Memorial Lecture
GLOBAL FINANCIAL CRISIS AND ASIA
Dr. Y. V. Reddy - 30th October 2009
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- GLOBAL FINANCIAL CRISIS AND ASIA
- Speaker
- Dr. Y. V. Reddy
- Date
- 30th October 2009
Key Points
Lecture Summary
- Causes of the 2008 crisis included excess liquidity, leverage, deregulation, financial innovation, risk-taking, and global imbalances.
- The crisis originated in advanced financial systems once seen as models.
- Asia suffered less due to traditional banking, reserves, and stronger macroeconomic management.
- Need for rebalancing between state and markets, finance and the real economy, national regulation and global finance.
- Asia's future role depends on governance, infrastructure, human capital, innovation, and regional cooperation.
- India must use globalization carefully while strengthening its comparative advantages.
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