20 Years After the Asian Crisis: Lessons, Challenges and the Way Forward | Law

20 Years After the Asian Crisis: Lessons, Challenges and the Way Forward

Scientia Professor Ross Buckley gave the keynote talk at a conference on 13 – 14 April held in Tokyo titled, “20 Years After the Asian Crisis: Lessons, Challenges and the Way Forward”.

The conference, organised by the Asian Development Bank addressed the issue of new challenges arising in terms of potential crises and how policy makers should best address the identified issues to maintain financial stability and growth. The event brought together well-known scholars, Governors, and Deputy Governors of a number of regional central banks and experts on the international financial system with a key objective of contributing to literature and dialogue.

During his keynote talk, Professor Buckley presented on “Twenty Years of International Financial Crises: What Have We Learned and What Still Needs to Be Done?”, a paper he co-authored with Professor Douglas Arner (Hong Kong University) and Professor Emilios Avgouleas (University of Edinburgh).

The paper compares, analyses and seeks the policy lessons from Asia’s crisis of 1997, the GFC of 2008 and the more recent Eurozone crisis. In evaluating the progress East Asia has made in the twenty years since its crisis, Professor Buckley emphasised how much has been achieved in terms of regional cooperation, and how many of the lessons of the regional crisis have been both learned and acted upon.

Following the conference, eleven research papers are to be released discussing the findings. Professor Buckley is currently reviewing his paper with the lessons learned at the event, saying "the revision that it is now undergoing will certainly benefit from what I learned at the event and especially from listening to the various East Asian central banks that were represented".