Governors' Seminar: The Global Financial Turmoil and Implications for Asia

3 May 2009 (10:00 a.m. - 12:00 noon)

In the face of the global financial turmoil originating from the US subprime crisis, developing Asia's financial systems held up relatively well. However, they are not immune to the effects of the global financial turmoil. Movements in Asian equity markets have mirrored those in the West as investors flock to safer assets. Moreover, the recession in the US and Europe is negatively affecting the region's exports and export-related production and investment. Tightening global credit conditions may further impact local investment as external funding sources narrow.

ADB Governors will discuss how developing Asia's economies have been affected by the crisis and how they can contribute to a return to global financial stability and economic growth. Of particular interest are the panel's views on the following:

  • How did the financial crisis occur in the industrialized countries with more mature markets and regulatory structures? What have been the impacts of this crisis on these countries and on the global economy? Have the US and European governments responded appropriately to the crisis to keep it under control and minimize its adverse impacts?
  • How have Asian countries been affected? Have Asian governments responded appropriately to contain the damage brought about by the global financial crisis? Are there benefits to a coordinated response to the crisis from Asian policy makers?
  • What lessons can Asia draw from the global financial crisis in developing their domestic financial sectors and improving regulatory frameworks, and in their quest for financial systems which are efficient and innovative yet stable and shock-proof? For example, will growing exposure to mortgage financing, the immediate catalyst of the US subprime crisis, create similar unmanageable risks for Asian lenders in the future? How can Asian policymakers minimize the risks of a similar crisis?
  • What are the implications of the financial crisis for the global financial architecture? How will the roles of Asian institutions and regulators evolve within this architecture? As the fastest growing region in the world, how can Asia ensure it has a voice in the debate over future regulation of global financial markets? And what voice is needed from Asia?

PROGRAM/SPEAKERS

Haruhiko Kuroda
President, Asian Development Bank

Governors and Alternate Governors in Asian Development Bank

Moderator:
Nik Gowing
Main Program Anchor, BBC

Related Media

Note: All times are in GMT+08. For inquiries, e-mail: amseminars@adb.org.