Financial Reform: The View from East Asia


February 25th, 2013
53 Bay State Road

Since 2008, there have been enormous changes in financial regulation and supervision in the United States and Europe, as well as significant new standard-setting and rulemaking at the global level through the G-20, Financial Stability Board, Basel Committee, International Association of Insurance Supervisors, etc. Much of this has been focused on increasing restrictions on financial institutions, in the form of capital adequacy, liquidity coverage, and limitations on business conduct. The actions of East Asian authorities have contrasted with the angst-driven policymaking of the United States and Europe. In Japan, regulation and supervision have seen few substantive changes, while Chinese authorities have by and large continued to pursue a path of measured liberalization. This presentation will provide an overview and tentative explanations of regulatory trends in the two countries.

William W. Grimes is Department Chair of International Relations and Professor of International Relations and Political Science at Boston University. He is the author of Currency and Contest in East Asia: The Great Power Politics of Financial Regionalism (Cornell University Press, 2009), was awarded the 2010 Masayoshi Ohira Memorial Award and received Honorable Mention for the 2009 Asia Society Bernard Schwartz Book Award. He is also the author of Unmaking the Japanese Miracle: Macroeconomic Politics, 1985-2000 (Cornell University Press, 2001), co-editor (with Ulrike Schaede) of Japan’s Managed Globalization: Adapting to the 21st Century (M.E. Sharpe, 2002), and author of numerous articles on Japanese macroeconomic policymaking, Japanese finance, East Asian financial regionalism, and Japan’s relations with the United States and East Asia.

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