Will Asia Play an Active Role in Resolving the Global Financial Crisis? a.. Asian countries like China, Japan, Korea, India, Taiwan, Singapore and Hong Kong hold more than $4 trillion in foreign exchange reserves - much of it in U.S. dollars. Asia's surplus position, means that led by China, they could be the ultimate source of capital to bail out the financial system, say by providing funds to the IMF to avoid further export slump, if so they may seek more voting power in global institutions. Furthermore, the crisis could spur further integration a.. FT Economists: coordinated fiscal and monetary expansion should achieve much larger and much more durable results than they would achieve through unilateral action. The leadership in east Asia rests with the largest economies: China, Japan, Korea, and ASEAN. a.. EIU: Asia has also yet to demonstrate a desire for a leadership role, at least through the US-led global financial architecture. Instead, Asian governments' preference has generally been for government-to-government, or government-to-corporation initiatives. If Asia is to challenge successfully for greater influence in the world's financial institutions, it will have to demonstrate a more compelling record of regional co-operation. Following the Asian crisis in 1997-98, governments across the region agreed to co-operate to reduce their dependence on the fund in the event of future currency crises but the regional swaps remain relatively small
a.. China might provide a swap line to South Korea. a.. Japanese finance minister, Shoichi Nakagawa will propose to his G7 counterparts that the IMF take contributions from the swollen pot of currency reserves residing in central bank vaults across the world (Japan has $980 Bn of its own) (BNY) a.. Noland: If the political will is there, Asia has the financial wherewithal to go its own way and establish an alternative rescue mechanism to the IMF, through the already created Chiang Mai Swap agreements Whether it will do so depends significantly on the capacity of Japan and China to act cooperatively and how far the responses of the United States and Europe go in addressing the longstanding demands of the Asians (and others) for a more inclusive policymaking international-financial architecture a.. Subramanian: The Chinese government could offer to lend up to $500bn to the US government for the rescue of its financial sector, conditional on the restructuring the financial sector and keeping homeowners in place. Rescuing the US financial sector could help avert an economic downturn, protecting China’s exports, its growth engine a.. Kemp: China's involvement in the coordinated rate cut indicates its willingness to be involved in a multilateral stabilization process it could provide capital directly (loan) or indirectly as it has done in the past a.. The mismatch between Asia's economic and political power limits the response to this financial and economic crisis - Asian leaders have been notable by their absence in this crisis, and their actions remain those of followers. Asia is too large not to have a major role in this crisis but Japan is politically paralyzed and Chinese leaders are uncertain how to wield their global power (BW) a.. Korean officials suggest China, Japan, Korea and other Asian countries speed up creation of a $80b fund to protect Asia from the financial crisis and ensure regional liquidity. Asian countries previously agreed to increase swaps between central banks and pool reserves, though this has yet to be implemented. Intra-Asian institutions and crisis response mechanisms are fragmented a.. Asian central banks have been injecting liquidity through open market operations and many have begun cutting interest rates to support growth. China did so in coordination with global central banks a.. Oxford Analytica: Governments in the region may well want to increase the potential for tighter coordination, at the same time as they look to toughen their regulatory regimes. There have already been suggestions to create a regional complement to the financial stability forum but current institutional structures are limited a.. Shinawatra: Having parked most of their surpluses in the currency that was most convertible – the dollar – Asian countries face the prospect of losing as much as the country that issued the currency. Instead they should create an Asian bond a.. Lack of experience managing big teams of Western bankers has also caused Asian investors (including its cash-rich banks) to largely avoid acquiring control of Western institutions as have recent losses (WSJ) ----- Original Message ----- From: Gambler.BEJ To: obrolan-bandar@yahoogroups.com Sent: Thursday, November 20, 2008 1:05 PM Subject: Re: [obrolan-bandar] BISA GA SIH CINA Selama konsumen terbesar masih di US gak bisa Selama cadangan devisa masih mayoritas USD gak bisa Selama mata uang standar akuntansi dunia USD gak bisa Tapi pelan pelan akan berubah. Nothing last forever mungkin saja 300 tahun dari sekarang US situasinya mirip Congo atau Roma jaman kehancuran dulu well who knows. muhammad ali wrote: > Mba tolong diberikan pencerahan. > Mungkinkah kita memotori untuk menjadikan Cina sebagai acuan > internasional dalam pasar modal. selama ini kan, kita seertinya > dihipnotis bawah segala-galanya serba AS, Dow lah, Dow Fut lah, S-P > 50, Yankee Bond AS dan segala AS yang semuanya hanya menunjukkan > indikator semu. Bagaimana mungkin bisa dijadikan acuan, wong negara > yang punya mata uang malah engga punya uangnya sendiri. malah uangnya > banyak dipegang CINA. > > Bagaimana mulai saat ini, IDX acuannya bukan lagoi dow tapi shanghai > ataupun hongkong. Bayangkan cadangan devisa yang dia punya begiotu > besar, pertumbuhan ekonomi terus melaju. Kalaupun ada krisis yakin dia > engga kena seperti AS. Bagaimana mbah mungkin tidak? Kalau mungkin Yo > kita buat persepsi SHANGHAI jadi acuan IDX. Barangkali nanti Malaysia, > Korea, Singapura, Thailand dan Philipina ikut-ikutan. > > hee > am > >
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