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By Andrew Sheng (chinadaily.com.cn)
Updated: 2008-11-17 10:21

Special Coverage Exclusive: An Asian view of the global financial crisis

Contents:  Preface  A historical inflexion point  The macro question  The micro origins  Lessons for China and Asia  Back to basics  One world, three paths  Status quo  The rise of regional markets  Romance of the three regions  Conclusion

Having studied financial crises almost all my life, I come to the conclusion that crisis is ultimately political in nature.

Even if it erupts as a financial crisis, its resolution would inevitably be political because the distribution of losses would be highly arbitrary and controversial.

Ultimately, all financial crises are crisis of governance. Financial crises prove that financial engineering cannot create perpetual prosperity. It takes good governance, at the corporate, financial and social level, to generate long-run sustainable stability. All crises have to be solved by governments, and if not satisfactorily, by the next government.

In one sense, I am hopeful. The present financial crisis has creatively destroyed many myths and out-dated theories. Free-market fundamentalism has truly been marked-to-market.

The author is chief advisor at the China Banking Regulatory Commission and former chairman of the Hong Kong Securities and Futures Commission.