Conference
Minsky Conference in China
Minsky: Global Financial Fragility and the Development of Capitalist Finance
A conference organized by the Levy Economics Institute of Bard College, The Institute of Economics of Nankai University (NKIE), and The Center for Political Economics Studies of Nankai University
Tianjin, China
June 9–10, 2012
Program
Friday, June 8
| 8:00 a.m. – 6:00 p.m. | REGISTRATION Bright Pearl Hotel (Mingzhu Yuan), Nankai University |
| 6:30–8:00 p.m. | RECEPTION DINNER Bright Pearl Hotel (Mingzhu Yuan), Nankai University |
Saturday, June 9
| 7:30−8:30 a.m. | BREAKFAST Bright Pearl Hotel (Mingzhu Yuan), Nankai University |
| 8:30−9:15 a.m. | WELCOME AND INTRODUCTION Academic Report Hall, Oriental Art Building, Nankai University MODERATOR: Liu Xin, President, Institute of Economics, Nankai University SPEAKERS: Pang Jinju, President, Center for Political Economics Studies, Nankai University Dimitri B. Papadimitriou, President, Levy Economics Institute Leonardo Burlamaqui, Program Officer, Ford Foundation |
| 9:15−10:45 a.m. | SESSION 1: THE GLOBAL FINANCIAL CRISIS AND CHINA’S ECONOMY MODERATOR: He Zili, Deputy Director, School of Economics, Nankai University SPEAKERS: Huang Taiyan, President, Liaoning University Zhang Yu, Professor, Renmin University L. Randall Wray, Senior Scholar, Levy Economics Institute, and Professor of Economics and Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City “Hyman Minsky on Poverty and Unemployment: The Employer-of-Last-Resort Alternative” Liu Xin, President, Institute of Economics, Nankai University “The Development of Macroeconomics and Evolution of Capitalism” |
| 10:45−11:00 a.m. | COFFEE BREAK |
| 11:00 a.m. − 12:30 p.m. | SESSION 2: THE GLOBAL FINANCIAL CRISIS: A MINSKYAN APPROACH MODERATOR: Duan Webin, Director, Department of Economics, Nankai University SPEAKERS: Dimitri B. Papadimitriou, President, Levy Economics Institute “Minsky at the Levy Institute” Jan Kregel, Senior Scholar, Levy Economics Institute, and Professor, Tallinn Technical University “Minsky on Crisis and Regulatory Reform: Implications of the Current Crisis” He Zili, Deputy Director, School of Economics, Nankai University “The Reversal of Industrialization and Decline of Capitalism” |
| 12:30−2:00 p.m. | LUNCH Bright Pearl Hotel (Mingzhu Yuan), Nankai University |
| PARALLEL SESSIONS 3 AND 4: GROUP A Report Room, Department of Economics, School of Economics (6th floor) MODERATOR: Liu Fengyi, Deputy Director, Department of Economics, Nankai University | |
| 2:00−3:45 p.m. | SESSION 3: FINANCIAL CRISIS AND CHINA’S FINANCIAL MARKET DISCUSSANTS: Ming Wei, Ph.D. Candidate, School of Economics, Nankai University Chen Fuzhong, Ph.D. Candidate, Business School, Renmin University SPEAKERS: Wang Manshu, Associate Professor, Business School, Nankai University “Research on the Factors Influencing Bank Fragility in Listed Chinese Banks in the Post-crisis Era” Xiao Hengzhong, Ph.D. Candidate, School of Economics, Peking University “Changes in Economic and Political Institutions in the Global Economy Era” Luo Yi, Ph.D. Candidate, School of Finance, Renmin University “The Financial Development and Inequality of China’s Economy” Li Cheng, Ph.D. Candidate, School of Economics, Nankai University “Marketization of Interest Rates and Resolving the Monetary Policy Dilemma” |
| 3:45−4:00 p.m. | COFFEE BREAK |
| 4:00−5:30 p.m. | SESSION 4: FINANCIAL CRISIS: CAUSES AND DEVELOPMENT DISCUSSANTS: Wang Manshu, Associate Professor, Business School, Nankai University Luo Yi, Ph.D. Candidate, School of Finance, Renmin University SPEAKERS: Chen Fuzhong, Ph.D. Candidate, Business School, Renmin University “The Influence of the International Financial Crisis on China’s Economy, Based on the Perspective of an Open Economy: Empirical Evidence from Chinese Provincial-level Panel Data, 1994–2010” Li Lili, Ph.D. Candidate, School of Economics, Renmin University “The Minskyan Research Tradition of Financial Bubbles” Liao Hui, Ph.D. Candidate, School of Economics, Nankai University “Research on the the Price Spillover Effect of the US Financial Crisis on China’s Stock Market, Based on ICB Classification Data” Ming Wei, Ph.D. Candidate, School of Economics, Nankai University “Research on How Financial Fragility Develops” |
| PARALLEL SESSIONS 3 AND 4: GROUP B Report Room, Institute of Economics, School of Economics (8th Floor) MODERATOR: Liu Xin, President, Institute of Economics, Nankai University | |
| 2:00−3:45 p.m. | SESSION 3: THE MINSKYAN APPROACH TO FINANCIAL FRAGILITY DISCUSSANTS: Li Baowei, Associate Professor, Department of Economics, Nankai University Josefina Y. Li, Ph.D. Candidate, University of Missouri–Kansas City SPEAKERS: Ying Wu, Professor of Economics, Department of Economics and Finance, Franklin P. Perdue School of Business, Salisbury University “Demystifying China’s Monetary-cum-Exchange-Rate Policy” Michael J. Murray, Assistant Professor of Economics, Department of Economics, Bemidji State University “The Structural Instability Hypothesis and Real Capital Formation” Liu Xinhua, Associate Professor of Economics, Shaanxi Normal University “The Cause of the European Crisis” |
| 3:45–4:00 p.m. | COFFEE BREAK |
| 4:00−5:30 p.m. | SESSION 4: FINANCIAL CRISIS AND POLICIES DISCUSSANTS: Liu Xinhua, Associate Professor of Economics, Shaanxi Normal University Michael J. Murray, Assistant Professor of Economics, Department of Economics, Bemidji State University SPEAKERS: Cheol Soo Park, Professor, Graduate School of Economics, Kumamoto Gakuen University “Systemic Risk and the Financial Regulation and Supervisory Policy Regime: An Integrated View of Macroprudential Policy and Risk-based Balance Sheet Perspectives” Josefina Y. Li, Ph.D. Candidate, University of Missouri–Kansas City “How Do Minsky’s Policies Promote Environmental Innovations” Li Baowei, Associate Professor, Department of Economics, Nankai University “Expansion of Global and Monetary Liquidity: Evolution and Impact” |
| 6:00–7:30 p.m. | DINNER Aichi Dining Hall, Nankai University |
| 8:00–9:00 p.m. | HAIHE RIVER TOUR, TIANJIN |
Sunday, June 10
| 7:30–8:30 a.m. | BREAKFAST Bright Pearl Hotel (Mingzhu Yuan), Nankai University |
| 9:00–10:45 a.m. | SESSION 5: GLOBAL CRISIS AND WORLD ECONOMY Academic Report Hall, School of Economics (1st floor) MODERATOR: Liu Gang, Deputy President, Institute of Economics, Nankai University SPEAKERS: Dimitri B. Papadimitriou, President, Levy Economics Institute “US Economic Outlook” Duan Wenbin, Director, Department of Economics, Nankai University “The New International Division System, the New International Monetary System, and the Transition of China’s Economy” Zhang Junshan, Professor of Economics, Nankai University “The Cause of the Financial Crisis in View of the Economic Structure” |
| 10:45–11:00 a.m. | COFFEE BREAK |
| 11:00 a.m. – 12:00 p.m. | SESSION 6: THE IMPLICATIONS OF MINSKYAN APPROACH TO THE GLOBAL CRISIS MODERATOR: Xie Siqun, Deputy President, Institute of Economics, Nankai University SPEAKERS: Eamonn Fingleton, Author, Unsustainable: How Economic Dogma Is Destroying American Prosperity Charles J. Whalen, Analyst, Fiscal Policy Studies Unit, Macroeconomic Analysis Division, Congressional Budget Office “Minsky and Money Manager Capitalism” Wang Lu, Associate Professor, Nankai University “The Crisis Theories of Marx and Minsky: In View of the Current Financial Crisis” |
| 12:00–12:30 p.m. | CLOSING SPEECH SPEAKER: Pang Jinju, President, Center for Political Economics Studies, Nankai University |
| 12:30–2:00 p.m. | LUNCH Bright Pearl Hotel (Mingzhu Yuan), Nankai University |
Participants
Leonardo Burlamaqui
Program Officer, Reforming Global Financial Governance Initiative, Ford Foundation
Chen Fuzhong
Ph.D. Candidate, Business School, Renmin University
Duan Wenbin
Director, Department of Economics, Nankai University
Eamonn Fingleton
Author, Unsustainable: How Economic Dogma Is Destroying American Prosperity
Gong Ke
President, Nankai University
He Zili
Deputy Director, School of Economics, Nankai University
Huang Taiyan
President, Liaoning University
Jan Kregel
Senior Scholar, Levy Economics Institute, and Professor, Tallinn Technical University
Li Baowei
Associate Professor, Department of Economics, Nankai University
Li Cheng
Ph.D. Candidate, School of Economics, Nankai University
Josefina Y. Li
Ph.D. Candidate, University of Missouri–Kansas City
Li Lili
Ph.D. Candidate, School of Economics, Renmin University
Liao Hui
Ph.D. Candidate, School of Economics, Nankai University
Liu Fengyi
Deputy Director, Department of Economics, Nankai University
Liu Gang
Deputy President, Institute of Economics, Nankai University
Liu Xin
President, Institute of Economics, Nankai University
Liu Xinhua
Professor of Economics, Shaanxi Normal University
Luo Yi
Ph.D. Candidate, School of Finance, Renmin University
Ming Wei
Ph.D. Candidate, School of Economics, Nankai University
Michael J. Murray
Assistant Professor of Economics, Department of Economics, Bemidji State University
Pang Jinju
President, Center for Political Economics Studies, Nankai University
Dimitri B. Papadimitriou
President, Levy Economics Institute
Cheol Soo Park
Professor, Graduate School of Economics, Kumamoto Gakuen University
Éric Tymoigne
Research Associate, Levy Economics Institute, and Assistant Professor of Economics, Lewis & Clark College
Wang Lu
Associate Professor, Nankai University
Associate Professor, Business School, Nankai University
Charles J. Whalen
Analyst, Fiscal Policy Studies Unit, Macroeconomic Analysis Division, Congressional Budget Office
L. Randall Wray
Senior Scholar, Levy Economics Institute, and Professor of Economics and Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City
Xiao Hengzhong
Ph.D. Candidate, School of Economics, Peking University
Xie Siqun
Deputy President, Institute of Economics, Nankai University
Ying Wu
Professor of Economics, Department of Economics and Finance Franklin, P. Perdue School of Business, Salisbury University
Zhang Junshan
Professor of Economics, Nankai University
Zhang Yu
Professor of Economics, Renmin University
Zhou Liqun
Deputy President, Binhai Development Research Institute, Nankai University
Related Publications
Antonopoulos, Rania, Dimitri B. Papadimitriou, and Taun Toay. 2011. Direct Job Creation for Turbulent Times in Greece. Research Project Report. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. November.
Kaboub, Fadhel. 2007. “Employment Guarantee Programs: A Survey of Theories and Policy Experiences.” Working Paper No. 498. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. May.
Levy Economics Institute of Bard College. 2011. Minsky on the Reregulation and Restructuring of the Financial System: Will Dodd-Frank Prevent “It” from Happening Again? Research Project Report. Annandale-on-Hudson, N.Y. April.
Levy Economics Institute of Bard College. 2012. Beyond the Minsky Moment: Where We’ve Been, Why We Can’t Go Back, and the Road Ahead for Financial Reform. eBook. Annandale-on-Hudson, N.Y. April.
Levy Economics Institute of Bard College. 2012. Using Minsky to Simplify Financial Regulation. Research Project Report. Annandale-on-Hudson, N.Y. April.
Minsky, Hyman P. 1965. “The Role of Employment Policy.” In Margaret S. Gordon, ed. Poverty in America, pp. 175–200. San Francisco: Chandler Publishing Company. (PDF)
Minsky, Hyman P. 1983. “Pitfalls Due to Financial Fragility.” In S. Weintraub and M. Goodstein, eds. Reaganomics in the Stagflation Economy, pp. 104–19. Philadelphia: University of Pennsylvania Press. (PDF)
Minsky, Hyman P. 1986. “Global Consequences of Financial Deregulation.” The Marcus Wallenberg Papers on International Finance 2(1): 1–19. (PDF)
Minsky, Hyman P. 1986. “Money and Crisis in Schumpeter and Keynes.” In H.-J. Wagener and J. W. Drukker, eds. The Economic Law of Motion in Modern Society: A Marx-Keynes-Schumpeter Centennial. Cambridge, UK: Cambridge University Press. (PDF)
Minsky, Hyman P. 1990. “Schumpeter: Finance and Evolution.” In Arnold Heertje and Mark Perlman, eds. Evolving Technology and Market Structure: Studies in Schumpeterian Economics, pp. 51–74. Ann Arbor: University of Michigan Press. (PDF)
Minsky, Hyman P. 1992. “The Economic Problem at the End of the Second Millennium: Creating Capitalism, Reforming Capitalism and Making Capitalism Work.” Unpublished manuscript (prospective chapter), May 13. Minsky Archive, Levy Economics Institute of Bard College, Annandale-on-Hudson, N.Y. (hereafter, Minsky Archive). (PDF)
Minsky, Hyman P. 1992. “The Financial Instability Hypothesis.” Working Paper No. 74. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. May.
Minsky, Hyman P. 1992. “Reconstituting the United States’ Financial Structure: Some Fundamental Issues.” Unpublished manuscript (prospective chapter), May 13. Minsky Archive. (PDF)
Minsky, Hyman P. 1994. “Issues in Bank Regulation and Supervision.” Unpublished manuscript, October 14. Minsky Archive. (PDF)
Minsky, Hyman P. 1996. “Uncertainty and the Institutional Structure of Capitalist Economies: Remarks upon Receiving the Veblen-Commons Award.” Journal of Economic Issues 30, no. 2 (June): 357–68. (PDF)
Minsky, Hyman P., and Charles J. Whalen. 1996. “Economic Insecurity and the Institutional Prerequisites for Successful Capitalism.” Working Paper No. 165. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. May.
Minsky, Hyman P., and D. B. Papadimitriou. 1992. “Why Not Give Full Employment a Chance?” Paper presented at the Southern Economic Association Annual Meetings, Washington, D.C., November. Minsky Archive. (PDF)
Minsky, Hyman P., Dimitri B. Papadimitriou, Ronnie J. Phillips, and L. Randall Wray. 1993. Community Development Banking: A Proposal to Establish a Nationwide System of Community Development Banks. Public Policy Brief No. 3. Annandale-on-Hudson, N.Y.: Levy Economics Institute. January.
Papadimitriou, Dimitri B., Greg Hannsgen, and Gennaro Zezza. 2012. Back to Business as Usual? Or a Fiscal Boost? Strategic Analysis. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. April.
Wray, L. Randall. 2007. “Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty.” Working Paper No. 515. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. September.
Wray, L. Randall. 2011. “Minsky’s Money Manager Capitalism and the Global Financial Crisis.” Working Paper No. 661. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. March.
Wray, L. Randall. 2012. Improving Governance of the Government Safety Net in Financial Crisis. Research Project Report. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. April.