Tuesday, July 10, 2012

See The History Of The Asian Economy Like You've Never Seen It Before

boj asia presentation

The Federal Reserve Bank of San Francisco recently hosted the Conference on Asian Banking And Finance

One of the keynote speakers was Masaaki Shirakawa, a Bank of Japan Governor, who gave this awesome presentation titled The Era of Linkages among Asia and across the Pacific Ocean.

Basically, he argues that the links between Pacific economies are quite young.  And understanding this is one way of better understanding the incredible economic opportunities that remain in Asia.

"Since the voyage of Christopher Columbus in 1492, there have been economic, cultural and political exchanges between the two sides of the Atlantic Ocean for more than five centuries," said Shirakawa.

"Compared to this long history of trans-Atlantic linkages, the history of trans-Pacific linkages is quite brief."

He broke down the brief economic history of Asia's economy in this post trans-Pacific linkage world.

In order to cross the Pacific, "Spanish people of the 16th century had to build the largest galleons they could, whose size was as much as 2,000 tons"



However, it wasn't until just a few decades ago that the west saw the Asia-Pacific region as a major economic bloc



The disruption in U.S. auto production in the wake of last year's tragic Japan earthquake reminded us of the strong linkage between Asia and the rest of the world



See the rest of the story at Business Insider

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