Balancing Openness and Stability: Governing Finance in East Asia
Dr Ramon Pacheco Pardo, Department of European & International Studies, KCL
4-6pm, Wednesday 29th January
Room K-1.14, King's Building, Strand Campus
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East Asia is one of the most economically dynamic, diverse and integrated regions in the world. Financial sector dynamics in the region reflect these three trends. Nevertheless, the Asian Financial Crisis of 1997 led to debates among East Asian government and business elites regading the proper balance between openness and stability and how to improve regional financial governance. These debates gained renewed prominence as a result of the Global Financial Crisis. The two crises have also resulted in unprecedented regionalisation of financial governance in the region. Drawing on interviews with government, central bank and private sector elites in China, Japan, Korea, Singapore and from AMRO, plus a quantitative analysis of financial openness in ASEAN+3, I examine the reasons leading East Asian countries to liberalise their financial sectors, the balance between financial liberalisation and stability, and the role that regional financial instruments such as AMRO, the CMIM and the CGIF play in driving both financial openness and stability.
Ramon Pacheco Pardo is a Lecturer in the Department of European Studies at King’s College London, and an Associate at the King’s China Institute. After completing an MA (Distinction) in International Relations at the University of New South Wales, he obtained a PhD in International Relations at the London School of Economics & Political Science (LSE). Dr Pacheco Pardo has taught at LSE, Queen Mary, University of London, and Oxford Brookes University. Currently he is a member of the Asian Security and Warfare Group at KCL, as well as a Research Fellow at the Global Studies Institute in Hong Kong.