CSC-IBF Lecture on "The 2008/09 Credit Crisis: An Asian Regulator's Perspective"
by Datuk Andrew Sheng
3.00pm - 4.30pm, Auditorium,
MAS Building
Despite occurring more than a decade apart, the credit crisis that Western economies experienced in the fall of 2008 and the financial crisis that gripped Asian economies in 1997 share some remarkable similarities and origins. Understanding the complex interactions between markets and governments is crucial for understanding the roots of both crises. They occurred as a result of large capital flows, misaligned exchange rates, excess liquidity and leverage, greedy bankers and lax supervision. What permitted this was the eagerness of regulators to embrace free market principles that in turn served as a catalyst for the explosion of financial engineering and innovation in the last decade. These innovations resulted in a thriving shadow banking system and growing imbalances that created systemic risks and vulnerabilities for the global financial system.
In this lecture, Datuk Andrew Sheng will give an overview of the key developments that have shaped the international financial landscape from 1997 to 2009. He will discuss and analyse the links between the Asian financial crisis of 1997 and the 2008 credit crunch. Datuk Sheng will also argue that today’s regulatory tools and institutional structures have to be seriously overhauled to deal with crises in a highly interconnected, highly globalised financial system. He will conclude by relating the key lessons that should be drawn from recent financial crises and propose reforms to our regulatory frameworks.
The fee for this lecture is $53.50, incl. GST. Please register early as seats will be reserved on a first-come-first-served basis.
|
