Home > Asia Research Centre > Events > Individual > 2011 > Why Tokyo Is Not London: The Political Economy of Financial Market Development in East Asia

Why Tokyo Is Not London: The Political Economy of Financial Market Development in East Asia

Public Lecture

Wednesday 23rd March 2011, 6.30pm to 8pm, Room NAB104, New Academic Building, LSE

Speaker: William W. Grimes

Chair: Mark S. Manger

Since the mid-1980s, Japanese financial authorities have periodically tried to make Tokyo into an international financial market centre. Particularly over the last decade, the implicit or explicit model has been London, whose light-touch, principles-based regulation was seen by financial institutions around the world as global best practice. Despite substantial progress in liberalisation and improved supervision of financial activity, however, proponents of these policies ruefully admit that Tokyo remains the world’s "largest local market." This talk examines why regulators have been unable to create conditions for a market that can address the needs of East Asia’s rapidly growing companies and emerging investor classes.

William W. Grimes is Professor of International Relations and Political Science and chairs the Department of International Relations at Boston University, where he has taught since 1996. He also served as founding director of the Boston University Centre for the Study of Asia in 2008-10.

Professor Grimes’s most recent book, Currency and Contest in East Asia: The Great Power Politics of Financial Regionalism (Cornell University Press, 2009), has been awarded the 2010 Masayoshi Ohira Memorial Award and received Honourable Mention for the 2009 Asia Society Bernard Schwartz Book Award. He is also the author of Unmaking the Japanese Miracle: Macroeconomic Politics, 1985-2000 (Cornell University Press, 2001) and co-editor (with Ulrike Schaede) of Japan’s Managed Globalisation: Adapting to the 21st Century (M.E. Sharpe, 2002). He has published articles on topics including Japanese macroeconomic policymaking, the impacts of financial globalisation on Japan, East Asian financial regionalism, and Japan’s relations with the United States and East Asia.

Professor Grimes has spent time as a visiting researcher at the University of Tokyo, the Japanese Ministry of Finance, and the Bank of Japan. He has received a variety of fellowships and awards, including two Fulbrights, a Japan Foundation Centre for Global Partnership Book-Writing Grant, and a Luce Fellowship in Peace, Governance, and Development in East Asia from the East Asia Institute. He is a life member of the Council on Foreign Relations and a Research Associate of the National Asian Research Program (sponsored by the National Bureau of Asian Research and Woodrow Wilson International Centre for Scholars) for 2010-12.



Professor William W. Grimes


Dr Mark S. Manger, Department of International Relations


Additional Details

This event is free and open to all but pre-registration is required.  To register for the event please email  arc@lse.ac.uk.

If you are planning to attend this event and would like details on how to get here and what time to arrive, please refer to    Coming to an event at LSE

Financial Graph