In Daejeon, Korea earlier this week, a remarkable event took place that enabled the world to hear the voice of Asia and to learn how the region has been able to show such great resilience in the face of the worst global financial crisis since the 1930s. On July 12 and 13, more than 1,000 officials, economists, bankers, analysts, and media assembled for a conference titled Asia 21: Leading the Way Forward, hosted by the Korean government and the IMF. I personally learned a great deal about Asia’s growing stake in the global economy—and the global economy’s growing stake in Asia. As the world strives to leave the crisis behind, the economic center of gravity is shifting increasingly eastwards, and Asia’s role is more vital than ever before.
Our objectives with this conference, jointly organized with the superb help of our Korean partners, were three-fold: Continue reading
Filed under: Advanced Economies, Asia, Economic Crisis, Emerging Markets, G-20, Global Governance, Globalization, IMF, International Monetary Fund, Multilateral Cooperation, 中文 | Tagged: Asia and the IMF, Asia21, Asian crisis, capital flows, domestic investment, early warning exercise, economic cooperation, economic powerhouse, G-20, G-20 mutual assessment process, global financial safety net, governance reform, IMF quotas, multilateral surveillance, regional financial safety nets, regional financing mechanisms, spillovers, surveillance | 6 Comments »