both the presence of several initiatives for enhancing regional economic policy dialogue, as well as increasing challenges and risks.

The panelists will discuss policy lessons for a wide range of ADB developing member countries, especially those in the process of opening their financial systems and becoming increasingly integrated within and outside the region. Each panelist will react to questions posed by the seminar moderator, broadly covering the following topics:

1. Learning from the crisis: new aspects of the Asian economic development model


2. Post-crisis recovery, restructuring and reforms


3. Major external and internal risks and regional policy challenges


4. Management of regional macroeconomic interdependence


5. Dimensions of regional integration: financial markets, "real sector", social issues


6. What future for Asia? Lessons beyond East Asia

Contact Us

For further information, contact Mr. Giovanni Capannelli, tel: (63-2) 632-6253, email: gcapannelli@adb.org or Mr. Srinivasa Madhur, tel: (63-2) 632-6239, email: smadhur@adb.org