The 10th Anniversary of the Asian Financial Crisis: Lessons Learned, Critical Assessments, and Charting the Path Forward

Woodrow Wilson International Center for Scholars
Washington, D.C.

This year marks ten years since the onset of the Asian financial and economic crisis. Decades of economic progress in East and Southeast Asia were jeopardized, as daunting levels of poverty, unemployment, and social inequality beset the most affected countries -- Indonesia, Thailand, Korea, the Philippines, and Malaysia. Ten years onwards, it is imperative to re-examine the debates on free capital mobility in developing countries, the role of international financial institutions, the structural flaws in domestic banking and financial sectors, and the macroeconomic policy framework that was used to respond to the Asian financial crisis.  To this end, CPER, the Asia Program of the Woodrow Wilson Center, and the Sasakawa Peace Foundation-USA sponsored three panels to discuss these issues.

See the companion free e-book with a chapter by Mark Weisbrot, published by the Wilson Center Asia Program. To order a free bound copy, email asia@wilsoncenter.org

Read the event summary.

Panel I:  Remembering the Asian Financial Crisis: Causes, effects, results, and the lessons learned
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• J. Soedradjad Djiwandono, Former Governor of Bank Indonesia, and Emeritus Professor of Economics, S. Rajatnam School of International Studies
• Jomo Kwame Sundaram, Assistand Secretary General for Economic Development, United Nations Department of Economic and Social Affairs (UN DESA)
• Meredith Jung-En Woo, Professor of Political Science, University of Michigan
• Chair: John Sewell, Senior Scholar, Wilson Center

Panel II:  The International Financial System and the International Monetary Fund: Assessing the links between economic and financial globalization and the Asian financial crisis
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• David Burton, Director of the Asia and Pacific Department, International Monetary Fund
• Robert Wade, Professor of Political Economy, London School of Economics and Political Science
• Mark Weisbrot, Co-Director, Center for Economic and Policy Research
• Chair: Bhumika Muchhala, Asia Program, Wilson Center

Panel III:  Charting the Path Forward: Identifying policy initiatives amidst new developments in global and regional political economy
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• Worapot Manupipatpong, Principal Economist and Director, Association of Southeast Asian Nations Secretariat
• Ilene Grabel, Professor and Director, Program in Global Finance, Trade and Economic Integration, Graduate School of International Studies, University of Denver
• Nelson H. Barbosa Filho, Secretary of Economic Monitoring, Brazilian Ministry of Finance
• Chair: John Schmitt, Senior Economist, Center for Economic and Policy Research