SDRF held a symposium of “2017 Symposium on Global Economy and Finance — Reflections on Global Financial Crisis : Causes、Aftermaths and Solutions”on Sep. 5-6, 2017.
It has been almost 10 years since the outbreak of Global Financial Crisis(GFC). The Shanghai Development Research Foundation organized two symposiums on the crisis (known as the "subprime loan crisis" at that time) on September 5, 2007 and May 8, 2008 respectively. Nowdays the global economy is facing a new twist. We think it’s right time to look back and reflect on it, particurly through re-examing the causes and aftermaths of GFC from current perspectives, analysing the responses of nations to the GFC, and learning experiences and lessons from it, in order to deal with new changes in global economy.
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September 5, 2017 Unity Room, the 3rd floor |
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08:00–08:30 |
Registration |
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08:30 –09:30 |
Opening Ceremony Opening Remarks: SHA Lin Honorary Chairman of SDRF, Former Vice Mayor of Shanghai Keynote Speeches: “The Global Financial Crisis in Retrospect“ YU Yongding Academician of CASS Chairman of the Academic Committee of SDRF “Hypocrisy, Cowardice, and Intellectual Blinders in Crisis Prevention“ Adam S. Posen President, Peterson Institute for International Economics Research Report Issue (SDRF): “Global Financial Imbalance :Implications, Impacts and Countermeasures“ Moderator: QIAO Yide Vice Chairman & Secretary General of SDRF |
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09:30–11:00 |
Session 1: Causes of GFC from Current Perspectives After the outbreak of GFC, the exploration of its reason has never stopped. What’s the difference between the current views from ones expressed 10 years ago? Is“too big to fail”the reason or the result? What was the role of income inequality? Was the flaws in the global financial framework an external reason that should not be overlooked? Since GFC, new trends have appeared in strengthening Global Financial Safety Net(GFSN) and Regional Financial Arrangements(RFAs). What are their implications to the maintainence of global financial stability? Moderator: Lawrence Goodman President of the Center for Financial Stability |
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“What Lessons Should We Learn From the Global Financial Crisis in 2008-2009?“ ZHANG Liqing Professor, School of Finance, Central University of Finance and Economics “The Birth and Death of the Bubble Economy“ XIE Guozhong Renowned Economist “Redefining Liquidity for Monetary Policy“ Kyunghun Kim Korea Institute for International Economic Policy (KIEP) “A new Chinese View for the Reform of the International Monetary System“ Shahin Vallée Senior Economist, Soros Fund Management. Oct |
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11:00 –11:15 |
Coffee break |
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11:15 –12:45 |
Session 2: The Strengthening and Changes of Financial Supervision After GFC, countries strengthened their financial supervisions in policy framework and institutional settings. For example, the establishment of the Financial Stability Council (FSB), the overall implementation of the Macro Prudential Assessment (MPA), the adoption of the Dodd-Frankel Act in US, the adjustment of regulatory institutions in UK, US and other countries. Are these enough to prevent financial crisis? Somebody argues that these measures are costly, hindering the development of the financial industry. Trump Administration released the report on core principles of financial supervison to relax the financial restrictions from the DF Act significantly, including lowering requirements of annual stress testing, easing the trading regulation including the "Volcker Rule", and weakening the rights of the regulatory institutions. What are your views on these "reversals" ? What are the implications of the strenghthening and change of global financial supervisions to China, particularly to reform on financial regulatory system? Moderator: FAN Yongjin Vice President, Shanghai Aijian. Director, SDRF |
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"Adjustments and Future Trends of Financial Regulatory Systems in US and Europe after GFC" XU Mingqi Research Fellow, Shanghai Academy of Social Sciences "Balance between Financial Innovation and Financial Depression" WANG Qing Managing Director, Shanghai Chongyang Investment "FSDC(Financial Stability and Development Council) Will Open A New Era for Financial Regulation" LIAN Ping Chief Economist, Bank of Communications "China's Countermeasure on Reasonable Arrangements of Financial Opening Order " GUAN Tao Senior Research Fellow of China Finance 40 Forum(CF40) |
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12:45 –14:00 |
Lunch (City Bistro, the 2nd Floor, Shanghai Marriott Hotel Riverside) |
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14:00 –15:45 |
Session 3: The Unconventional Monetary Policies in Advanced Countries After the outbreak of financial crisis, developed countries adopted unconventional monatery policies successively. What are their positive and negative effects? What are the impacts on inflation and asset bubbles? What are the channels and benefits of their spillover? Currently the Fed is begining to raise interest rates and shrink the balance sheet. What are the impacts on global economy generally, particularly to the developing economies? How can developing countries including China, respond to the impacts? How to balance the flexibility of exchange rate, the stability of cross-border capital flows and the independence of monetary policy? Moderator: Stephen Green Economist, Capital Group |
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"Market Implications from Unconventional Monetary Policies" Lawrence Goodman President of the Center for Financial Stability “Possible Spillover Effects of Financial Policy Uncertainty on the Asian Economies” DING Jianping Professor, Shanghai University of Finance and Economics “Leveraging Forex Reserves,Spillbacks,and the Prospetive Role of the RMB“ Miriam Campanella Senior Fellow, ECIPE Professor, University of Turin “The Latest Changes in Cross - Border Capital Flows: Characteristics, Causes and Sustainability” ZHANG Ming Research Fellow, Institute of World Economics and Politics, CASS “Dark Matter and Matter Annihilation in China’s BOP“ YU Yongding Academician of CASS Chairman of the Academic Committee of SDRF |
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15:45 –16:00 |
Coffee break |
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16:00 –17:30 |
Session 4: Maintaining Economic Recovery Sustainable There have been signs of economic recovery in both developed and developing countries. How to maintain and enhance this recovery from perspectives of monetary policy，fiscal policy，structural reform, etc by different countries per their own conditions ? What are the necessities and difficulties of international coordination and cooperation? What are the possible reasons in hindering or weakening this recovery? As the US and the Chinese economy seem to be at different stages in economic cycle, how does this affect the global economy? Moderator: Chun Chang Executive President, SAIF, SJTU |
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“The Hardships of Global Economic Recovery and Its Solution“ ZHOU Tianyong Deputy Director, Institute for International Strategic Studies of the Central Party School of the Communist Party of China “Long-Term Challenges to Global Economic Recovery from Perspective of ROIC “ LIU Haiying Senior Research Fellow, SDRF “Putting China’s Growth On A Sustainable Path (And How The Rest Of The World Can Help)“ Paul Gruenwald Asia-Pacific Chief Economist, S&P Global “ China's Huge Fiscal Challenge.“ Stephen Green Economist, Capital Group |
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17:45 |
Boat Cruise at Huangpu River (Meeting at the entrance of the hotel, Invitation only ) |
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September 6, 2017 Unity Room, the 3rd floor |
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08:30 –09:00 |
Registration |
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09:00 –11:30 |
Session 5：Twists and Futures of Economic Globalization How much and in what meaning is the current prevailing wave of populism and anti-globalization related to GFC? How to keep promoting trade liberalization and concerning about people who failed to benefit from it at the same time? What policy measures should be taken to achieve inclusive growth? Is there any conflict between fair trade and free trade? What are the implications? What are the impacts of emerging high-tech, especially the rapid development of the Internet and artificial intelligence on globalization? What is the trend of economic globalization? Moderator: ZHOU Tianyong Deputy Director, Institiute for International Strategic Studies of the Central Party School of the Communist Party of China |
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09:00 –09:45 |
The First Half： “Globalization 4.0: Unknown waters“ SHAO Yu Chief Economist, Orient Securities “When People Talk about the Global Imbalance, What Does It Mean“ QIAO Yide Vice Chairman & Secretary General of SDRF “(Financial) Globalization: Designing for Inclusion” Jonathan D.Ostry Deputy Director of the Research Department，IMF |
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09:45 –10:00 |
Coffee break |
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10:00 –11:30 |
The Second Half : “Inequality within Globalization Process , Ideology of De-Globalization and Its Solutions” QUAN Heng Director, Institute of Global Economics, SASS "The New Face of Globalization: Digitization and the Role of China" Jeongmin Seong Senior Fellow, McKinsey Global Institute "The Rise of Green and Sustainable Finance and the Associated Opportunities for Chinese Capital Markets" Leslie Maasdorp Vice President and Chief Financial Officer , NDB |
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11:30 –12:00 |
Closing Ceremony Concluding Remarks : Lawrence Goodman President of the Center for Financial Stability QIAO Yide Vice Chairman & Secretary General of SDRF |
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12:00 |
Lunch (Blue Moon, the 2nd Floor, Shanghai Marriott Hotel Riverside) |