ICAS Event: William W. Grimes on "Regional Liquidity Arrangements in Asia: Lessons from the Financial Crisis"

Friday, June 11th, 2010
7:00 p.m. door open (7:30 p.m. start)
TUJ Azabu Hall 206 (Access)
William W. Grimes
Free. Open to general public.
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The global financial crisis of 2008-09 presented a critical challenge to Asian financial cooperation. Efforts to reduce vulnerability to financial crisis were confronted with the worst global economic crisis since the 1930s. The results were mixed. None were forced to submit to IMF-led bailouts. But the most highly-developed component of the project of financial regionalism - the Chiang Mai Initiative, which set up a system of for emergency liquidity - appeared irrelevant, as South Korea and Singapore prioritized the establishment of swap agreements with the United States instead of relying on their Chiang Mai partners. Nonetheless, in May 2009, the ASEAN+3 finance ministers agreed to an expansion and multilateralization of the initiative. We will examine the potential for the redesigned Chiang Mai Initiative to address the challenge of a future crisis.

About the Speaker

William W. Grimes is associate professor of international relations at Boston University and the founding director of the Boston University Center for the Study of Asia. His book Currency and Contest in East Asia: The Great Power Politics of Financial Regionalism (Cornell UP) received an honorable mention in the competition for the Asia Society’s Bernard Schwartz Award. He is also the author of Unmaking the Japanese Miracle: Macroeconomic Politics, 1985-2000 (Cornell UP) and co-editor (with Ulrike Schaede) of Japan’s Managed Globalization: Adapting to the 21st Century (M.E. Sharpe). He has published articles on the impacts of financial globalization in Japan, monetary policy making in Japan, Japanese economic policy, East Asian financial regionalism, and Japan’s relations with the US and East Asia.

About ICAS
The Institute of Contemporary Asian Studies (ICAS) is an organization dedicated to fostering study and research on various topics related to contemporary Japan and Asia.

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