Eichengreen, B.J. (University of California, Berkeley), The Development of Asian Financial Markets: The Role of Macroeconomic Policies, Reserve Management, and the Trans-Pacific Imbalance
Developing bond markets has been seen as a key step in fostering financial stability in the Asia-Pacific region since the financial crisis of 1997-8. That crisis revealed how the underdevelopment of bond markets and excessive dependence on banks were special sources of vulnerability for the Asian economy. Despite official initiatives to promote the development of Asian securities markets, the institutional and regulatory prerequisites for the creation of deep, liquid and efficient bond markets remain poorly understood. To date, however, there has been no attempt to foster collaboration between North American scholars working on the frontiers of theoretical and comparative empirical research and Asian specialists knowledgeable about the particulars of this regional case.
This U.S.-Korea workshop, co-organized by Dr. Barry Eichengreen of the University of California at Berkeley and Dr. Yung-chul Park of Korea University, brings together twenty U.S. scholars from more than one dozen universities working on financial development generally with Asian scholars working on the development of Asian bond markets in particular for a two-day workshop in Berkeley, California on September 29-30, 2005. Several European scholars will also participate. A successful workshop will lead to additional collaborations, including a conference in Seoul to be organized with Korean support.
