About the talk
Ten years after a devastating external and financial crisis, Asia is once again among the star performers in the global economy. It took some time to appreciate that this was a new type of crisis, one driven by financial rather than current account imbalances. Within a couple of years, however, comprehensive financial and corporate sector restructuring, and nimbler macroeconomic policy frameworks, contributed to the strong recovery of Asian economies, while poverty and unemployment declined substantially. Today, Asia once again is the most dynamic region in the world, accounting for close to half of global growth. Yet skepticism has emerged in various circles about the sustainability of Asia’s post-crisis growth model. Some prominent commentators and academics have started to question whether Asia has learned the right lessons from the crisis, in particular the need for greater exchange rate flexibility and reforms to address financial sector weaknesses and improve governance. In turn, the failure to heed these lessons is thought to be breeding an excessive reliance on exports and fueling credit booms and asset bubbles that have left Asia vulnerable to a new crisis. In my analysis of these issues, I evaluate how well Asia has learned some of the key lessons from the crisis and assess the fears of a fresh crisis.
About the speaker
Mr. Olaf Unteroberdoerster has been the IMF's Resident Representative in Hong Kong SAR since February 2007. He studied economics and business administration in Germany, France, Japan and the United States and holds a Ph.D. in international economics and finance from Brandeis University. He joined the IMF in 1998 and has worked in the Middle East and Central Asia Department, the Policy Development and Review Department, and the Asia Pacific Department. Before coming to Hong Kong SAR, he worked in various country teams in the Asia region, including Malaysia and Vietnam. Prior to joining the IMF, Mr. Unteroberdoerster was a Visiting Researcher at Hitotsubashi University and at the Institute of Advanced Studies of the United Nations University.

About the IMF
The International Monetary Fund is an international organization of 185 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. The IMF is governed by, and is accountable to, its member countries through its Board of Governors. There is one Governor from each member country, typically the finance minister or central bank governor. The day-to-day work of the IMF is carried out by the Executive Board, and the IMF's internationally recruited staff, headed by the Managing Director. Of the 24 Executive Directors on the Board, 8 are appointed by single countries—the IMF's 5 largest quota-holders (the United States, Japan, Germany, France, and the United Kingdom) and China, Russia, and Saudi Arabia. About one-half of the IMF's approximately 2,700 staff members are economists. Most staff work at the IMF's Washington, D.C., headquarters, but the IMF also has over 85 resident representatives posted in member countries around the world. The IMF Resident Representative Office in Hong Kong SAR was opened in 2001. Its main tasks are three-fold. First, the office monitors economic and financial market developments in Hong Kong SAR, including their implications for the Asia region and the mainland of China. Second, in close collaboration with IMF headquarters, the office provides policy advice to the Hong Kong SAR authorities on current economic issues. Third, the office maintains close contact with the IMF resident representative office in Beijing. Both offices work together on common issues.

 

 

 
Rua de Londres 16, Macau
澳門 倫敦街 16 號

Drinks available

IIUM Auditorium