The Crisis and Financial Globalization
November 12 & 13, 2009

Financial Globalization: Culprit, Survivor or Casualty of the Great Crisis?

Maurice R. Greenberg Conference Center - 9:00 a.m.
391 Prospect Street

The Yale Center for the Study of Globalization and the Ford Foundation will co-sponsor a conference with the aim to start envisioning the sequel to the current financial crisis. Questions to be addressed include: key causes of the crisis?; the damage so far?; how long before recovery?; can growth with price stability be resumed?; a bump in the road or major disruption of globalization?; will it prove a stimulus for international reform?; more or less independence in the years to come?; is the next global crisis already foreseeable?; are the politically probably reforms the right ones?; is the global public good of financial stability deliverable?; whatever happened to the notion of decoupling?; what were the key differences in policy preparedness and reaction?; what countries are suffering the most?; are there lessons for emerging economies?

Conference statement of purpose: The ongoing crisis will have a lasting effect on the degree of integration of the world economy, and certainly on financial globalization. It is not only that the severe contraction in international financial intermediation currently underway probably will not be reversed for a long time, but also that weak regulation of financial markets, mounted atop huge international macroeconomic imbalances, is seen as a chief culprit of the current disaster. This belief - most likely well founded - will make it imperative to undertake deep reforms in the financial architecture, both nationally and internationally. The crisis, and the financial arrangements that will come as a result of it, will undoubtedly influence the pace and extent of future economic interdependence, which, in turn, could bring about weighty consequences for the world's stability and prosperity.

In order to start envisioning the sequel to this crisis - a sequel whose features, of course, will depend crucially on the policy reactions to it, both short-term and systemic - the Yale Center for the Study of Globalization in collaboration with the Ford Foundation will convene an international conference entitled Financial Globalization: Culprit, Survivor or Casualty of the Great Crisis? on November 12 and 13, 2009. In addition to its diagnostic purpose, benefiting from the hindsight of more than two years since the outbreak of the crisis in the summer of 2007, the conference will place great emphasis on discussing policy prescriptions, particularly the pertinence, viability, desirable features and probable consequences of a system of global financial regulations.

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