Frankfurt am Main

Do. 09.09.2010, 09:00 bis Fr. 10.09.2010, 00:00

Tagung/Konferenz

“What Future for Financial Globalisation?”

Joint conference of the European Central Bank and the Journal of International Economics

Genauen Veranstaltungsort bitte beim Veranstalter erfragen
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60311 Frankfurt am Main
Hessen

Beschreibung:

The current financial crisis is challenging the belief that financial liberalisation and integration are universally beneficial for economic growth and development, and it is rekindling the debate about the empirical validity of a robust finance-growth nexus. There is an emerging consensus that the fundamental origins of the crisis are reflecting both micro elements, notably a lack of effective supervision and regulation of financial institutions, and macro elements, as evidenced in the major imbalances and asymmetries in the global economy and the international financial system, with the debate about the relative contribution of both sets of factors is ongoing.

On the one hand, while many emerging markets have been experiencing rapid integration with advanced countries on the real side of the economy through trade, they have lagged behind in terms of financial liberalisation and deepening. In turn, this asymmetry may have contributed to rising financial and real imbalances in the global economy and to an increase in leverage and risk-taking among financial institutions. On the other hand, unfettered financial innovation and deepening in advanced economies have played a central role in the financial crisis, and recent events underline the inherent risks in promoting liberalization of capital movements globally.

What are then the lessons of the crisis for the future of financial globalisation? In particular, has financial globalisation disappointed or not, and why? Is there a need to reconsider the empirical record on its benefits and costs, not only for developing but also for developed countries? These issues, in turn, lead to the question about how the global financial system should evolve, and how policy can shape this process. What will be the main global financial risks of the future? What are the risks that policy will turn inward and foster financial protectionism, rather than attempt to find appropriate solutions? And to what extent do the latter require policy cooperation at a global level?

These are some of the central themes of the conference. The conference aims to bring together academics and researchers at policy institutions to discuss ongoing research on these issues. The intention is to improve our understanding of the deeper root causes of the crisis, including its international propagation and global reach. Its objective is also to take a longer-term perspective on the future evolution of global finance and its place in the world economy. Moreover, the conference intends to enhance our understanding of how macroeconomic policy – including monetary policy, international liquidity provision and the lender of last resort role – has to adjust and rise to the challenge of a new global environment.

More concretely, the papers of the conference should address one or more of the following issues:

• Financial liberalisation and the finance-growth nexus;
• Financial linkages and propagation channels of shocks;
• Asset price co-movements, bubbles and contagion phenomena;
• Financial stability implications of international financial integration and global imbalances;
• Global policy responses and coordination in reforming the international financial architecture.

Interested authors should submit either a draft of the paper or an extended, detailed abstract.Authors of accepted papers will be notified by early June 2010. The final versions of the papers selected for the conference are due by 15 August 2010.

The Journal of International Economics (JIE) will publish a special conference volume. Submission is optional, and authors submitting papers to the conference should indicate whether or not they wish their paper to be considered for the special volume. Papers for the special issue will be subject to the normal refereeing process of the JIE.

The conference will take place over two full days and includes the following features:

• 10-12 academic papers with discussants
• keynote speakers
• a policy panel with senior policy-makers and observers

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