From Asian to Global Financial Crisis: An Asian Regulator's View of Unfettered Finance in the 1990s and 2000s
Cambridge University Press
Edition: Illustrated, 10/26/2011
EAN 9780521134156, ISBN10: 0521134153
Paperback, 504 pages, 22.9 x 15.2 x 2.9 cm
Language: English
Originally published in English
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and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated.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.
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.