Danish Institute for International Studies
Main Auditorium
Strandgade 71, ground floor, 1401 Copenhagen K
Background
“Deprive a person of oxygen and he will turn blue, collapse and eventually die. Deprive economies of credit and a similar process kicks in. As the financial crisis has broadened and intensified, the global economy has begun to suffocate” (The Economist, 9 October, 2008).
In the face of the worst financial crisis since the Depression of the 1930s, governments across the world have pledged to bail out distressed financial institutions and to recapitalise banks to prevent a global systemic meltdown. These are just two of a number of radical policy actions and yet the extent to which these policy measures will be effective remains uncertain. Further, in the midst of this financial crisis, most economists agree that there is a broader economic crisis still to come. A global recession appears inevitable and some suggest that only luck may prevent ‘a catastrophe’.
Irrespective of how the global financial crisis unfolds in the coming weeks and months, there is every reason to take a step back and ask: how did the global economy get into this calamity in the first place?
Anastasia Nesvetailova is Senior Research Tutor in the Department of International Politics at City University London, specialized in international political economy and global finance. Her research draws upon the work of Hyman Minsky and post-Keynesian political economy and focuses on the problem of private financial innovation and liquidity in the contemporary credit system. Nesvetailova is author of Fragile Finance: Debt, Speculation and Crisis in the Age of Global Credit (Palgrave, 2007) and Global Liquidity Meltdown: From glut to crunch (forthcoming, Pluto, 2009).
Paul Davies is Deputy Capital Markets Director at Financial Times. He has been writing about debt capital markets for the Financial Times since September 2005, specializing in structured credit, asset backed securities and credit derivatives. Davies has been at the Financial Times since late 1999 and held previous positions including Financial Services Reporter covering high-street banks, insurers, and fund management. Prior to Financial Times, he worked at Australian Financial Review and Sydney Morning Herald.
Robert Wade is Professor of Political Economy at London School of Economics and Political Science. He has written extensively on international financial regulation, starting with a number of publications on the financial crisis in East Asia in the late 1990s. His publications on the current global financial crisis include “The First World Debt Crisis of 2007-2010 in Global Perspective” (Challenge, July/August 2008) and “Financial Regime Change?” (New Left Review, September/October 2008). Wade is the 2008 winner of the ‘Leontief Prize for Advancing the Frontiers of Economic Thought’ and since 2006 officially among the ‘50 most influential economists of the world’ as identified by Financial Times.
Jakob Vestergaard is Project Researcher at DIIS and author of Discipline in the Global Economy? International Finance and the End of Liberalism (forthcoming, Routledge 2008).
Programme
09.00-09.05 Introduction
Jakob Vestergaard, Project Researcher, DIIS
09.05-09.40 Global Liquidity Meltdown: From Glut to Crunch (pdf, 800 kb)
Anastasia Nesvetailova, Senior Research Tutor, City University
London
09.40-10.15 Hidden Leverage – and a False Sense of Security (pdf, 100
kb)
Paul Davies, Deputy Capital Markets Director, Financial Times
10.15-10.30 Coffee Break
10.30-11.05 A New Global Financial Regime? (pdf, 100 kb)
Robert Wade, Professor, London School of Economics
11.05-11.30 Discussion
Chair: Jakob Vestergaard, Project Researcher, DIIS
Practical Information
Global Economy Mondays are co-sponsored by Danish Development Research Network (DDRN).
The seminar will be held in English.
Participation is free of charge, but registration is required. The deadline to register, was Thursday, 30 October 2008 at 12.00 noon. However, members of the press can still register at . |
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