12:00 am EST - 12:00 am EST

Past Event

From Asian to Global Financial Crisis – Possible Policy Implications

Wednesday, November 18, 2009

12:00 am - 12:00 am EST

School of Public Policy and Management, Tsinghua University
Auditorium Hall

Beijing, China

Content from the Brookings-Tsinghua Public Policy Center is now archived. Since October 1, 2020, Brookings has maintained a limited partnership with Tsinghua University School of Public Policy and Management that is intended to facilitate jointly organized dialogues, meetings, and/or events.

On November 18, 2009, the Brookings-Tsinghua Center hosted Andrew Sheng in Beijing to discuss the similarities and differences between the Asian Financial Crisis and the current global crisis, as well as possible policy reforms, particularly for Asia. Mr. Sheng’s talk began with a detailed analysis of the Asian Crisis, focusing on how property market bubbles, weak corporate governance and Japan’s macroeconomic policy contributed to a massive loss of wealth in the region during the late 1990s. After detailing links to the current crisis, Mr. Sheng drew attention to the existence of a “global carry trade trap” and advocated for the implementation of a low turnover tax as a solution.

Mr. Sheng also commented on his new book, From Asian to Global Financial Crisis (Cambridge University Press, 2009), which offers an insightful analysis of links between the two financial crises. Mr. Sheng is currently the chief adviser to the China Banking Regulatory Commission and a Board Member of the Qatar Financial Centre Regulatory Authority and Sime Darby Berhad, Malaysia. Dr. Xiao Geng, director of the Brookings-Tsinghua Center, moderated the discussion.