Mitigating Risks in the International Financial System
Incheon, South Korea
February 26, 2010
Partners
Overview
This meeting closely examined one of the Korean G20 Chair’s priority topics: the concept of a “global financial safety net”. Despite its relative stability prior to the crisis, by 2010 it was clear that the international monetary system had serious inherent weaknesses, which were amplified by the sharp rise in the demand for reserves, reflecting in part emerging markets’ tendency to self-insure against costly capital account crises. With such tendencies expected to be on the rise, it was deemed important to explore what could be done to ease tensions. Participants discussed existing solutions on the demand side—e.g. alternative insurance arrangements that could mitigate the precautionary demand for reserves; and on the supply side— a menu of alternative reserve assets that could offer sustained stability and efficiency. The significant practical and political hurdles implied by these solutions were also debated at length.
Agenda
Speakers
- Aaron TORNELL: Professor of Economics, UCLA
- Alexander K. SWOBODA: Professor of Economics Emeritus, The Graduate Institute of International and Development Studies
- Angel UBIDE: Managing Director, Tudor Investment Corporation
- Chalongphob SUSSANGKARN: Distinguished Fellow, Thailand Development Research Institute
- Creon BUTLER: Senior Adviser, International and Finance Directorate, HM Treasury, UK
- Eduardo LEVY YEYATI: Professor of Economics and Finance, Universidad Torcuato Di tella, Global Strategist, Barclays Capital
- Erik BERGLOF: Chief Economist, Special Adviser to the President, EBRD
- Henri FOCH: Head of Fixed Income, Asia Pacific, BNP Paribas
- Ilan GOLDFAJN: Head of Economic Research, Itau Unibanco
- Je Yoon SHIN: Deputy Minister for International Affairs, Ministry of Strategy and Finance, Republic of Korea
- Jean LIM: Advisor, Presidential Committee for G20 Summit, Republic of Korea
- Jean Pierre LANDAU: Deputy Governor, Bank of France
- Jens NYSTEDT: Global Strategist, Moore Capital Management
- Jong Wha LEE: Chief Economist, Asian Development Bank
- Joshua AIZENMAN: Professor of Economics, University of California
- Kenneth KLETZER: Professor of economics, University of California Santa Cruz
- Li RUOGU: Chairman and President, Export-Import Bank of China
- Lorenzo GIORGIANNI: Assistant Director, Emerging Markets Division, Strategy, Policy and Review Department, IMF
- Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
- Michael DEVEREUX: Professor of Economics, University of British Columbia
- Michael DOOLEY: Professor of Economics, University of California Santa Cruz
- Nicholas JOICEY: Director, International, IF Directorate, HM Treasury
- Ousmene MANDENG: Head of Public Sector Investment Advisory, Ashmore Investment Management
- Rakesh MOHAN: Non-Resident Senior Researcher Fellow, Stanford University
- Reza MOGHADAM: Director, Strategy, Policy and Review Department, IMF
- Subir GOKARN: Deputy Governor, Reserve Bank of India
- Yung Chul PARK: Professor of Economics, Seoul National University