Who Will Provide the Next Financial Model?: Asia's Financial Muscle and Europe's Financial Maturity

ISBN-13: 9784431542810 / Angielski / Twarda / 2013 / 291 str.

Sahoko Kaji; Eiji Ogawa

Opis

During the past 4 years, faith in the present financial model has been shaken in terms of policy, regulation, the financial sector itself, and exchange-rate regimes. Past and present policies of the world's most respected central banks have come under fire. Regulations that defined the system have undergone major reviews. Complicated financial instruments that provided new ways of financial intermediation have been exposed as culprits behind the financial meltdown. After 10 years of success, Europe's single currency is under threat. In short, the established financial model not only has been unable to prevent the crisis but, arguably, has been a cause of it.There is no longer one obvious model that meets all needs. The burst of Japan's bubble was followed by two "lost decades." Before a contrite Japan completely adopted Western ways of finance, the "Lehman shock" hit, followed by the euro crisis. Monetary policy, financial regulation and the state of the financial sector all must be reconsidered. Currencies and exchange rates make up another important aspect of finance. If the Western model of finance is discredited, does that mean the dominance of Western currencies is also eroded? What does the crisis in the euro area tell us about exchange rate regimes in general?Clearly, a new model is needed, one that is conducive to both stability and prosperity. But who will provide it? This volume records the cumulative results of three EU Studies Institute (EUSI) conferences that have addressed these issues, and examines how Asia and Europe compare in the quest for the next financial model. While many books on Europe and Asia focus on integration and what Asia can learn from Europe, this book emphasizes mutual lessons in the common search for a new model. EU Studies InstituteThe EU Studies Institute in Tokyo (EUSI) was launched on 1 April 2009 as a consortium comprising Hitotsubashi University, Tsuda College, and Keio University. The Institute is sponsored by the European Commission for a four-and-a-half-year period. As a centre for academic education, research and outreach, it aims to strengthen EU-Japan relations. Details are at http: //eusi.jp/content_en/

Spis treści

Part I Financial Regulation

The EU’s approach to improving financial regulation (Iain Begg)

Asia’s approach to improve financial regulation (Atsushi Mimura)

Comment paper to chapters "The EU’s approach to improving financial regulation" and "Asia’s approach to improve financial regulation”(Jun Inoue)

Comment paper to chapters "The EU’s approach to improving financial regulation" and "Asia’s approach to improve financial regulation” (Satoshi Koibuchi)

Part II Monetary Policy

The European Central Bank and implications of the sovereign debt crisis (Francesco Drudi, Alain Durré and Francesco Paolo Mongelli)

Comment paper to chapter "The European Central Bank and implications of the sovereign debt crisis” (Soko Tanaka)

Evolution of quantitative easing (Shigenori Shiratsuka)

Comment paper to chapter "Evolution of quantitative easing " (Toshiki Jinushi)

Lessons learned, lessons not learned and the lessons to be learned: from the Asian crisis to the European crises (Akira Ariyoshi)

Comment paper to chapter "Lessons learned, lessons not learned and the lessons to be learned: from the Asian crisis to the European crises”(Masao Kumamoto)

Part III The Financial Sector

Is a new financial model necessary for growth? (Carlo Altomonte, Lorenzo Saggiorato)

Comment paper to chapter "Is a new financial model necessary for growth?”(Hideki Hayashi)

European sovereign crisis and its implications for Japan: reducing budget deficits without damaging recovery (Mitsuhiro Fukao)

Comment paper to chapter "European sovereign crisis and its implications for Japan: reducing budget deficits without damaging recovery" (Etsuko Katsu)

An assessment of China’s banking system reform (Alicia Garcia-Herrero, Daniel Santabarbara)

Comment paper to chapter "An assessment of China’s banking system reform” (Tomoyuki Fukumoto)

Part IV Exchange Rate Systems

Is the European monetary union sustainable? The role of real convergence (Helmut Wagner)

Comment paper to chapter "Is the European monetary union sustainable? The role of real convergence" (Eiji Okano)

Regional monetary cooperation in Asia (Eiji Ogawa)

Comment paper to chapter "Regional monetary cooperation in Asia”(Mei Kudo)

Europe’s unresolved crisis (Paola Subacchi, Stephen Pickford)

Comment paper to chapter "Europe’s unresolved crisis" (Kentaro Kawasaki)

The exchange rate regime as a tool to advance reform—success or failure? (Sahoko Kaji)

Comment paper to chapter "The exchange rate regime as a tool to advance reform—success or failure?" (Junko Shimizu)

O autorze

Editors

Sahoko Kaji is a professor of economics and co-ordinator of the Professional Career Programme at Keio University, and deputy director at EUSI. She has a B.A. and an M.A. from Keio, and a Ph.D. in economics from the Johns Hopkins University. Her major field of research is European economies. Details are at http://k-ris.keio.ac.jp/Profiles/60/0005959/prof_e.html.

Eiji Ogawa is a professor at the Graduate School of Commerce and Management, Hitotsubashi University, and chairman of the Governing Board, EU Studies Institute in Tokyo. He has a B.A., M.A., and Ph.D. in commerce from Hitotsubashi University. His major field of research is international finance and currencies. Details are at https://hri.ad.hit-u.ac.jp/html/217_profile_en.html.

Blurb

During the past 4 years, faith in the present financial model has been shaken in terms of policy, regulation, the financial sector itself, and exchange-rate regimes. Past and present policies of the world’s most respected central banks have come under fire. Regulations that defined the system have undergone major reviews. Complicated financial instruments that provided new ways of financial intermediation have been exposed as culprits behind the financial meltdown. After 10 years of success, Europe’s single currency is under threat. In short, the established financial model not only has been unable to prevent the crisis but, arguably, has been a cause of it.
There is no longer one obvious model that meets all needs. The burst of Japan’s bubble was followed by two “lost decades”. Before a contrite Japan completely adopted Western ways of finance, the “Lehman shock” hit, followed by the euro crisis. Monetary policy, financial regulation and the state of the financial sector all must be reconsidered. Currencies and exchange rates make up another important aspect of finance. If the Western model of finance is discredited, does that mean the dominance of Western currencies is also eroded? What does the crisis in the euro area tell us about exchange rate regimes in general?
Clearly, a new model is needed, one that is conducive to both stability and prosperity. But who will provide it? This volume records the cumulative results of three EU Studies Institute (EUSI) conferences that have addressed these issues, and examines how Asia and Europe compare in the quest for the next financial model. While many books on Europe and Asia focus on integration and what Asia can learn from Europe, this book emphasizes mutual lessons in the common search for a new model.