ASFRC to Discuss Asia Financial Policies in NCCU
By Liang Yuanling (梁元齡) and Yi Chunmin (易淳敏) / Campus Reporter
The 2017 conference of the Asian Shadow Financial Regulatory Committee (ASFRC), is taking place in National Chengchi University (NCCU) on the January 14 and 15. The conference will discuss issues regarding bank integration, merging and concentration within The Association of Southeast Asian Nations (ASEAN).
The topic is conveyed as “Regulatory implications of ASEAN bank integration in the face of greater concentration of banks and common lenders”. Members will also subsequently launch a press conference to raise policy suggestions which deserves attention. NCCU, one of the leading institutions in Taiwan for the development of Southbound Policy and international researches, is celebrating its 90th birthday this year and is selected to be the location of the event. The press conference will be held at 10 a.m., Jan. 16, on the seventh floor of the NCCU Administrative Building (3rd Conference Room).
In 2004, the ASFRC was founded in Taiwan in the light of impacts caused by the 1997 financial crisis on Asian countries. The region back then suffered from tumble in currency, share and asset markets, leading to economic and political chaos. Currently, there are 21 members in the committee, who are all prestigious experts in finance and economics, gathering annually to discuss and advise significant policies to member countries. To maintain the speciality and prominent status, all members of the ASFRC should avoid serving as current officials. In 2012, when the European debt crisis occurred, the committee has suggested member countries to deepen regional economic relations and trade cooperation to stand through the impact. In 2013, it has also warned Japan to postpone its quantitative easing policy as Yen devalued sharply at the time.
NCCU President Edward Chow and Professor Hsu Zhen-Ming of CTBC Financial Management College are the only two Taiwanese members in the ASFRC. Atteding speakers include international financial experts who have served in important governmental positions: Maria Gochoco-Bautista, Professor of Economics at the University of the Philippines, also the former senior economic advisor of the ADB (Asian Development Bank); See Yan Lin, former vice president of the Central Bank of Malaysia; Professor Hsu Hsin-Zhong, former advisor of British Monetary Policy Bureau; Iwaisako Tokuo, former official of the Financial Institute of Japan; David Ding, Professor of Finance in Massey University of New Zealand; Martin Young, Professor of Economics; and Sun Qian, vice president of Financial Research Center of Fudan University.
Currently, there are six regions in the world that have established the “Shadow Financial Regulatory Committee”, including the US, Europe, Latin America, Asia and so on. All of them demonstrate a strong influence by gathering prestigious financial scholars and proposing suggestions to regional financial agendum.