erspective of asian financial sector under the global

Katsunori Mikuniya Commissioner, Financial Services Agency (FSA), Japan Akira Ariyoshi Director, Regional Office for Asia and the Pacific, International M t F d (IMF) Naoyuki Yoshino Director, Financial Research and Training Center (FRTC), FSA, Japan, and Professor of Economics, Keio ᅧ㇂ ⠊ 㔠⼥ᗇ㛗ᐁ Monetary Fund (IMF) ᭷ ❶ ᅜ㝿㏻㈌ᇶ㔠䜰䝆䜰ኴᖹὒᆅᇦ ᡤ㛗 and Professor of Economics, Keio University 㔝 ┤⾜㔠⼥ᗇ㔠⼥◊✲◊ಟ䝉䞁䝍䞊㛗䚸 ᛂ⩏ሿᏛ⤒῭Ꮫ㒊ᩍᤵ Susumu Okano Executive Officer and Head of Research, Daiwa Institute of Research, Ltd., Japan ᒸ㔝㐍 Anwar Nasution Professor of Economics, University of Indonesia 䜰䞁䝽䞊䝹䞉䝘䝇䝔䜱䜸䞁 Anthony Sorrenti Executive Director, International Bankers Association, Japan 䜰䞁䝋䝙䞊䞉䝋䝺䞁䝔䜱 ᒸ㔝㐍 ᰴᘧ♫⥲◊ᇳ⾜ᙺဨව ᖖ⌮ 䜲䞁䝗䝛䝅䜰Ꮫ⤒῭Ꮫ㒊ᩍᤵ ᅜ㝿㖟⾜༠ᒁ㛗 Shunsuke Shirakawa Director, Office of International Affairs, FSA, Japan ⓑᕝ ಇ 㔠⼥ᗇ⥲⏬ᒁ⥲ㄢ ᅜ㝿ᐊ㛗 Jong-Goo Yi Standing Commissioner, Financial Services Commission, Republic of Korea 䜲䞉䝆䝵䞁䜾㡑ᅜ㔠⼥ጤဨᖖ௵ጤဨ Tomohiro Hirano Research Fellow, Financial Research and Training Center (FRTC), FSA, Japan ᖹ㔝 ᬛ⿱ 㔠⼥ᗇ㔠⼥◊✲◊ಟ 㡑ᅜ㔠⼥ጤဨᖖ௵ጤဨ 㔠⼥ᗇ㔠⼥◊✲◊ಟ䝉䞁䝍䞊 ◊✲ᐁ Hervé Ferhani Erlend Walter Nier S i Fi ilS E Hiroshi Ugai Deputy Director, Monetary and Capital Markets Department, IMF 䜶䝹䝧䞉䝣䜵䝷䝙 ᅜ㝿㏻㈌ᇶ㔠㔠⼥㈨ᮏᕷሙᒁ ḟ㛗 Senior Financial Sector Expert, Monetary and Capital Markets Department, IMF 䜰䞊䝷䞁䝗䞉䜴䜷䝹䝍䞊䞉䝙䞊䝹 ᅜ㝿㏻㈌ᇶ㔠㔠⼥㈨ᮏᕷሙᒁ 䝅䝙䜰䝣䜯䜲䝘䞁䝅䝱䝹䝉䜽䝍䞊䜻䝇䝟䝖 Deputy Director-General, Financial Systems and Bank Examination Department, Bank of Japan 㬼㣫 ༤ ᪥ᮏ㖟⾜㔠⼥ᶵᵓᒁᑂ㆟ᙺ 䜶䜻䝇䝟䞊䝖 R. Barry Johnston Assistant Director, Monetary and Capital Markets Department, IMF Ryozo Himino Director, Supervisory Coordination Division, Supervisory Bureau, FSA, Mario Lamberte Director for Research, Asian Development Bank Institute Capital Markets Department, IMF 㻾㻚䝞䝸䞊䞉䝆䝵䞁䝇䝖䞁 ᅜ㝿㏻㈌ᇶ㔠㔠⼥㈨ᮏᕷሙᒁ 䜰䝅䝇䝍䞁䝖䝕䜱䝺䜽䝍䞊 Division, Supervisory Bureau, FSA, ịぢ㔝 Ⰻ 㔠⼥ᗇ┘╩ᒁ⥲ㄢ㛗 Asian Development Bank Institute (ADBI) 䝬䝸䜸䞉䝷䞁䝧䝹䝔䜰䝆䜰㛤Ⓨ㖟⾜◊✲ᡤ◊✲㒊㛗 Hank Lim Research Director, Singapore Institute for International Affairs Julius Caesar Parrenas Advisor on International Affairs, Bank of Tokyo-Mitsubishi UFJ, Ltd., and Senior Advisory Fellow, Institute Doo Yong Yang Research Fellow, ADBI 䝗䜳䞊䝶䞁䞉䝲䞁䝝䞁䜽䞉䝸䝮䝅䞁䜺䝫䞊䝹ᅜ㝿ၥ㢟◊✲ᡤ ◊✲㒊㛗 for International Monetary Affairs 䝆䝳䝸䜰䝇䞉䝅䞊䝄䞊䞉䝟䝺䞊䝙䝱䝇 ᮾி⳻㼁㻲㻶㖟⾜ᅜ㝿㛵ಀᢸᙜ 㢳ၥ䚸ᅜ㝿㏻㈌◊✲ᡤ䝅䝙䜰䜰䝗䝞䜲䝄䝸䞊䝣䜵䝻䞊䝗䜳䞁䝲䞁䜰䝆䜰㛤Ⓨ㖟⾜◊✲ᡤ 䝸䝃䞊䝏䝣䜵䝻䞊 Peter Morgan Senior Consultant for Research, ADBI 䝢䞊䝍䞊䞉䝰䞊䜺䞁 Cyn-Young Park Principal Economist, Office of Regional Economic Integration, Asian Development Bank Pradumna B. Rana Senior Research Fellow, Institute of South Asian Studies, National University of Singapore 䜰䝆䜰㛤Ⓨ㖟⾜◊✲ᡤ 䝅䝙䜰䝸䝃䞊䝏䝁䞁䝃䝹䝍䞁䝖䝅䞁䝶䞁䞉䝟䞊䜽䜰䝆䜰⤒῭㛤Ⓨ㖟⾜ᆅᇦ⤒῭ ⤫ᐊ䝥䝸䞁䝅䝟䝹䞉䜶䝁䝜䝭䝇䝖䝥䝷䝗䜳䝮䝘㻮㻚䝷䝘䝅䞁䜺䝫䞊䝹ᅜ❧Ꮫ༡䜰䝆䜰 ◊✲ᡤ䝅䝙䜰䝸䝃䞊䝏䝣䜵䝻䞊 Masahiro Kawai Dean, ADBI Ἑ ṇᘯ 䜰䝆䜰㛤Ⓨ㖟⾜◊✲ᡤᡤ㛗 Pietro Ginefra Chief Representative, Bank of Italy 䝢䜶䝖䝻䞉䝆䝛䝣䝷䜲䝍䝸䜰୰ኸ㖟⾜䜰䝆䜰ᆅᇦ௦⾲ Yongxiang Bu Director, Financial Risk Division, Research Department, the People’s Bank of China 䝶䞁䝅䜰䞁䞉䝤 ୰ᅜேẸ㖟⾜◊✲ᡤ㔠⼥䝸䝇䜽ᒁ㛗 ୰ᅜேẸ㖟⾜◊✲ᡤ㔠⼥䝸䜽ᒁ㛗 The Sixth International Conference The Sixth International Conference A Perspective of Asian Financial Sector under the erspective of Asian Financial Sector under the ➨䠒ᅇᅜ㝿䝁䞁䝣䜯䝺䞁䝇 ➨䠒ᅇᅜ㝿䝁䞁䝣䜯䝺䞁䝇 A A Perspective of Asian Financial Sector under the erspective of Asian Financial Sector under the Global Financial Crisis Global Financial Crisis ୡ⏺㔠⼥༴ᶵୗ䛾䜰䝆䜰㔠⼥䝉䜽䝍䞊䛾どⅬ ୡ⏺㔠⼥༴ᶵୗ䛾䜰䝆䜰㔠⼥䝉䜽䝍䞊䛾どⅬ ᵐᵎᵏᵎ ᵐᵎᵏᵎ࠰ᵏஉᵐᵏ ᵐᵏଐ ᵨᵿᶌᶓᵿᶐᶗ ᵐᵏᵊ ᵐᵎᵏᵎ ᵨᵿᶌᶓᵿᶐᶗ ᵐᵏᵊ ᵐᵎᵏᵎ ɶځӳӷ࠻ᑀᇹ ɶځӳӷ࠻ᑀᇹᵕӭ ӭᵑᵤ ᵑᵤ ᵟᶓᶂᶇᶒᶍᶐᶇᶓᶋᵊ ᵑ ᵟᶓᶂᶇᶒᶍᶐᶇᶓᶋᵊ ᵑ ᶐᶂ ᶐᶂ ᶄᶊᶍᶍᶐᵊ ᵡᶃᶌᶒᶐᵿᶊ ᵡᶍᶋᶋᶍᶌ ᵥᶍᶔᶃᶐᶌᶋᶃᶌᶒ ᵭᶄᶄᶇᶁᶃ ᵬᶍᵌᵕ ᶄᶊᶍᶍᶐᵊ ᵡᶃᶌᶒᶐᵿᶊ ᵡᶍᶋᶋᶍᶌ ᵥᶍᶔᶃᶐᶌᶋᶃᶌᶒ ᵭᶄᶄᶇᶁᶃ ᵬᶍᵌᵕ ᗡ࠻ᗡᄂᆮᄂἍὅἑὊẆঅ፯ܖٻؽἂἿὊἢἽ ᗡ࠻ᗡᄂᆮᄂἍὅἑὊẆঅ፯ܖٻؽἂἿὊἢἽᵡᵭᵣ ᵡᵭᵣẆỴἊỴᘍᄂᆮẆᨥᡫᝣ ẆỴἊỴᘍᄂᆮẆᨥᡫᝣ ᵨᶍᶇᶌᶒᶊᶗ ᶍᶐᶅᵿᶌᶇᶘᶃᶂ ᶀᶗ ᵨᵿᶎᵿᶌ ᵨᶍᶇᶌᶒᶊᶗ ᶍᶐᶅᵿᶌᶇᶘᶃᶂ ᶀᶗ ᵨᵿᶎᵿᶌ’ᶑ ᵤᶇᶌᵿᶌᶁᶇᵿᶊ ᵱᶃᶐᶔᶇᶁᶃᶑ ᵟᶅᶃᶌᶁᶗ ᵆᵤᵰᵲᵡᵇᵊ ᵩᶃᶇᶍ ᵳᶌᶇᶔᶃᶐᶑᶇᶒᶗ ᵆᵥᵡᵭᵣᵇᵊ ᵟᵢᵠᵧ ᵿᶌᶂ ᵧᵫᵤ ᶑ ᵤᶇᶌᵿᶌᶁᶇᵿᶊ ᵱᶃᶐᶔᶇᶁᶃᶑ ᵟᶅᶃᶌᶁᶗ ᵆᵤᵰᵲᵡᵇᵊ ᵩᶃᶇᶍ ᵳᶌᶇᶔᶃᶐᶑᶇᶒᶗ ᵆᵥᵡᵭᵣᵇᵊ ᵟᵢᵠᵧ ᵿᶌᶂ ᵧᵫᵤ ᴫせ ᴫせ Concept Concept ᮏᅜ㝿䝁䞁䝣䜯䝺䞁䝇䛿䚸㔠⼥䛾Ᏻᐃᛶ䜢☜ಖ䛩㼀㼔㼑㼜㼡㼞㼜㼛㼟㼑㼛㼒㼠㼔㼑㼏㼛㼚㼒㼑㼞㼑㼚㼏㼑㼕㼟㼠㼛㼒㼛㼏㼡㼟㼛㼚㼠㼔㼑㼞㼛㼘㼑㼛㼒䜛䛸ඹ䛻䚸ᬒẼᅇ䛸ᣢ⥆ⓗ䛺⤒῭䛾Ⓨᒎ䜢ᨭ䛘䜛䛯䜑䛾㔠⼥ά䛻ᑐ䛩䜛ᮃ䜎䛧䛔つไ䞉┘╩䛾䛒䜚᪉䛻䛴䛔䛶㆟ㄽ䜢ᒎ㛤䛩䜛䚹䛾ୡ⏺㔠⼥༴ᶵ䛜䜰䝆䜰ᅜ䛾㖟⾜䛻㼒㼕㼚㼍㼚㼏㼕㼍㼘㼕㼚㼟㼠㼕㼠㼡㼠㼕㼛㼚㼟㼍㼚㼐㼠㼔㼑㼕㼞㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼍㼚㼐㼟㼡㼜㼑㼞㼢㼕㼟㼕㼛㼚㼕㼚㼑㼚㼟㼡㼞㼕㼚㼓㼒㼕㼚㼍㼚㼏㼕㼍㼘㼟㼠㼍㼎㼕㼘㼕㼠㼥㼍㼚㼐㼟㼡㼜㼜㼛㼞㼠㼕㼚㼓㼑㼏㼛㼚㼛㼙㼕㼏㼞㼑㼏㼛㼢㼑㼞㼥㼍㼚㼐㼑㼤㼜㼍㼚㼟㼕㼛㼚㻚㼀㼔㼑㼐㼕㼞㼑㼏㼠㼕㼙㼜㼍㼏㼠㼛㼒㼠㼔㼑㼞㼑㼏㼑㼚㼠㼓㼘㼛㼎㼍㼘㼒㼕㼚㼍㼚㼏㼕㼍㼘㼏㼞㼕㼟㼕㼟㼛㼚㻭㼟㼕㼍㼚㼎㼍㼚㼗㼕㼚㼓㼍㼚㼐㼒㼕㼚㼍㼚㼏㼕㼍㼘㼕㼚㼟㼠㼕㼠㼡㼠㼕㼛㼚㼟㼘㼐㼎㼔㼔㼔㼔㼘㼐 ཬ䜌䛩┤᥋ⓗ䛺ᙳ㡪䛿㝈ᐃⓗ䛷䛒䛳䛯䚹䛧䛛䛧䛺䛜䜙䚸䛣䛾䛣䛸䛿ಙ⏝⛛ᗎ⥔ᣢᨻ⟇䜔㖟⾜䛻ᑐ䛩䜛ຠᯝⓗ䛺┘╩䛾⤖ᯝ䛷䛒䛳䛯䛾䛛䚸䛭䜜䛸䜒䚸䜰䝆䜰ᅜ䛾㖟⾜䛜༢䛻䠄Ḣ⡿䛸ẚ䜉䛶䠅」㞧䛺㔠⼥ ᡭἲ䜔㔠⼥ရ䜢䛶䛔䛺䛛䛯䛯䜑䛺䛾䛛䛸㼣㼑㼞㼑㼘㼕㼙㼕㼠㼑㼐㻘㼎㼡㼠㼣㼔㼑㼠㼔㼑㼞㼠㼔㼕㼟㼕㼟㼠㼔㼑㼞㼑㼟㼡㼘㼠㼛㼒㼜㼞㼡㼐㼑㼚㼠㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠㼍㼚㼐㼑㼒㼒㼑㼏㼠㼕㼢㼑㼟㼡㼜㼑㼞㼢㼕㼟㼕㼛㼚㼛㼞㼣㼔㼑㼠㼔㼑㼞㼕㼠㼞㼑㼒㼘㼑㼏㼠㼟㼠㼔㼑㼘㼍㼏㼗㼛㼒㼟㼛㼜㼔㼕㼟㼠㼕㼏㼍㼠㼕㼛㼚㼛㼒㻭㼟㼕㼍㼚㼕㼚㼟㼠㼕㼠㼡㼠㼕㼛㼚㼟㼍㼞㼑㼛㼜㼑㼚㼠㼛㼝㼡㼑㼟㼠㼕㼛㼚㻚㻹㼛㼞㼑㼛㼢㼑㼞㻘㻭㼟㼕㼍㼚㼑㼏㼛㼚㼛㼙㼕㼑㼟㼔㼍㼢㼑㼎㼑㼑㼚㼕㼙㼜㼍㼏㼠㼑㼐㼟㼠㼞㼛㼚㼓㼘㼥㼎㼥㼠㼔㼑㼐㼑㼏㼘㼕㼚㼑㼕㼚㼑㼤㼜㼛㼞㼠㼐㼑㼙㼍㼚㼐㼒㼞㼛㼙㼍㼐㼢㼍㼚㼏㼑㼐 ᡭἲ䜔㔠⼥ရ䜢䛳䛶䛔䛺䛛䛳䛯䛯䜑䛺䛾䛛䛸䛔䛖Ⅼ䛻㛵䛧䛶䛿䚸᭦䛺䜛ド䛜ᚲせ䛷䛒䜛䚹ୡ⏺ 㔠⼥༴ᶵ䛻䜘䜚䚸䜰䝆䜰⤒῭䛿ඛ㐍⤒῭ㅖᅜ 䛛䜙䛾㍺ฟ㟂せ䛾ῶᑡ䛻䜘䛳䛶䛝䛺ᙳ㡪䜢䛡䛯㖟⾜䛾ᛶ䜢㧗䜑䜛䛯䜑䛻䛿㖟⾜䛾㈨⏘ 㼟㼠㼞㼛㼚㼓㼘㼥㼎㼥㼠㼔㼑㼐㼑㼏㼘㼕㼚㼑㼕㼚㼑㼤㼜㼛㼞㼠㼐㼑㼙㼍㼚㼐㼒㼞㼛㼙㼍㼐㼢㼍㼚㼏㼑㼐㼑㼏㼛㼚㼛㼙㼕㼑㼟㻘㼍㼚㼐㼍㼞㼑㼚㼛㼣㼒㼍㼏㼕㼚㼓㼠㼔㼑㼏㼔㼍㼘㼘㼑㼚㼓㼑㼛㼒㼟㼡㼜㼜㼛㼞㼠㼕㼚㼓㼠㼔㼑㼑㼏㼛㼚㼛㼙㼕㼏㼞㼑㼏㼛㼢㼑㼞㼥㼣㼔㼕㼘㼑㼏㼛㼙㼜㼘㼥㼕㼚㼓㼣㼕㼠㼔㼍㼚㼑㼚㼔㼍㼚㼏㼑㼐㼞㼑㼓㼡㼘㼍㼠㼛㼞㼥㼞㼑㼓㼕㼙㼑㼠㼔㼍㼠㻘㼕㼚㼠㼑㼞㼍㼘㼕㼍㻘㼘㼕㼗㼑㼘㼥㼕㼚㼏㼘㼡㼐㼑㼟㼠㼕㼓㼔㼠㼑㼚㼕㼚㼓㼏㼍㼜㼕㼠㼍㼘㼍㼐㼑㼝㼡㼍㼏㼥㼟㼠㼍㼚㼐㼍㼞㼐㼟㼣㼔㼕㼏㼔㼣㼛㼡㼘㼐㼏㼛㼚㼟㼠㼞㼍㼕㼚㼍㼟㼟㼑㼠䛯䚹㖟⾜䛾ᛶ䜢㧗䜑䜛䛯䜑䛻䛿䚸㖟⾜䛾㈨⏘ ᣑ䛻ไ⣙䜢䛛䛡䜛䛣䛸䛻䛺䜛⮬ᕫ㈨ᮏẚ⋡つไ 䜢䜐䚸䜘䜚ཝ᱁䛺つไ䛾ᯟ⤌䜏䛻ᚑ䜟䛺䛡䜜䜀䛺䜙䛺䛔䚹᪉䛷䚸つไ䛻䜘䜛䇾㈇䛾ຠᯝ䇿䛻䜒㓄៖ 䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹㼏㼍㼜㼕㼠㼍㼘㼍㼐㼑㼝㼡㼍㼏㼥㼟㼠㼍㼚㼐㼍㼞㼐㼟㻘㼣㼔㼕㼏㼔㼣㼛㼡㼘㼐㼏㼛㼚㼟㼠㼞㼍㼕㼚㼍㼟㼟㼑㼠㼑㼤㼜㼍㼚㼟㼕㼛㼚㻚㼀㼔㼑㼏㼛㼚㼒㼑㼞㼑㼚㼏㼑㼣㼕㼘㼘㼐㼕㼟㼏㼡㼟㼟㻔㻝㻕㼙㼕㼏㼞㼛㻙㼜㼞㼡㼐㼑㼚㼠㼕㼍㼘㼜㼛㼘㼕㼏㼕㼑㼟㼍㼚㼐㼠㼔㼑㼎㼡㼟㼕㼚㼑㼟㼟㼙㼛㼐㼑㼘㼒㼛㼞㼎㼍㼚㼗㼟㼕㼚㼠㼔㼑㻭㼟㼕㼍㼚㼞㼑㼓㼕㼛㼚㻘㻔㻞㻕㼙㼍㼏㼞㼛㻙㼜㼞㼡㼐㼑㼚㼠㼕㼍㼘㼜㼛㼘㼕㼏㼕㼑㼟㼍㼚㼐㼠㼔㼑㼕㼙㼜㼘㼕㼏㼍㼠㼕㼛㼚㼟㼒㼛㼞㼠㼔㼑㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼍㼚㼐㼎㼡㼟㼕㼚㼑㼟㼟㼑㼟㼛㼒㼠㼔㼑㼚㼛㼚㻙㼎㼍㼚㼗㼒㼕㼚㼍㼚㼏㼕㼍㼘㼟㼑㼏㼠㼛㼞㻘䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹 ᮏ䝁䞁䝣䜯䝺䞁䝇䛷䛿䚸㻔㻝㻕䝥䝹䞊䝕䞁䝇ᨻ⟇䛸䜰䝆䜰ᆅᇦ䛾㖟⾜䛾䝡䝆䝛䝇䝰䝕䝹䚸㻔㻞㻕䝬䜽䝻䞉䝥䝹䞊䝕䞁䝇ᨻ⟇䛸㔠⼥䝡䝆䝛䝇䜈䛾つไ䛻ᑐ䛩䜛䜲䞁䝥䝸䜿䞊䝅䝵䞁䠄ព䠅䚸㻔㻟㻕Ᏻᐃᛶ䜢⥔ᣢ䛧䛴䛴䜒ຠ 㼍㼚㼐㻔㻟㻕㼠㼔㼑㼒㼕㼚㼍㼚㼏㼕㼍㼘㼟㼑㼏㼠㼛㼞㼍㼚㼐㼞㼑㼓㼡㼘㼍㼠㼛㼞㼥㼞㼑㼒㼛㼞㼙㼟㼚㼑㼑㼐㼑㼐㼕㼚㻭㼟㼕㼍㼠㼛㼑㼚㼟㼡㼞㼑㼑㼒㼒㼑㼏㼠㼕㼢㼑㼒㼕㼚㼍㼚㼏㼕㼍㼘㼕㼚㼠㼑㼞㼙㼑㼐㼕㼍㼠㼕㼛㼚㼣㼔㼕㼘㼑㼙㼍㼕㼚㼠㼍㼕㼚㼕㼚㼓㼟㼠㼍㼎㼕㼘㼕㼠㼥㻚 ᯝⓗ䛺㔠⼥௰䜢☜ಖ䛩䜛䛯䜑䛻䚸䜰䝆䜰ᆅᇦ䛷 ᚲせ䛸䛥䜜䜛㔠⼥㒊㛛䛸つไᨵ㠉䚸䛾Ⅼ䛻䛴䛔䛶㆟ㄽ䛧䛶䛔䛟䛣䛸䛸䛩䜛䚹

erspective of asian financial sector under the global

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