Collateral Damage: The U.S. financial crisis and Asia

Despite early talk of being able to “decouple” itself from the U.S. financial crisis and accompanying credit crunch, the damage has spread to Asia. Collapsing export markets, currency instability and stock market collapses are plaguing all of Asia, not least China, Japan and South Korea. At the same time, China and Japan are major financiers of the United States federal government and newly nationalized financial firms Fannie Mae and Freddie Mac.

Two leading economic experts on Japan and China will discuss the impact of the U.S. financial crisis on Asia. Does Japan’s experience with banking collapse bear any lessons for the United States today? Will China continue to finance the United States government? How will a U.S. recession affect the prospects for economic growth in Asia?

Richard Katz has taught about Japan’s economy as an Adjunct Associate Professor at the New York University Stern School of Business. Previously, and as a Visiting Lecturer in Economics at the State University of New York (SUNY) at Stony Brook.  Mr. Katz is the author of two books on Japan's economic trvails; The System That Soured--The Rise and Fall of the Japanese Economic Miracle (M.E. Sharpe 1998) and Japanese Phoenix: The Long Road to Economic Revival (M.E. Sharpe 2002).  He has twice testified about Japan and Asia before Congress, in 1998 and 2005. Both times the hearings were held by the Asia-Pacific Subcommittee of the House International Relations Committee. In the year 2000, he served on the Council of Foreign Relations' Task Force on the Japanese economy.  Having received his B.A. degree in History from Columbia University in 1973, Mr. Katz went on to obtain his M.A. in Economics at New York University (NYU) in 1996.
 
Mark Spiegel served as an assistant professor in the Department of Economics at New York University.  He has served as a visiting professor in the Economics Department of U.C. Berkeley, as well as a lecturer at the Haas School of Business at U.C. Berkeley.  He has also served as a consultant at the World Bank, as a visiting scholar at the Bank of Japan, and as Chairman of the Federal Reserve System Committee on International Economic Analysis.  Dr. Spiegel received his Ph.D. in economics from the University of California at Los Angeles and his B.A. in economics from the University of California at Berkeley.  Dr. Spiegel has published numerous articles in both academic and policy-oriented journals on international financial issues and on economic issues associated