Organized by the Levy Economics Institute and ECLA of Bard with support from the Ford Foundation, The German Marshall Fund of the United States, and Deutsche Bank AG

Deutsche Bank AG
Unter den Linden 13–15
Frederick Hall, Fourth Floor
Berlin, Germany

November 26–27, 2012

This two-day conference in central Berlin will focus on the causes of financial instability and its implications for the global economy. The conference will address some of the main issues now confronting economic policymakers, including the challenge to global growth resulting from the eurozone debt crisis; the impact of the credit crunch on economic and financial markets; the larger implications of government deficits and debt crises for US, European, and Asian economic policy; and central bank independence and financial reform.

Program

Monday, November 26

8:00–8:45 a.m.	BREAKFAST AND REGISTRATION
8:45−9:15 a.m.	WELCOME AND INTRODUCTION Leonardo Burlamaqui, Program Officer, Ford Foundation Dimitri B. Papadimitriou, President, Levy Institute Remarks in PDF
9:15−9:45 a.m.	SPEAKER: Philip D. Murphy, US Ambassador, Federal Republic of Germany “Going Forward: Overcoming Challenges, Seizing Opportunities”
9:45−10:30 a.m.	SPEAKER: Vítor Constâncio, Vice President, European Central Bank “Completing and Repairing the Economic and Monetary Union” Remarks in PDF
10:30−10:45 a.m.	COFFEE BREAK
10:45 a.m. − 12:45 p.m.	SESSION 1: PUBLIC DEBT, PRIVATE DEBT, AND FINANCIAL INSTABILITY IN THE EUROZONE MODERATOR: Jack Ewing, European Economics Correspondent, International Herald Tribune SPEAKERS: Robert J. Barbera, Chief Economist, Mount Lucas Management LP “ECB Worries/European Woes: The Economic Consequences of Piecemeal Policy” Remarks in PDF Klaus Günter Deutsch, Director, Deutsche Bank Research, Deutsche Bank AG “Avoiding Panic, Building Institutions: The German Approach” Andrew Smithers, Founder, Smithers & Co. “The Past and Current Failure of Economic Theory and Practice” PowerPoint presentation in PDF
12:45−2:00 p.m.	LUNCH
2:00−3:00 p.m.	SPEAKER: Steffen Kampeter, Parliamentary State Secretary, German Federal Ministry of Finance “The Eurozone Crisis and the Continuing Threat of a Renewed Global Economic Crisis”
3:00−4:00 p.m.	SPEAKER: Jan Kregel, Senior Scholar, Levy Institute, and Professor, Tallinn Technical University “Minsky and Thinking Beyond Dodd-Frank” PowerPoint presentation in PDF
4:00−5:30 p.m.	SESSION 2: MINSKY'S FINANCIAL INSTABILITY MODERATOR: C. J. Polychroniou, Research Associate and Policy Fellow, Levy Institute SPEAKERS: Dimitrios Tsomocos, Reader in Financial Economics, Saïd Business School, and Fellow, St. Edmund Hall, University of Oxford Presentation in PDF “A General Equilibrium Exploration of Minsky’s Financial Instability Hypothesis” Alexandros Vardoulakis, Research Economist, European Central Bank and Banque de France “Credit Standards and Financial Institutions’ Leverage” Presentation in PDF
5:30−5:45 p.m.	COFFEE BREAK
5:45−7:15 p.m.	SESSION 3: PROSPECTS AND POLICIES FOR THE EUROZONE CRISIS MODERATOR: Brian Blackstone, European Economics Correspondent, The Wall Street Journal SPEAKERS: Eckhard Hein, Professor, Berlin School of Economics and Law “The Crisis of Finance-dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies” PowerPoint presentation in PDF George Stathakis, Member of Greek Parliament (SYRIZA) and Professor of Political Economy, University of Crete “The Greek Crisis” Jörg Bibow, Research Associate, Levy Institute, and Professor, Skidmore College “Misdiagnosis, Ill-medication, and Misguided Reforms: Is the Euro Rescuable?” PowerPoint presentation in PDF
7:30 p.m.	DINNER SPEAKER: Peter Praet, Chief Economist and Executive Board Member, European Central Bank “Monetary Policy and Deleveraging” Remarks in PDF

Tuesday, November 27

8:30–9:00 a.m.	BREAKFAST
9:00–10:00 a.m.	SPEAKER: Richard Fisher, President and CEO, Federal Reserve Bank of Dallas “Placing Financial Instability in Context”
10:00–11:00 a.m.	SESSION 4: FINANCIAL REFORM PROPOSALS MODERATOR: Jan Kregel, Senior Scholar, Levy Institute, and Professor, Tallinn Technical University SPEAKERS: Christine M. Cumming, First Vice President, Federal Reserve Bank of New York “The Evolution of Recovery and Resolution Planning” Michael Greenberger, Professor, School of Law, and Director, Center for Health and Homeland Security, The University of Maryland “The Imperative of the Extraterritorial Reach of Dodd-Frank”
11:00–11:15 a.m.	COFFEE BREAK
11:15 a.m. – 12:30 p.m.	SESSION 5: FINANCIAL INSTABILITY IN ASIA MODERATOR: Taun Toay, Research Analyst, Levy Institute SPEAKERS: Frank Veneroso, President, Veneroso Associates, LLC “China: Limits to Growth—A Solow Minsky Analysis” Presentation in PDF Michael Pettis, Professor, Guanghua School of Management, Peking University, and Senior Associate, Carnegie Endowment for International Peace “Financial Repression in China”
12:30–2:30 p.m.	LUNCH SPEAKER: Dennis Lockhart, President and CEO, Federal Reserve Bank of Atlanta “Thoughts on Two Other Potential Sources of Financial Instability: The Payments System and Public Pensions” Remarks in PDF
2:30–4:00 p.m.	SESSION 6: FINANCIAL REFORM AND FINANCIAL INSTABILITY MODERATOR: Dimitri B. Papadimitriou, President, Levy Institute SPEAKERS: L. Randall Wray, Senior Scholar, Levy Institute, and Professor, University of Missouri–Kansas City “What Should Banks Do? A Minskyan Reform” PowerPoint presentation in PDF Éric Tymoigne, Research Associate, Levy Institute, and Professor, Lewis and Clark College “Measuring Macroprudential Risk through Financial Fragility: A Minskyan Approach” PowerPoint presentation in PDF
4:00 p.m.	RECEPTION

Event Info

Program