Session: Session 5 / Grand Ballroom 3
Date/Time: April 23, 2013 / 15:30-16:45
Mo Jongryn, The Asan Institute for Policy Studies
Kang Dongsoo, Korea Development Institute
Steven Kargman, Kargman Associates
Khoo Boo Teik, National Graduate Institute for Policy Studies
Oh Suktae, Societe Generale
While the economic effects of the 2008 global financial crisis are receding in Asia, the political-economic effects may be more lasting. In many Asian policy circles, the global financial crisis raised questions about possible weaknesses in the Western capitalist model. In 1997, the Asian financial crisis ended up being a catalyst for governance reforms in many Asian countries. Some hoped that the 2008 crisis could do the same. Will the crisis engender positive economic reforms (rather than anti-competitive and populist ones)? Will it spur political reforms such as better working conditions, serious anticorruption measures, strengthened legal systems, and limits on the power of special interests?