Conference
20th Annual Hyman P. Minsky Conference on the State of the US and World Economies
Financial Reform and the Real Economy
April 13–15, 2011
Ford Foundation320 East 43 Street, New York City
A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation
The 20th Annual Minsky Conference will address the ongoing effects of the global financial crisis on the real economy, and examine proposed and recently enacted policy responses. Should ending too-big-to-fail be the cornerstone of reform? Do the markets’ pursuit of self-interest generate real societal benefits? Is financial sector growth actually good for the real economy? Will the recently passed US financial reform bill make the entire financial system, not only the banks, safer?
Conference Program
Wednesday, April 13
| 8:00−9:00 a.m. | Breakfast and Registration |
| 9:00−9:30 a.m. | Welcome and Introduction
|
| 9:30−11:00 a.m. | Session 1. The Ford−Levy Institute Project on Financial Instability and the Reregulation of Financial Institutions and Markets SPEAKERS: Jan Kregel, Senior Scholar, Levy Institute, and Professor, Tallinn Technical University (PowerPoint Presentation in PDF) Ancillary Material: Project Monograph (PDF) L. Randall Wray, Senior Scholar, Levy Institute, and Professor, University of Missouri–Kansas City (PowerPoint Presentation in PDF) Éric Tymoigne, Research Associate, Levy Institute, and Professor, Lewis and Clark College (PowerPoint Presentation in PDF) |
| 11:00−11:15 a.m. | Coffee Break |
| 11:15 a.m. − 1:00 p.m. | Session 2. Financial Journalism and Financial Reform: What's Missing from the Headlines? MODERATOR: John Cassidy, Financial Writer, The New Yorker SPEAKERS: Francesco Guerrera, US Finance and Business Editor, Financial Times Jeff Madrick, Editor, Challenge; Senior Fellow, Roosevelt Institute; and Senior Fellow, Bernard Schwartz Center for Economic Policy Analysis, The New School Joe Nocera, Op-Ed Columnist, The New York Times Steve Randy Waldman, Interfluidity.com |
| 1:00−2:45 p.m. | Lunch SPEAKER: Gary Gensler, Chairman, US Commodity Futures Trading Commission |
| 2:45−3:45 p.m. | SPEAKER: Stephen S. Roach, Non-Executive Chairman of Asia, Morgan Stanley, and Professor, Yale University “The Next China” |
| 3:45−4:00 p.m. | Coffee Break |
| 4:00−5:00 p.m. | Session 3. Swaps Regulation MODERATOR: Justin Lahart, Economics Reporter, The Wall Street Journal SPEAKERS: José Gabilondo, Associate Dean for Academic Affairs and Professor, College of Law, Florida International University Michael Greenberger, Professor, School of Law, and Director, Center for Health and Homeland Security, The University of Maryland Ancillary Material: Congressional Testimony (PDF) Ancillary Material: JBTL Article (PDF) Michael W. Masters, Managing Member/Portfolio Manager, Masters Capital Management, LLC (PowerPoint Presentation in PDF) |
| 5:00 p.m. | Reception and Dinner SPEAKER: Paul McCulley, Society of Fellows, Global Interdependence Center “Triangulating the Triangle” |
Thursday, April 14
| 8:30−9:00 a.m. | Breakfast |
| 9:00−10:15 a.m. | SPEAKER: Andrew Sheng, Chief Advisor, China Banking Regulatory Commission, and Professor, Tsinghua University “An Asian Tribute to Minsky” |
| 10:15−11:15 a.m. | Session 4. Financial Reform and the GATS: Challenges and Opportunities MODERATOR: Roger Lowenstein, Contributing Writer, The New York Times, and Author, The End of Wall Street SPEAKERS: William H. Janeway, Managing Director and Senior Advisor, Warburg Pincus, and Chairman, Board of Trustees, Cambridge in America Philip Suttle, Deputy Managing Director and Chief Economist, The Institute of International Finance Lori M. Wallach, Director, Global Trade Watch, Public Citizen (PowerPoint Presentation in PDF) |
| 11:15−11:30 a.m. | Coffee Break |
| 11:30 a.m. − 12:30 p.m. | SPEAKER: Phil Angelides, Chairman, Financial Crisis Inquiry Commission “Justice, Reform, and Rebuilding in the Wake of the Financial Crisis” |
| 12:30−2:15 p.m. | Lunch SPEAKER: Charles I. Plosser, President and CEO, Federal Reserve Bank of Philadelphia “Strengthening Our Monetary Policy Framework” |
| 2:15−3:30 p.m. | Session 5. Fiscal Constraints and Macro Perspectives MODERATOR: Louis Uchitelle, Economics writer for The New York Times and other publications SPEAKERS: Marshall Auerback, Research Associate, Levy Institute, and Senior Fellow, Roosevelt Institute Richard Berner, Managing Director and Chief US Economist, Morgan Stanley Peter Hooper, Managing Director and Chief Economist, Deutsche Bank Securities (PowerPoint Presentation in PDF) Ancillary Materials: DB Weekly Article (PDF) Robert W. Parenteau, Research Associate, Levy Institute, and Sole Proprietor, MacroStrategy Edge (PowerPoint Presentation in PDF) |
| 3:30−4:30 p.m. | SPEAKER: Gary B. Gorton, Professor, Yale University, and Research Associate, National Bureau of Economic Research “The Financial Crisis and the Future” |
| 4:30−4:45 p.m. | Coffee Break |
| 4:45−6:15 p.m. | Policy and Regulatory Responses of Emerging Markets: Latin America SPEAKER: Mercedes Marco Del Pont, President, Central Bank of Argentina “International Crisis and Policy Space: Challenges for Emerging Countries” (PowerPoint Presentation in PDF) DISCUSSION: Arturo O’Connell, Senior Advisor to the Board of Governors, Central Bank of Argentina |
| 6:15 p.m. | Reception and Dinner SPEAKER: Paul Tucker, Deputy Governor, Financial Stability, Bank of England “Financial Stability and the UK's Macroprudential Regime” |
Friday, April 15
| 8:30−9:00 a.m. | Breakfast |
| 9:00−10:00 a.m. | SPEAKER: Athanasios Orphanides, Governor, Central Bank of Cyprus, and Member, Governing Council, European Central Bank |
| 10:00−11:00 a.m. | SPEAKER: Charles L. Evans, President and CEO, Federal Reserve Bank of Chicago |
| 11:00−11:15 a.m. | Coffee Break |
| 11:15 a.m. − 12:15 p.m. | SPEAKER: Vítor Constâncio, Vice President, European Central Bank “Financial Regulatory Reform and the Economy” (Transcript in PDF) |
| 12:15−2:30 p.m. | Lunch SPEAKER: Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation “Financial Reform: The Road Ahead” |
| 2:30−3:45 p.m. | Session 6. Reregulating the US Financial System: Beyond Dodd-Frank MODERATOR: Eric Dash, Banking Writer, The New York Times SPEAKERS: James K. Galbraith, Senior Scholar, Levy Institute, and Lloyd M. Bentsen Jr. Chair, University of Texas at Austin Robert A. Johnson, Executive Director, Institute for New Economic Thinking (PowerPoint Presentation in PDF) Alex J. Pollock, Resident Fellow, American Enterprise Institute for Public Policy Research |
| 3:45−4:15 p.m. | SPEAKER: Martin Mayer, Guest Scholar, The Brookings Institution “The Man Who Got It Right: Hyman P. Minsky and the Economics of Trouble” |
| 4:15−5:15 p.m. | Reception |
Conference Participants
Phil Angelides
Chairman, Financial Crisis Inquiry Commission
Marshall Auerback
Research Associate, Levy Institute, and Senior Fellow, Roosevelt Institute
Sheila C. Bair
Chairman, Federal Deposit Insurance Corporation
Richard S. Berner
Managing Director and Chief US Economist, Morgan Stanley
John Cassidy
Financial Writer, The New Yorker
Vítor Constâncio
Vice President, European Central Bank
Eric Dash
Banking Writer, The New York Times
Mercedes Marco Del Pont
President, Central Bank of Argentina
Charles L. Evans
President and CEO, Federal Reserve Bank of Chicago
José M. Gabilondo
Associate Dean for Academic Affairs and Associate Professor, College of Law, Florida International University
James K. Galbraith
Senior Scholar, Levy Institute, and Lloyd M. Bentsen Jr. Chair, University of Texas at Austin
Gary Gensler
Chairman, US Commodity Futures Trading Commission
Gary B. Gorton
Professor, Yale University, and Research Associate, National Bureau of Economic Research
Michael Greenberger
Professor, School of Law, and Director, Center for Health and Homeland Security, The University of Maryland
Francesco Guerrera
US Finance and Business Editor, Financial Times
Peter Hooper
Managing Director and Chief Economist, Deutche Bank Securities
William H. Janeway
Managing Director and Senior Advisor, Warburg Pincus, and Chairman, Board of Trustees, Cambridge in America
Robert A. Johnson
Executive Director, Institute for New Economic Thinking
Jan Kregel
Senior Scholar, Levy Institute, and Professor, Tallinn Technical University
Justin Lahart
Economics Report, The Wall Street Journal
Roger Lowenstein
Contributing Writer, The New York Times, and Author, The End of Wall Street
Jeff Madrick
Editor, Challenge; Senior Fellow, Roosevelt Institute; and Senior Fellow, Bernard Schwartz Center for Economic Policy Analysis, The New School
Michael W. Masters
Managing Member / Portfolio Manager, Masters Capital Management, LLC
Martin Mayer
Guest Scholar, The Brookings Institution
Paul McCulley
Society of Fellows, Global Interdependence Center
Joe Nocera
Op-Ed Columnist, The New York Times
Arturo O’Connell
Senior Advisor to the Board of Governors, Central Bank of Argentina
Athanasios Orphanides
Governor, Central Bank of Cyprus, and Member, Governing Council, European Central Bank
Dimitri B. Papadimitriou
President, Levy Institute
Robert W. Parenteau
Research Associate, Levy Institute, and Sole Proprietor, MacroStrategy Edge
Charles I. Plosser
President and CEO, Federal Reserve Bank of Philadelphia
Alex J. Pollock
Resident Fellow, American Enterprise Institute for Public Policy Research
Stephen S. Roach
Non-Executive Chairman of Asia, Morgan Stanley, and Professor, Yale University
Andrew Sheng
Chief Advisor, China Banking Regulatory Commission, and Professor, Tsinghua University
Bernard Shull
Professor Emeritus, Hunter College, and Special Consultant, NERA Economic Consulting
Philip Suttle
Deputy Managing Director and Chief Economist, The Institute of International Finance
Paul Tucker
Deputy Governor, Financial Stability, Bank of England
Éric Tymoigne
Research Associate, Levy Institute, and Professor, Lewis and Clark College
Louis Uchitelle
Economics writer for The New York Times and other publications
Steve Randy Waldman
Interfluidity.com
Lori M. Wallach
Director, Global Trade Watch, Public Citizen
L. Randall Wray
Senior Scholar, Levy Institute, and Professor, University of Missouri–Kansas City