RIETI Policy Symposium

Ten Years After: Learning From the Asian Financial Crisis - Are Prevention Mechanisms Sufficient to Avoid Another Financial Crisis?


Ambassador, Republic of Indonesia / former Minister of Finance of Republic of Indonesia

Prior to his appointment as Ambassador of Republic of Indonesia to Japan in 2006, H.E. Dr. Anwal was Minister of Finance of the Republic of Indonesia (2004-'05). He also served as Executive Director of the Asian Development Bank in Manila (2000-'04), Chairman of the Stock Market Supervising Agency (BAPEPAM) (1998-2000), Head of the Agency for Education and Training Center (1995-'98), Secretary General (1993-'95) at Ministry of Finance of the Republic of Indonesia, and President and CEO of PT Danareksa (1992-'93).

H.E. Dr. Anwal holds a Master's degree in Economics from Vanderbilt University and a Ph.D. from the Universitas Padjajaran Graduate School of Law, Indonesia.


Director, IMF Regional Office for Asia and the Pacific

The IMF regional office which Dr. Ariyoshi directs is part of the IMF's Asia and Pacific Department. It monitors regional economic and financial developments, participates in regional fora on monetary and finance cooperation, and helps promote dialogue in the region on current issues in the international financial system as well as on the Fund and its policies. Dr. Ariyoshi joined Japan's Ministry of Finance as a career civil servant in 1976, and held a variety of positions, most recently Deputy Director-General of the International Bureau. He also has worked at the IMF in Washington, D.C. on two occasions, most recently from 1998 to 2000 as Assistant Director of the Monetary and Exchange Affairs Department (now Monetary and Financial Systems Department). He holds Ph.D. in Economics from the University of Oxford, and a B.S. in Mathematical Engineering from the University of Tokyo.

Prema-Chandra ATHUKORALA

Professor of Economics, Research School of Pacific and Asian Studies, The Australian National University

Professor Athukorala is Professor of Economics in the Research School of Pacific and Asian Studies at the Australian National University, and Fellow of the Academy of the Social Sciences in Australia. His research interests lie primarily in the fields of development macroeconomics, international trade and development, multinational enterprises and foreign direct investment, and international labor migration. At various times he has served as a Consultant to the World Bank, ADB, ILO, UNDP, UNIDO, ESCAP, and the Australian Agency for International Development. These assignments have resulted in work on, among others, India, Pakistan, Bangladesh, Nepal, Sri Lanka, Malaysia, Thailand, Vietnam, Laos, Cambodia, Ethiopia, and Jordan.


Deputy Director, Fiscal Policy Research Institute

Dr. Bhanich Supapol has previously served as President and Chief Executive Officer of the SCB Research Institute and as a member of the Asset and Liability Management Committee as well as Chief Economist of the Siam Commercial Bank Public Co., Ltd. He has been a decorated senior official and an advisor in the Ministry of Finance and in the Office of the Prime Minister, representing Thailand at international meetings on energy, finance, and other matters sponsored by the IMF, ASEAN, APEC, EXIM Bank, Asian Development Bank, and World Bank, as well as in bilateral negotiations with many countries. Dr. Bhanich Supapol has also served as Secretary to the Minister to the Prime Minister's Office, responsible for the Economy and the Environment. He holds a Ph.D. in Economics with Distinction from McGill University.

Thanong BIDAYA

former Minister of Finance of Kingdom of Thailand

Dr. Bidaya is a Visiting Professor at Yokohama National University, Chairman of MSIG Insurance (Thailand) Co., Ltd. and Honorary Chairman of TMB Asset Management Co., Ltd. Prior to his present position, he served as Minister of Finance (1997), President & CEO, Thai Military Bank PCL. (1998-'99), Thai Trade Representative (2001-'02), Chairman, National Economic and Social Development Board (NESDB) (2001-'05), Vice Chairman, Council of Economic Advisors to the Prime Minister (2001-'05), Chairman, Thai Airways International Public Co., Ltd. (2002-'05), Minister of Commerce (2005) and Minister of Finance (2005-'06). He received a Ph.D. in Management from Northwestern University.

Robert Alan FELDMAN

Head of Japan Economic Research / Managing Director, Morgan Stanley Japan Securities Co., Ltd.

As part of Morgan Stanley's global economics team, Dr. Feldman is responsible for forecasting the Japanese economy, financial markets and policy developments. He is also a regular commentator on World Business Satellite, the nightly business program of TV Tokyo. Prior to joining Morgan Stanley in 1998, he worked for Salomon Brothers as the chief economist for Japan (1990-'97), and the International Monetary Fund, in the Asian, European, and Research Departments (1983-'89), after spending study years at the Bank of Japan (1981-'82) and the Nomura Research Institute (1973-'74). He has a Ph.D. in Economics from the Massachusetts Institute of Technology, where he concentrated on international finance and development, and B.A. degrees in both Economics and Japanese Studies from Yale University. Before entering graduate school, he worked at the Federal Reserve Bank of New York and at the Chase Manhattan Bank. Dr. Feldman, a fluent speaker of Japanese, has translated four books from Japanese to English, including Economic Growth in Prewar Japan (by Takafusa Nakamura), Yale University Press, 1983.

Major works: Japanese Financial Markets: Deficits, Dilemmas, and Deregulation, MIT Press, 1986; Nihon no suijaku [The weakening of Japan] (Japanese), Toyo Keizai Inc, 1996; Nihon no saiki [Starting over] (Japanese), Toyo Keizai Inc, 2001; and Kozo kaikaku no saki wo yomu [Beyond structural reform] (Japanese), Toyo Keizai Inc, 2005

FUJITA Masahisa

President and Chief Research Officer, RIETI / Professor, Konan University / Adjunct Professor, Institute of Economic Research, Kyoto University

Professor Fujita served as Professor of the Institute of Economic Research at Kyoto University; President of the Institute of Developing Economies - JETRO (2003-'07); and Professor in the Department of Economics / Regional Science at the University of Pennsylvania. His research and teaching interests are urban economics, regional economics, international trade, and spatial economics. He holds a Ph.D. in Regional Science from the University of Pennsylvania.

Major works: The Spatial Economy: Cities, Regions, and International Trade (with P. Krugman and A.J. Venables), MIT Press, 1999; Economics of Agglomeration: Cities, Industrial Location, and Regional Growth (with J. Thisse), Cambridge University Press, 2002; Spatial Economics, vol. 1, 2 (editor), The International Library of Critical Writings in Economics, Edward Elgar Publishing, Inc., 2005; Regional Integration in East Asia: From the Viewpoint of Spatial Economics (editor), Macmillan, 2007


President, Institute for International Monetary Affairs / Senior Advisor, The Bank of Tokyo-Mitsubishi UFJ, Ltd. / Vice-President and Think-tank Member, CEAC

Since December 1995, Mr. Gyohten has been President of the Institute for International Monetary Affairs, which is a foundation established by the Bank of Tokyo (currently the Bank of Tokyo-Mitsubishi UFJ, Ltd.) to succeed its tradition as the Japan's only specialist foreign exchange bank. He served for many years in the Japanese Ministry of Finance until he retired as Vice Minister of Finance for International Affairs in 1989. Mr. Gyohten also worked for the International Monetary Fund and the Asian Development Bank. Additionally, he served as Chairman of Working Party III of OECD, Paris (1988-'90); Visiting Professor at the Harvard University Business School and Princeton University; Chairman of the Bank of Tokyo (1992-'96); Chairman of the Institute of International Finance, Inc. (1994-'97); and Special Adviser to Prime Minister Keizo Obuchi (1998).

Major works: Changing Fortunes: The World's Money and the Threat to American Leadership (with Paul Volcker), Times Books, 1992


Deputy Director of Monetary Policy Bureau, Directorate of Economic Research and Monetary Policy, Bank Indonesia

Mr. Hendar has served with Bank Indonesia for more than 20 years and has served at his current position of Deputy Director of its Monetary Policy Bureau since 2004. He lectures at several universities in Indonesia. His teaching interests are monetary theory, balance of payment, and funds management. Mr. Hendar has participated in a broad range of domestic and overseas seminars/conferences such as "Challenges to Central Bank Statistical Activities," BIS, Basel, Switzerland (August 2002), 12th Central Bank Seminar, Seoul, South Korea (October 2004), 40th Conference of the SEACEN Governors and 24th Meeting of the SEACEN Board of Governors, Fiji (May 2005), 32nd Meeting of EMEAP Deputies, Chengdu, China (April 2007), and 12th EMEAP Governors' Meeting, Cebu, Philippines (June 2007). Additionally, he served as a member of the Indonesian delegation to the APEC Finance Ministers' Meeting, Jeju, Korea (2005) and a member of the ASEAN Working Group on Foreign Direct Investment Statistics (1997-2003). Mr. Hendar holds a master's degree from the Center for Development Economics at Williams College (1994-'95). He is currently a Ph.D. candidate at Universitas Padjadjaran, Indonesia.

ITO Takatoshi

Faculty Fellow, RIETI / Professor, Faculty of Economics and Graduate School of Public Policy, the University of Tokyo / Individual Member, CEAC

Dr. Ito has taught extensively both in the United States and Japan, including at the University of Minnesota, Hitotsubashi University, and Harvard University. He was President of the Japanese Economic Association in 2004, and appointed in October 2006 as a member of the Council of Economic and Fiscal Policy, consisting of 11 members including the Prime Minister and Finance Minister, which decides the framework for the annual budget. He also served as Senior Advisor in the Research Department, IMF (1994-'97) and as Deputy Vice Minister for International Affairs at the Ministry of Finance, Japan (1999-2001). He has published numerous books and more than 50 academic journal articles on international finance and the Japanese economy.

Major works: The Japanese Economy, MIT Press, 1991; The Political Economy of Japanese Monetary Policy, MIT Press, 1997; Financial Policy and Central Banking in Japan, MIT Press, 2000

KAWAI Masahiro

Dean, ADBI / Individual Member, CEAC

Dr. Kawai joined the ADBI in January 2007 after serving since October 2005 as Head of the Asian Development Bank's Office of Regional Economic Integration (OREI) and Special Advisor to the ADB President in charge of regional economic cooperation and integration. Dr. Kawai was previously a Professor of Economics at the University of Tokyo's Institute of Social Science. He also served as Chief Economist for the World Bank, East Asia and Pacific Region (1998-2001), and as Deputy Vice Minister of Finance for International Affairs, Japan Ministry of Finance (2001-'03).

Dr. Kawai began his professional career as a Research Fellow at The Brookings Institution in Washington, D.C.,(1977-'78) and then served as an Assistant and Associate Professor in the Department of Economics at the Johns Hopkins University (1978-'86). Afterwards, he served as an Associate and Full Professor at the Institute of Social Science, the University of Tokyo. He served as a consultant at the Board of Governors of the Federal Reserve System and at the International Monetary Fund, both in Washington, D.C. Dr. Kawai was also a Special Research Advisor at the Institute of Fiscal and Monetary Policy (currently Policy Research Institute) in Japan's Ministry of Finance, and a Visiting Researcher at the Bank of Japan's Institute for Monetary and Economic Studies and at the Economic Planning Agency's Economic Research Institute (currently the Cabinet Office's Economic and Social Research Institute).

Dr. Kawai has written books and numerous academic articles on international economics, economic globalization and regionalization, regional financial integration and cooperation in East Asia (including lessons from the Asian financial crisis), and the international currency system.

He earned a B.A. and M.A. in Economics from the University of Tokyo, and an M.S. in Statistics and Ph.D. in Economics from Stanford University.


Visiting Professor, Graduate School of Asia-Pacific Studies, Waseda University

Dr. Kinoshita graduated from Keio University (Faculty of Economics) in 1963, and entered The Export-Import Bank of Japan (now Japan Bank for International Cooperation). He served as Director General, Loan Department (Asia); Treasurer; Visiting Fellow at Harvard Institute for International Development and the National Bureau of Economic Research (NBER); Executive Director Research Institute for International Investment and Development. After retiring from the Bank in 1996, he worked for A.T. Kearney as Special Advisor for Asia from 1996-2000. Dr. Kinoshita then joined Waseda University as Professor, Graduate School of Commerce (2000-'04); Professor, School of International Liberal Studies (2004-'07); and Visiting Professor, Graduate School of Asia-Pacific (since 2007). Dr. Kinoshita was also Advisor for the Government of Indonesia from 2002-'04.


Professor, Faculty of Economics, Ryukoku University

Prior to his current position, Dr. Kitahara served as a Research Staff member in the Institute of Developing Economies - JETRO, Associate Professor and Professor in the Faculty of Economics at Kobe University, and Professor in the Faculty of Economics at Nagoya University. He graduated from the University of Tokyo in 1966, and received a Ph. D. in Economics from the University of Tokyo in 1990.


Professor, Graduate School for International Development and Cooperation, Hiroshima University

Professor Komatsu has served at Hiroshima University since 1997. Previously he worked as a Consultant to Lehman Brothers (1984-'97), a Financial Advisor to the Government of Indonesia (1984-'97), an Economist at the International Development Center of Japan (1976-'84), and served with the Long-Term Credit Bank of Japan, Limited (1971-'73). He obtained his M.A. in Public Administration from International Christian University in 1976.


Director, International Economic Affairs Division, Trade Policy Bureau, METI

Mr. Kuroda graduated from the University of Tokyo with a B.A. in Economics in 1982, and joined the Ministry of International Trade and Industry (now METI). He was a Senior Researcher in JETRO (Japan External Trade Organization) Hong Kong (1998-2001); Appointed Director of the Financial Cooperation Division, Trade and Economic Cooperation Bureau, METI (2001-'03); President of the JETRO Bangkok Center (2001-'04), and is now working for METI again as Director of the International Economic Affairs Division, Trade Policy Bureau. He received an M.A. in Economics from Yale University in 1990.

Major works: Made in China, Toyo Keizai Inc, 2001


Research Director, ADBI

Prior to joining ADBI, Dr. Lamberte served as President of the Philippine Institute for Development Studies (PIDS) from 1998 to March 2005. He has advised the Philippine Senate on legislative measures pertaining to financial markets and trade policy reforms and served as a consultant for several multilateral and bilateral donor agencies. He has authored and co-authored a number of published research papers and edited several books. His current areas of interest are regional economic cooperation and integration, financial markets, and development economics.

Dr. Lamberte earned his Ph.D. in Economics from the University of the Philippines in 1982.

Jayant MENON

Senior Research Fellow, ADBI

Dr. Menon joined ADBI in 2005 from ADB, where he was Senior Regional Economist in the Mekong Department. Prior to that, he worked in the Regional Economic Monitoring Unit (now the Office for Regional Economic Integration) and Programs Department (West). Before joining ADB, he was at the Centre of Policy Studies at Monash University in Melbourne. He has also worked at the University of Melbourne and Victoria University in Australia. He currently serves as a Board Director of the Cambodian Development Resource Institute. His work at ADBI focuses on regional cooperation and on trade and investment issues. Dr. Menon holds a Master's and Ph.D. in Economics from the University of Melbourne.

MURASE Tetsuji

Professor, the International Center, Kyoto University

Dr. Murase graduated from Hitotsubashi University, Faculty of Commerce in 1968. After 30 years at the Bank of Tokyo, he joined Kyoto University as Professor at the International Center in 1999. He received a Ph.D. in Economics from Kyoto University in 2001.

Major works: A Zone of Asian Monetary Stability (Japanese and English), Asia Pacific Press, 2000 and 2002; Monetary and Financial Cooperation in East Asia (Japanese), Keisoshobo, 2007


Faculty Fellow, RIETI / Professor, Graduate School of Commerce and Management, Hitotsubashi University

Prior to his current positions, Dr. Ogawa was a Visiting Scholar at the Department of Economics of Harvard University (1986-'88); the Department of Economics of the University of California, Berkeley (1992-'93); and the Research Department of the International Monetary Fund (2000). Dr. Ogawa has published many papers on issues concerning exchange rate systems in East Asia, and updates weekly the AMU and AMU Deviation Indicators for the RIETI website. He graduated from the Graduate School of Commerce and Management, Hitotsubashi University in 1986 and obtained a Ph.D. in Commerce from Hitotsubashi University in 1999.

ONO Hisashi

Director, Regional Financial Cooperation Division, International Bureau, Ministry of Finance

Mr. Ono joined the Ministry of Finance in 1983. He has been Director of the Regional Co-operation Division at its International Bureau since 2006. His experience includes Director of Insurance Business Division, Supervisory Bureau, Financial Services Agency (2004-'06); Director, Research Office (2003-'04), and International Affairs (2001-'03), Inspection Bureau, Financial Services Agency; Senior Executive Adviser to the President, Asian Development Bank (1997-2001); Deputy Director, Policy Division, Minister's Secretariat, Economic Planning Agency (1996-'97); Deputy Director, Bond Market Office (1994-'96), and Research Office (1993-'94), Securities Bureau, Ministry of Finance; Assistant Executive Director, Inter-American Development Bank (1990-'93). He was also a Visiting Scholar, Harvard University with a major in International Relations (1998). Mr. Ono graduated from the University of Tokyo with a degree in Social Sciences.

SATO Kiyotaka

Associate Professor, Faculty of Economics, Yokohama National University

Dr. Sato's main research interests are regional monetary integration in East Asia, exchange rate pass-through and currency invoicing of Japanese and East Asian exporters, and exchange rate policies in East Asian economies. He has published articles in journals such as Applied Economics, International Journal of Finance and Economics, Open Economies Review, and The World Economy. He holds a Ph.D. in Economics from the University of Tokyo.


Professor, Graduate School of Economics, Osaka City University / Individual Member, CEAC

Dr. Yamashita has held his current professorial position since 2003. He has also been an Individual Member, Council on East Asian Community (CEAC); Visiting Fellow, Institute for International Monetary Affairs (IIMA); and Member of the Policy Committee, Japan Forum for International Relations (JFIR). His experience includes Visiting Professor, Institute of International Affairs (IIA), University of Hamburg (2003); Visiting Professor, Faculty of Economics, Fudan University, Shanghai (2002); Visiting Fellow, Nomura Research Institute (Europe), London (1994-'95); Associate Professor for International Finance, Faculty of Economics, Osaka City University (1988); Chief Analyst, Country Risk Analysis Unit, Overseas Department, The Bank of Tokyo (1984-'88). He graduated from the Faculty of Economics, Keio University in 1970, and obtained a Ph.D. in Economics from Osaka City University in 2003.

Major works: European Economic and Monetary Union: Its Making and Lessons for Asia (Japanese), Keisoshobo, 2002

Doo Yong YANG

Director, Department of International Macroeconomics and Finance, Korea Institute for International Economic Policy

In addition to his current position as Director of the Department of International Macroeconomics and Finance, and Research Fellow for KIEP (since 2000), Dr. Yang has served as a Consultant for the Asian Development Bank (2007); Senior Research Fellow, Bank for International Settlements (2007); Advisor, Minister of Planning and Budget (2000-'01); Research Fellow, Director of Macroeconomic Division, Hyundai Research Institute (1996-'99); Instructor and Researcher, The Economics Institute in Boulder, Colorado (1995-'96); and Associate Editor, The Journal of the Korean Economy. He has been also a member of International Financial Cooperation in Minister of Economy and Finance of Korea (since 2001), Financial Forum in Minister of Foreign Affairs and Trade of Korea (since 2001), Financial Development Steering Committee in MOFE (since 2004). He holds a Ph.D. in Economics from the University of Colorado at Boulder, and has published widely on economic issues.

YAO Zhizhong

Research Fellow, Research Section of International Trade, Institute of World Economics & Politics, Chinese Academy of Social Sciences

Dr. Yao has served at his present position since 2002. He was also a Visiting Scholar at Hitotsubashi University in 2003. His research interests are macroeconomics and international economics. He received a Ph.D. in Economics from Graduate School, Chinese Academy of Social Sciences and a Master's in Management from Central South University.

Major works: "The Sustainability of US Trade Deficit and its Impact on China," International Economic Review, No. 3-4, 2006; "Global Imbalance and its Trend" (with Qi Junyan), The Journal of World Economy, 2006; "The Puzzle of High Investment Rate in China," in Yu Yongding and He Fan, eds., The Summer of Chinese Economy, Chinese Youth Press, 2005; "To Float RMB Exchange Rate," Capital Market, Jan. 2005; "Will FDI Cause Balance of Payments Crisis" (with He Fan), Economic Research Journal, Nov. 2004; "On the Exchange Rate Regime Pegging to Currency Basket" (With Eiji Ogawa), The Journal of World Economy, Jun. 2004