The World Financial Crisis: A Case for International Monetary Reform?
Beijing, China
September 6, 2010
Partners
Overview
This conference, held before the start of the French presidency of the G20, took place during a time when international financial and monetary arrangements were being extensively debated. For many countries, both advanced and emerging, the crisis had shown that there is a close link between internal and international financial stability. In addition, although rebalancing of the world economy was at the forefront of the G20 policy agenda, there was a strong sense that this goal could prove quite difficult to achieve. Participants agreed the features of the international monetary system consists of (i) exchange rate arrangements; (ii) capital flows; and (iii) a collection of institutions, rules, and conventions that govern its operation. Clearly explicit or implicit “rules of the game” form the backbone of such a system. The Bretton Woods system itself was built around an elaborate framework of rules, disciplines and support mechanisms aimed at ensuring convertibility for the current account. With the generalization of flexible exchange rate regimes, the normative approach to the international monetary system was somehow weakened. Capital account liberalization led to entrust international financial markets with the “disciplining” function. When it became apparent that the discipline could often lead to abrupt capital flows reversal and crisis, the international community attempted to strengthen the IMF surveillance and develop its facilities so as to pre-empt such shocks and make them more manageable.
Agenda
Speakers
- Bandid NIJATHAWORN: Deputy Governor, Central Bank of Thailand
- Catherine R. SCHENK: Professor of International Economic History, University of Glasgow
- David DAOKUI LI: Professor of Economics, Tsinghua University, Member of Monetary Policy Committee, PBO
- Edmond ALPHANDERY: Chairman of the Board, CNP Assurances
- Geng XIAO: Director, Columbia University Global Center for East Asia in Beijing
- Hongyi CHEN: Senior Manager, Hong Kong Institute for Monetary Research
- Isabelle MATEOS Y LAGO: Chief of the Strategy Unit, Strategy, Policy and Review Department, IMF
- Jean Pierre LANDAU: Deputy Governor, Bank of France
- Lawrence LAU: Member of the Committee for Economic Affairs, the 11th CPPCC National Committee, Vice Chairman of CITIC Capital Holdings Ltd
- Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
- Masahiro KAWAI: Dean, Asian Development Bank Institute
- Ousmene MANDENG: Head of Public Sector Investment Advisory, Ashmore Investment
- Ramon FERNANDEZ: Director General, Directorate General of the Treasury, Ministry of Economy, Industry and Employment, France
- Reza MOGHADAM: Director Strategy, Policy and Review Department, IMF
- Robert MUNDELL: Nobel Prize of Economics, Professor of Economics, Columbia University
- Ronald MCKINNON: Professor of International Economics, Stanford University
- Songzuo XIANG: Deputy Director, Center for International Monetary Research, Renmin University
- Wei BENHUA: Chairman, Council SAFE and Foreign Exchange Magazine
- Yung Chul PARK: Professor of Economics, Seoul National University