Supported
by
Ford Foundation, US and Action Aid, UK
International Development Economics Associates (IDEAs) in partnership
with the School of Economics and Management, Tsinghua University, Beijing
and the School of Economics, Renmin University, Beijing, China held the
conference on ''Re-regulating Global Finance in the Light of the Global
Crisis'', over 9-12 April, in Beijing, China.
The spread of financial crisis from developing countries in the 1990s
to developed countries in the new millennium and the translation of the
financial crisis into a deep real economy recession have raised the question
of the adequacy of financial regulation and supervision in both national
and global financial markets. The sub-prime mortgage crisis in the United
States had global implications through its impact on financial markets
and real economies in a number of countries, but most importantly because
the regulatory and supervisory systems of developed countries have provided
the pattern for best practice regulation recommended to developing countries
in order to strengthen the resilience of their financial systems and to
increase financial stability. If developed country regulatory systems
are also subject to systemic fragility it raises the question of what
the optimal system of regulation should be to ensure global stability
and to meet particular financing needs such as those in developing countries.
The crisis has raised a number of issues. First, despite some agreement
on the proximate determinants of the crisis, there is substantial divergence
of opinion on ''root'' causes, in particular the role of post-liberalization
changes in regulatory structures in creating the environment that led
up to the crisis. Second, there is disagreement on the appropriate set
of policies-injecting liquidity, recapitalising banks, cutting interest
rates or providing a fiscal stimulus (for example)-that would prevent
the transition from a recession to Depression and trigger a recovery.
Third, while there is a consensus that changes in the regulatory structures
that govern finance are needed nationally and globally, with the concomitant
creation of a new global financial architecture, the specific changes
are hotly contested.
The conference, held over three and a half days, brought together academics,
policy makers and practitioners from developed and developing countries.
It had two policy plenary in which political representatives and leading
policy makers participated, interspersed with academic sessions over these
three and a half days.
The conference was supported by Ford Foundation, USA and Action Aid, UK.
The programme of the conference follows below with links to the papers/presentations.
Re-regulating Global Finance in the Light of
the Global Crisis
Tsinghua University, Beijing, China, 9-12 April 2009.
April 9, 2009
9.00 am - 9.30 am
Welcome
Jayati Ghosh
Wu Dong
Leonardo Burlamaqui (Presentation)
John Samuel
9.30 am - 11.00 am
The Crisis and the Regulatory Challenge
Chair: Arturo O’Connell
Jan Kregel, ''Re-regulating finance: Using
Minsky to Learn from the crisis'' (Paper) (Presentation)
C.P. Chandrasekhar ''Learning from the crisis:
Is there a Model for Global Banking?'' (Paper) (Presentation)
Discussant: Dic Lo
11.30 am - 1.00 pm
Stabilising the International Financial System
Chair: Yu Yongding
Prabhat Patnaik, ''Excessive Liquidity Preference''
(Paper)
Yilmaz Akyuz, ''Stabilizing the International
Financial System: Key Issues for Developing Countries'' (Presentation)
Discussant: Michael Pettis
2.00 pm - 3.30 pm
Finance and the Real Economy
Chair: Zhang Yu
Jayati Ghosh, ''The Unnatural Coupling: Food
and Global Finance''
(Paper) (Presentation)
Saul Keifman, ''Hello Global Financial Crash!
Good-bye Financial Globalization?'' (Paper) (Presentation)
Discussant: Juan Carlos Moreno Brid
4.00 pm - 6.00 pm
Public Panel on Policy Directions
Chair: Pasuk Pongphaichit
Jan A Kregel
Jomo K.S. (Presentation)
Y.V. Reddy
Arturo O'Connell
April 10, 2009
9.30 am - 11.00 am
Is Global Keynesianism Possible?
Chair: Jomo K. Sundaram
Harry Shutt, ''Redistribution and Stability:
Beyond the Keynesian/Neoliberal Impasse'' (Paper) (Presentation)
Massimiliano La Marca, ''The
Global Economic Crisis: Systemic Failures and Multilateral Remedies"
(Paper) (Presentation)
Discussant: Martin Khor
11.30 am - 1.00 pm
Dealing with the Crisis
Chair: Leonardo Burlamaqui
Mario Tonveronachi, ''Some Preliminary Proposals
for Re-regulating Financial Systems'' (Paper) (Presentation)
Ping Chen, ''Three Dimensions of the Current
Economic Crisis'' (Paper) (Presentation)
Discussant: Nobuharu Yokokawa (Presentation)
2.00 pm - 3.30 pm
The Policy Response in Developed Countries
Chair: Y.V. Reddy
Todd Tucker, ''The U.S. Response to the Crisis,
and the Trade-Policy Blindspot" (Paper)
Carlo Panico, ''European Policy Reactions to
the Financial Crisis'' (Paper)
Discussant: Enrico Wolleb
4.00 pm - 6.00 pm
Public Panel on China
Chair: Zhao Lei
Xu Jiangkang
Cui Zhiyuan
Zhao Changhui
Zhang Yu
Andong Zhu
(Presentation)
April 11, 2009
9.30 am - 11.00 am
The Nature of the Crisis
Chair: Rashed Titumir
Zhao Lei, ''Crisis of Finance or Overproduction?''
(Presentation)
Erinc Yeldan ''On the Nature and Causes of
the Collapse of the Wealth of Nations 2007-08: The End of a Facade Called
Globalisation'' (Paper) (Presentation)
Discussant: Praveen Jha
11.30 am - 1 .00 pm
Policy Responses in Developing Countries I
Chair: Dashu Wang
Martin Khor
Hendri Saparini, ''Policy Response to Overcome
Crisis: A Lesson from Indonesian Case'' (Paper) (Presentation)
Discussant: R. Ramakumar
2.00 pm - 3.30 pm
Policy Responses in Developing Countries II
Chair: Terry McKinley
Juan Carlos Moreno, ''Mexican Economy Facing
the International Crisis'' (Paper)
Noemi Levy, ''High Liquidity and Reduced Finance:
An Important Cause of Economic Recession in Developing Countries''
(Paper) (Presentation)
Discussant: Saul Keifman
4.00 pm - 6.00 pm
Panel on New Directions in Regulation
Chair: Jan Kregel
Yilmaz Akyuz
Prabhat Patnaik
Arturo O’Connell
Jomo K. Sundaram
YV Reddy
Yu Yong Ding
April 12, 2009
9.30 am - 11.00 am
Special Session on New Initiatives for Governing
Finance and Economic Justice
Leonardo Burlamaqui, Ford Foundation
Sandeep Chachra, Action Aid