Seminar Cum Book Launch of “From Asian to Global Financial Crisis”
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| The Author |
The Book |
To kick off the brand new year of 2010, the Economic Society of Singapore (ESS) organised the Seminar cum Book Launch of “From Asian to Global Financial Crisis” which was held 12 th January at the Pan Pacific Orchard Picasso 1&2.
The book “From Asian to Global Financial Crisis” is a unique insider account of the new world of unfettered finance. The author, Mr Andrew Sheng, is an Asian regulator and currently the Chief Adviser to the China Banking Regulatory Commission and a Board Member of the Qatar Financial Centre Regulatory Authority, Khazanah Nasional Berhad and Sime Darby Berhad, Malaysia. He 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 1990's and the current global crisis of 2007-2009. 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 economics down. The study's main purpose is to demonstrate the 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and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated.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.
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