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East Asia has been equally hard hit by the onset of the global financial crisis and the ensuing slowdown. The global financial turmoil, triggered by the US subprime crisis, has spread across the globe, affecting the financial stability and economic growth of many economies including Japan, South Korea, Chinese Mainland, Taiwan and Hong Kong.
In the final quarter of 2008, China's economic growth plunge to 6.8 percent, and pulled down its annual growth to 9 percent, thus ending China’s double-digit growth since 2003. Other East Asian economies suffered far worse. Growth of Hong Kong, South Korea, Taiwan, and Japan came down to 2.5 percent, 2.2 percent, 0.1 percent, and negative 0.6 percent, respectively, all significantly worse than in 2007.
On one hand, East Asia’s direct financial exposure to the US subprime products is relatively small and its banking and financial sectors have withstood much of the financial shock. On the other hand, East Asia continues to rely heavily on the consumer demand of North America and Europe despite having intensified its own regional engine of growth through greater intra-regional trade. The economies in the region are thus far from being immune to the economic recession in the West.
Policy makers from East Asia have responded to the global financial crisis with various policy initiatives. China has unveiled its 4 trillion Yuan (USD 586 billion) stimulus package in November 2008 to boost domestic demand and support domestic industries. Japan, South Korea, Hong Kong and Taiwan also implemented their stimulus packages to stabilise the financial market, support enterprises and create employment.
In a recent visit to China, former Japanese Prime Minister Taro Aso proposed a free trade agreement between the two countries, a joint effort between the world’s second and third largest economies, to overcome the economic downturn.
This conference will update participants on the extent of the impact and the policy responses of East Asian economies towards the global financial crisis. It also seeks to review and analyse the results of these responses and identify opportunities and possible areas of collaboration between the East Asian economies. The conference is partly funded by Prof Saw Swee Hock.
PROGRAMME / REGISTRATION / E-FLYER
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8:30am – 9:00am
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Registration
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9:00am – 9:15am
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Opening Address
Professor Saw Swee Hock
Patron, Saw Centre for Financial Studies & Member, NUS Board of Trustees
Professor Tan Eng Chye
Deputy President (Academic Affairs) and Provost, NUS
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9:15am – 10:45am
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Session 1 : Country Paper - Japan and Korea
Chairperson: Associate Professor Takeshi YAMADA, NUS Business School
Paper 1
Responses to the Financial Crisis - the Japanese case
Professor YOSHINO Naoyuki, Keio University, Japan
Paper 2
Korea in a Foreign Exchange Crisis Again: Why and what is to be
done?
Associate Professor SHIN Jang-Sup
Department of Economics, National University of Singapore
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10:45am – 11:10am
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Tea Break
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11:10am – 12:15pm
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Session 2 : Country Paper - Hong Kong and Taiwan
Chairperson: Associate Professor SHIN Jang-Sup, Department of Economics,
National University of Singapore
Paper 3
Managing Economic Crises in Post-1997 Hong Kong
Professor Francis T. LUI
Department of Economics, Hong Kong University of Science and
Technology
Paper 4
Taiwan's Policy Responses to the 2008 Financial Tsunami:
Role of SMEG
Professor SHEN Chung-Hua
Department of Finance, National University of Taiwan
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12:15pm – 2:00pm
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Lunch
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2:00pm – 3:30pm
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Session 3 : Country Paper - China
Chairperson: Professor Francis T. LUI, Department of Economics, Hong Kong
University of Science and Technology
Paper 5
Global Financial Crisis and the China Model: Myth versus Reality
Associate Professor CHEN Kang
Visiting Associate Professor
Lee Kuan Yew School of Public Policy, National University of Singapore
Paper 6
Impact of the Global Financial Crisis on the Safety of
China's Foreign Exchange Reserve and China’s Responses
Dr ZHANG Ming
Institute of World Economics and Politics, Chinese Academy of Social
Sciences, China
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3:30pm – 3:45pm
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Tea Break
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3:45pm – 5:00pm
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Session 4 : Country Paper - China
Chairperson: Associate Professor CHEN Kang, Lee Kuan Yew School of Public
Policy, National University of Singapore
Paper 7
Financial System in China: Challenges and Opportunities of the
Global Financial Crisis
Assistant Professor Julia, Meijun QIAN
NUS Business School, National University of Singapore
Paper 8
The Global Financial Crisis and China’s Trade Prospect
Dr Sarah TONG, East Asian Institute, National University of Singapore
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Registration
For the online registration, please click here. Alternatively, fax the completed registration form to 6874 5834 or e-mail to Ms Wendy Lim at
Conference Rates
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Academic Staff and graduate students from NUS / SMU / NTU
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Complimentary
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General Public (Download Payment Form here)
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S$160.50 (inclusive of GST)
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