The Political Economy of Oil in the Middle East Exporting Countries
Friday 8 January 2010
Oxford Centre for Islamic Studies: George Street, Oxford OX1 2AR
09:00 1. Relevance of the rent-cycling theory to MENA region
Brainstorming on the appropriate research framework
a. How useful is rent-cycling theory in analysing the MENA political
b. How might the theory be modified in order to strengthen its utility
within the MENA region?
Speakers: Richard Auty & Adeel Malik
09:45 2. Oil, culture and elite incentives: Origins of neo-patrimonialism
a. The roles of oil and culture is shaping MENA’s political economy
b. Geopolitical rent, regional conflict and geo-strategic relations
Speakers: Michael Herb, Georgia State University
Potential speaker: Marc Valerie, University of Exeter
[Format: 20 minute presentation; 25 minute comment + discussion]
11:00 Coffee Break
11:30 3. Channels of rent distribution
a. Public versus private distribution channels
b. Public sector distribution: political costs and benefits of neopatrimonialsim
Speaker: Christopher Davidson Durham University
Salehi-Esfahani University of Indiana-Urbana
12:45 Buffet Lunch
14:00 4. State-Business relationship in the Middle East
a. Rent, rulers and business relationships: regional permutations
b. The politics of economic diversification: building pro-reform
Speakers: Giacomo Luciani, Gulf Research Centre, Geneva
Jill Chrystal, Auburn University
15:30 Coffee Break
16:00 5. Labour markets and social capital: dependence or self-reliance?
a. The efficiency of labour markets: labour-importers and labourexporters
b. Social entitlements and workforce responses: implications for
workforce participation and productivity
Speakers: Paul Dyer, Dubai School of Government
Bassam Fattouh, Oxford Institute of Energy Studies
17:30 6. Summing up and next steps
Richard Auty/ Adeel Malik
18.30 Dinner by invitation
JOHN DRIFILL, BIRKBECK COLLEGE
MICK MOORE, INSTITUTE OF DEVELOPMENT STUDIES, SUSSEX
MARC VALERI, EXETER UNIVERSITY
MASOOD KARSHENAS, SOAS
HASSAN ABEDIN, OCIS
LAURA EL-KATIRI, OEI
ABDEL ATTOU, OXFORD
MEYSAM AHMADI, OXFORD ANALYTICA
PAUL SEGAL, OEI
RADEK STEFANSKI, OXCARRE
FARHAN AHMED NIZAMI, OCIS
MOHAMMAD TALIB, OCIS
BASIL MUSTAFA, OCIS
ZUBAIR ABBASI, OXFORD UNIVERSITY
KATIE BOASE, OCIS
Africa after the Financial Crisis: The Forgotten Continent
Wednesday 25 November 2009, 6.00pm
RUSI, 61 Whitehall, London
Chaired by: Lord Meghnad Desai
Speakers: Paul Collier (Oxford) and Stefan Dercon (Oxford)
Paul Collier will analyse macro economic aspects of the impact of the 2007-8 Financial Crisis on African countries. His talk will focus on the distinctive transmission mechanisms of the crisis in Africa; on growth opportunities in an environment of limited aid; and a high risk premium demanded by foreign investment but big opportunities from resource extraction.
Stefan Dercon will focus on the consequences for the poor, and the strategies to reach them. Before the crisis, the Millennium Development Goals were the obvious framework. Are they still, post-crisis? And has the food crisis offered enough space for a sensible rethinking of the role of agriculture in growth and poverty reduction?
Risk, Finance and Modernization: A Chinese-European Summit
Conference & Colloquium
Shanghai, 27-29 September 2009
This major international Conference and following Colloquium to be held in Shanghai, brings together economists and other social scientists from China and the West to investigate such questions of risk, finance and modernization. The workshop will consist of a public lecture (on the afternoon of 27 September) by eminent scholars Ulrich Beck, Gilles St Paul, Wang Hui and Xu Chenggang. This will then be followed by a more focused meeting (on 28 and the morning of 29 September) for about 30 leading scholars, both from China and abroad, to discuss the issues in more depth.
The event is being organised by Prof Wang Xiaoming (Shanghai), Prof Scott Lash (Goldsmiths), Prof John Driffill (Birkbeck) and Prof John Urry (Lancaster).Please see the Shanghai 2009 mini-site for more information.
MMF-WEF Half Day Symposium on Finance and Growth
Birkbeck, University of London, Room 539
Wednesday 29 July 2009, 2.00-5.00pm
This afternoon symposium, organised by the WEF Research Programme, in conjunction with the Money, Macro and Finance Research Group, will include a keynote talk by Professor Peter Rousseau (Vanderbilt) who is currently visiting the Economics Department at the University of Leicester under the ESRC-SSRC visiting fellowship scheme. The programme of the symposium is as follows:
Peter Rousseau (Vanderbilt)
"Financial Development and Economic Growth in Industrialized and Emerging Economies"
Coffee / Tea break
Anja Shortland (Brunel)
"Is Government Ownership of Banks Really Harmful to Growth?" (with S. Andrianova and P. Demetriades)
Participants' travel costs will be reimbursed in accordance with the Money, Macro and Finance Research Group's travel policy. See: for details.
Please contact if you are interested in attending this event.
London Financial Regulation Conference
2 - 3 July 2009
Room LG08 (Sheikh Zayed Theatre)
New Academic Building, 54 Lincolns Inn Field
London WC2A 3BU
Two major academic reports on the Financial Crisis have emanated from the Financial Markets Group at LSE in the guise of ‘The Fundamental Principles of Financial Regulation’, Geneva Report, 2009 (CEPR & ICMB), and from the Stern School of Business at NYU in the shape of their book, Restoring Financial Stability: How to Repair a Failed System (John Wiley & Sons, March 2009).
The Conference will include the key authors of both monographs, and several other leading experts, to lead discussions on continuing key issues, such as liquidity, quantitative easing, and remuneration.
Please note that attendance to this Conference is by registration only. To register, please email Tanya Hall:
New Micro-foundations for Macroeconomics Workshop
University of Warwick
10-11 July 2009
As in the last two years, the World Economy and Finance Research Programme is to hold a workshop in July at the University of Warwick. The proposed dates are Friday 10th and Saturday 11th July 2009, and the theme is New Micro-foundations for Macroeconomics.
The focus will not be on the details of the present crisis market by market, but rather on the analytical foundations of macroeconomics. The dominant paradigm has been widely criticised for its failure to connect with many features of recent events. Paul de Grauwe, for example, warned that while the DSGE paradigm is good for fighting inflation, it is not designed for dealing a with a credit crunch (Financial Times, July 2008); and Charles Goodhart says that it omits almost everything that interests him! Stiglitz and Greenwald have, of course, been calling for a new paradigm for monetary economics. How does one incorporate credit market imperfections in general equilibrium framework? Is it by extending DSGE / New Keynesian macroeconomics, as Gali proposes? Or shifting from the representative agent assumption and introducing borrowing constraints, as Kioytaki and Moore (2008) do? Can asset prices reflect fundamentals in the presence of distorted incentives? These are among the issues to be considered.
Offerings already include papers by Paul De Grauwe (KU Leuven), Peter Hammond (Warwick), Alan Kirman and Tom Krebs (Mannheim), and we are waiting to hear from others.
Paul De Grauwe
Please see the Warwick 2009 mini-site for full details
The G20 Statement on Financial Regulation and the WTO GATS: The Credit Crisis and Protectionism in Financial Services
Conference / Symposium
17 June 2009, 09.00 - 16.45
Institute of Advanced Legal Studies , 17 Russell Square, London WC1B 5DR
Attendance by advance registration only: limited spaces available.
Fees: £50.00 (or £25 for academics, postgraduate students and NGOs/charities)
Organising Bodies: University of Cambridge Centre for Financial Analysis and Policy, the UK Economic and Social Research Council (ESRC) World Economy and Finance Programme, the International Financial Services Leaders Group, and the Institute of International Finance (IIF), and the Institute of Advanced Legal Studies.
Organising Committee: Professor Christine Kaufmann, University of Zurich, Dr. Kern Alexander, Queen Mary, London, Juan Marchetti, the WTO, David Schraa, Director of Regulatory Affairs, the IIF.
*** For all queries, please contact Belinda Crothers, ***
Law Reform and Financial Markets Institutions and Governance
The W G Hart Legal Workshop 2009
23 - 25 June 2009
The financial market crisis continues to unfold and has raised important questions about the rule of law and the scope and intensity of regulation in financial markets. The effective operation of financial markets requires clear legal rules firmly embedded in a principled framework of private and public-law governance. In recent years, the role of law in financial markets has evolved substantially and in many ways has reflected changes in other areas of economic and social life. Regulating competing rights and interests among financial institutions, consumers and the broader economy has created many challenges that have tested the resilience of the financial system. The conference will provide a forum for academics and policymakers to address these challenges by exchanging ideas and research on issues concerning the role of law in financial market governance and institutional development. The issues will be addressed from an international and comparative dimension, along with inter-disciplinary contributions from other social scientists, with a view to developing a better understanding of how to use legal rules and principles to build more efficient and stable financial markets.
Kern Alexander, Queen Mary, University of London, Joanna Benjamin, London School of Economics, Eilis Ferran, University of Cambridge, Niamh Moloney, London School of Economics.
If you are interested in attending the Workshop, please register your interest with:
Academic Programmes Manager
Institute of Advanced Legal Studies
17 Russell Square
London WC1B 5DR
Judge Business School, Cambridge
26 June 2009
Judge Business School is holding a Governance Symposium on 26 June 2009 with support from the ESRC World Economy and Finance Programme and from the EU’s Sixth Research and Development Framework Programme. The Symposium aims to make a significant contribution to an improved understanding of governance in all its aspects in both industry and academia, and will cover the following subjects: governance and economic development; corporate governance and board structure; university governance; and governance and the financial crisis. The keynote address will be given by Andrei Shleifer on the theme of ‘The Financial Crisis and the Future of Capitalism’. Other speakers include Ross Anderson, Thomas Clarke, Simon Deakin, Panicos Demetriades, Alan Hughes, John Roberts, Paul Sanderson, David Seidl, and Philip Wood. Laura Spira and Judy Slinn will give an overview of the archive of materials from the work of the Cadbury Committee which will be opened in Judge Business School later this year. Sir Adrian Cadbury will reply to their presentation. There will also be a panel session on the financial crisis chaired by Lord Browne of Madingley.
To register please contact . Registration is free but places are limited.
Housing, Financial Assets and the Economy
R405, 4th Floor, Lionel Robbins Building
10 Portugal Street, London WC2A 2HD
18-19 May 2009
This conference is the final communication event of the Home Ownership, Housing Collateral and Aggregate Fluctuations research project at the FMG, and will focus on understanding the joint determination of consumption, housing and asset prices in the macroeconomy.
The three-year Home Ownership, Housing Collateral and Aggregate Fluctuations research project has been funded by the ESRC, as part of Phase II of its World Economy and Finance research programme. The project research is led by Dr Alex Michaelides (FMG and Department of Economics, LSE) and aims to understand the role of housing markets in business cycle fluctuations and the monetary transmission mechanism in the presence of housing.
For more information please see the conference programme, which can be downloaded .
Please note that entry to this event is by registration only. To register please email Laura Gibbon: , stating your name, affiliation and contact details.
Testing Open Economy Models — a Conference organised by the Bank of Greece and the European Monetary Forum
27-28 March 2009
Organised by the Bank of Greece, with Harris Dellas, Patrick Minford, George Tavlas and Mike Wickens
A preliminary programme and further information can be found from:
Please address registration and further queries about the conference to
The Future of Financial Regulation Conference
University of Glasgow
30 - 31 March 2009
A conference on The Future of Financial Regulation as one of a series of events to celebrate the 250th Anniversary of the publication of Adam Smith's Theory of Moral Sentiments, involving academics and policy makers and people in private sector financial institutions, including Hector Sants (FSA), Charles McCreevy, John McFall (Treasury Select Committee).
This is intended to be a very high profile conference, with a large number of policy makers, practitioners, and prominent academics involved in it, as the programme shows. Everyone involved in WEFRP is invited to submit papers or offer to be involved in some way. The conference programme is not yet complete, and there will be more sessions to allow for more papers contributed by WEFRP researchers.
Please let Justin O'Brien or Iain Macneil know if you would like to submit a paper for the conference, act as a discussant, or attend the conference:
Alexander Stone Professor of Commercial Law
The Law School
University of Glasgow
Glasgow G12 8QQ
Tel +(0)141 330 5863
Fax +(0)141 330 4900
Professor Justin O'Brien
Professor of Corporate Governance
Centre for Applied Philosophy and Public Ethics
(An Australian Research Council Special Research Centre
Tel: +61 2 61251383
The 2008 Crash and the Future of the Global Economy
Strathclyde Suite, Glasgow Royal Concert Hall
2 Sauchiehall Street, Glasgow
11 March 2009, 6.00 - 8.00pm
Part of the ESRC Festival of Social Science
The public will have the chance to question experts about how the global financial crisis started, where we go from here and what the outlook is for the housing market and the banking system.
How did we end up in such a dramatic financial crisis at the end of 2008 and what are the implications for the future operation of the global system?
Did poor homeowners really bring down the global financial system?
How can we avoid property bubbles in the future?
Why didn't regulators stop the crisis before it began?
Why aren't banks lending despite our tax money pouring into them?
How can we prevent this happening again?
These are the kind of questions that the experts will be addressing in an accessible and jargon-free way.
Chair: John Driffill, Birkbeck University of London and Director, ESRC World Economy and Finance Research Programme
Prof. Ken Gibb, expert on the housing market, University of Glasgow
Prof. Brian Quinn, former Acting Deputy Governor of the Bank of
England and expert on banking regulation, University of Glasgow
Prof. Catherine Schenk, expert on the history of financial systems,
University of Glasgow
To reserve your place e-mail Catherine Schenk:
The Politics of Macro-Adjustment and Poverty Reduction Conference
ICOSS Centre, University of Sheffield
11 March 2009, 10.30am - 5.15pm
As we have recently discovered, global crises are hard to predict and to counteract; and the designing of policies which mitigate effects on the poorest and weakest around the globe is an urgent priority. This seminar presents the results of an ESRC research project designed to show how poverty outcomes are influenced by political processes, especially at times of global crisis, and how economic policies may be influenced in a pro-poor direction. In a concluding session we debate the economics and politics of the currently evolving global crisis and discuss its likely implications for global poverty.
Further Information, and Registration Details
International Macroeconomics and Finance Conference
organized by CEPR, ECARES (Université Libre de Bruxelles), University of Leuven, the National Bank of Belgium, and WEF
Brussels, 13 - 14 February 2009
The workshop organizers welcome submissions of theoretical and empirical contributions in international macroeconomics and finance. Relevant topics include, i.a.: the role of asset markets and portfolio choices in the international adjustment process; current account dynamics; international comovements of asset returns; international risk sharing; international transmission of shocks; price determination of internationally traded goods; international dimensions of monetary and fiscal policy.
Please contact the for submission, registration and general conference information.
Conference: Regulatory Response to the Financial Crisis
19 January 2009
London School of Economics and Political Science
The objective of the conference is to analyse the regulatory response to the financial crisis, bringing together a distinguished group of academics, policy-makers, and practitioners as well as an inter-disciplinary approach (law, economics, business and finance).
Organisers: Professors Harald Benink, Rosa Lastra and Charles Goodhart
Workshop on Sovereign and Public Debt and Default
4 & 5 December 2008
University of Warwick
The Economics Department of the University of Warwick will host a two day
workshop on this broad topic on 4 and 5 December. The themes include Political and Legal issues in Sovereign Debt and Public debt default among others.
Reasonable travel expenses and accommodation will be covered for workshop participants.
Information Externalities, Social Learning and Financial Markets
15 & 16 December 2008
University of Cambridge
This two day workshop explores recent developments in social learning and information externalities, with particular attention (though not exclusively) to their impact on financial markets. Papers will span theoretical, empirical and experimental research.
The workshop is organized in single sessions with 12-14 presentations. Each paper will be allocated 45 minutes. Participants are kindly asked to attend the entire workshop.Please see for more information.
Financial Crises and Regulation: Lessons from the Past?
24 October 2008
Sir Charles Wilson Building, University of Glasgow
October 2008 marks the 130th anniversary of the collapse of the City of Glasgow
Bank, which is the last major bank in Britain to be allowed to fail. This half-day workshop hosted by the Centre for Business History at the University of Glasgow will explore the past experience of banking and financial crisis to determine what lessons these episodes offer for current difficulties. The workshop will be of interest to all who want to develop a deeper understanding of the dynamics of financial crises, the links between the financial and real economies under pressure, and the outcome of different regulatory responses. It is designed to reach out to academics, journalists, bankers and policy-makers to help inform the current debate.
Speakers and Participants Include:
Forrest Capie (City University and Bank of England)
Charles Munn (Former Chief Executive, Chartered Institute of Bankers in Scotland)
Richard Saville (Historian of the Bank of Scotland)
Duncan Ross (University of Glasgow)
Catherine Schenk (University of Glasgow)
John Turner (Queens University, Belfast)
The workshop will begin with lunch for all participants from 1300. Attendance is
free but, for catering purposes, please contact:
Centre for Business History in Scotland:
Glasgow G12 8RT
Tel: 0141 330 6890
Fax: 0141 330 4889
Hong Kong’s Currency Board at 25
21 October 2008
Institute for Historical Research
In October 1983, in a dramatic response to currency instability, the Hong Kong government restored the currency board system that had operated from 1935-1973. This year marks the 25th anniversary of this event and provides an opportunity to reflect on the currency board’s performance and on its future prospects. Hong Kong SAR is now highly unusual as a large and sophisticated economy with international financial centre status running a currency board system that pegs the Hong Kong Dollar to the US Dollar. While usually credited with providing stability and prosperity for Hong Kong, the system faces new challenges from the recent depreciation of the US Dollar and the growing flexibility of the Renminbi since 2005.
To commemorate the anniversary a one-day conference will be held on 21 October 2008 at the Institute for Historical Research, London, sponsored by the ESRC World Economy and Finance Programme and the Institute for Monetary and Financial Stability, Goethe University, Frankfurt am Main.
Attendance is free of charge, but for catering purposes please indicate your intention to attend by e-mail to one of the addresses below:
Professor Stefan Gerlach ()
Professor Catherine Schenk ()
Institute of Historical Research
University of London
Project Colloquium: "The Globalization of Corporate Governance? Reform Pressures and Processes in an Era of Financial Crises"
17-18 September 2008
Queen’s University Belfast
***Call for Papers***
WEF Workshop: Incentives and Governance in Global Finance
18-19 July 2008
University of Warwick
The aim of this two-day workshop at the University of Warwick is to bring together economists working on incentive and governance issues of global financial flows in both emerging and developed countries. Topics that will be addressed include incentives and financial crises, the global financial architecture, the domestic political economy of international capital flows, exchange rate movements, portfolio effects, global liquidity shocks and contagion. Researchers at early stages of their academic careers are particularly encouraged to apply as the workshop aims to foster exchanges between young and senior economists working within international finance and related topics.
The Money Macro and Finance Research Group (MMF)
40th Annual Conference
10-12 September 2008
Birkbeck, University of London
The Keynote speakers will include
Michael B Devereux (British Columbia) and George Evans (Oregon)
The deadline for submission of papers has now passed and registration is now open. Please go to the MMF Conference website for full details.
"Corporate Governance and Globalisation: Sarbanes-Oxley Seven Years on"
Colloquium 17-18 September 2008
Queen’s University Belfast
Under the aegis of the ESRC project, “Regulatory Regime Change in Financial Markets: the Case of Sarbanes-Oxley,” based at the Institute of Governance, Queen’s University.
Keynote speaker to be confirmed.
***Call for Papers***
We invite applicants to submit abstracts on any area relevant to the theme of the Colloquium.
Expressions of interest should be submitted to by 22 May 2008.
If you would like us to post details of an event you are holding in conjunction with the World Economy and Finance Research Programme, please contact for more details.
WEF/CEPR Discussion Meeting:
"Who will Guard the Guardians? The Case for Fiscal Councils"
Thursday 19 June 2008, 17:30 - 18:30, Tea and Coffee from 17:00
CEPR, 2nd floor, 53-56 Great Sutton Street, London, EC1V 0DG
Speaker: Simon Wren-Lewis (Merton College, Oxford)
Chair: John Driffill (Birkbeck College and CEPR)
The idea of fiscal rules in relation to total government debt is familiar,
but increasingly academic economists and international institutions are
talking about the need for new fiscal institutions. Of all the proposals put
forward, the most realistic from a political point of view, is what the IMF
call a 'Fiscal Council' - a watchdog on the state of government finances.
While the UK Treasury has so far resisted this idea, some recent reports
suggest a possible change of heart.
This talk will start by putting forward the economic case for Fiscal
Councils. Simon Wren-Lewis will argue that Fiscal Councils could not only be
useful in exposing spendthrift politicians, but also advantageous to a more
benevolent government. He then considers whether they are an alternative to
fiscal rules, or whether they can complement such rules. Finally he will
outline what form a UK Fiscal Council might take, and how this structure
relates to similar bodies overseas.
Should you require any further information, please contact
at CEPR, or telephone +44 (0) 20 7183 8807.
WEF Conference: Property Rights and Economic Development
27-28 June 2008
University of Birmingham
You are invited to join us for a two day conference exploring the interaction of property rights and economic development. Papers given will range from the pure theory of pillage games to the political economy of growth. Please RSVP to by 25 June.
IMF/WEF Conference on International Macro-Finance
24-25 Aprill 2008
IMF Headquarters, Washington, DC
The International Monetary Fund and the World Economy and Finance Research Programme will hold a conference on international macro-finance at the IMF headquarters in Washington, DC on 24-25 April 2008. The conference will provide a forum to present recent theoretical and empirical research narrowing the gap between "open-economy macro" and "finance" approaches to international financial issues.
While there is a very active literature on macro-finance linkages in the context of closed economies, applications to an open economy setting have just begun. International finance has traditionally relied on partial equilibrium analyses, while open-economy macroeconomics has avoided incorporating realistic financial features in its general equilibrium models because of the technical difficulties of doing so. Recent methodological advances now permit researchers to embed more realistic financial market structure in open-economy models. This conference aims at stimulating the innovation process and its diffusion to the analysis of relevant policy issues. Possible topics using this new approach include (but are not restricted to):
Monetary Policy and asset prices in an open economy
Policies for managing capital flows
Global liquidity and credit risk
International risk, sharing and financial markets
General equilibrium international portfolio models
Reserve management and sovereign wealth funds
Exchange rates and financial markets
Papers presented at the conference will be considered for publication in a special issue of the Journal of International Economics (JIE), subject to the standard JIE refereeing procedures. The editors will aim to expedite the editorial process. Enquiries about the conference may be directed to .
Conference organisers: Michael Devereux (University of British Columbia), Akito Matsumoto (IMF), Alessandro Rebucci (IMF) and Alan Sutherland (University of St Andrews).
The International Monetary Fund and Financial Crises
The Role of Institutional and Governance Reform
Conference: 3-5 April 2008
University of Cambridge
The World Economy and Finance Programme of the UK Economic and Social
Research Council (ESRC) and the University of Cambridge Centre for Financial
Analysis and Policy will hold a conference on the IMF and Financial Crises and the
role of institutional and governance reform at the University of Cambridge Judge
Business School in Cambridge, UK on 4 -5 April 2008. The conference will provide a
forum for academics and policymakers to exchange ideas and research on issues
related to IMF governance reform and its role in managing financial crises, and the
institutional development of globalised financial markets. Since the 1990s, the IMF’s
role in managing financial crises has been the subject of an active debate among
academics and policymakers. This conference will examine some of the main
economic, legal and financial stability issues that confront the IMF and whether recent institutional and governance reforms can enhance the IMF’s capacity to address these challenges.
Topics addressed at the conference will include (but not restricted to)
• Changing structure of financial markets and new sources of financial crises
• The growth, role and regulation of sovereign wealth funds
• The sources and channels of financial contagion
• Political economy of sovereign debt crises and institutional reform
• The interaction of legal and informal enforcement in sovereign debt
• International economic law and financial stability
• Global governance of financial markets and IMF Reform
Submission of Papers
Potential paper presenters should submit either a draft of the paper or a detailed outline or abstract by February 8th 2008 to Preference will be
given to papers that are in draft form. The final version of the papers to be submitted at the conference will be due on March 21st 2008.
Enquiries about the conference may also be directed to
Kern Alexander (University of Cambridge), Mardi Dungey (University of Cambridge and Australian National University), and Amrita Dhillon (University of Warwick), Javier Fronti- Garcia (University of Buenos Aires), and Ajit Singh (University of Cambridge)
Expenses: The conference will cover economy class travel and accommodation expenses for paper presenters and discussants.
"When the Music Stops"
Private Equity, Securitisation and the Future of Capital Markets
University of Sydney Law School
14 December 2007 10.00 – 16.00
This has been a tumultuous year on global financial markets. The apparent sure-footedness of the investment banks in constructing ever more complex offerings now appears misjudged with the resignation of both Mr Prince and his counterpart at Merrill Lynch, Stan O'Neal, in the face of massive losses. Just weeks after Mr Prince's assessment, an overwhelming sense of panic replaced the frenetic deal-making. Almost overnight, debt markets vaporised, hedge funds in London and Sydney collapsed and investment banks counted the cost of irrational lending as it became clear that the incendiary toxicity of the sub-prime sector was a symptom rather than a cause of an emergent crisis. The failure of major institutional actors to recalibrate risk management systems has also reignited academic, regulatory and political debate about the form and purpose of the corporation in an era of financialisation. This international workshop has been convened to evaluate the lessons of 2007 for corporate governance and financial regulation.
For more information and registration details, please see:
"National and International Aspects of Financial Development"
25-26 October 2007
Doelenzaal, Library Complex (Singel 425)
Please see the for a programme and a list of participants.
Further information can be obtained by emailing:
"The Silent Revolution in Global Economic Governance"
Dr Ngaire Woods, Director of the Global Economic Governance Programme
Monday 8 October 2007, 5.00pm
University of Oxford
Lecture Theatre, Manor Road Building
The Financial Crisis Conference
Monday 1 October 2007
London School of Economics
Room R405, 4th Floor, Lionel Robbins, Portugal Street, WC2A 2HD
1.30pm - 6.00pm
The London Financial Regulation Seminar is organising a mini conference on "The Financial Crisis". This is an open event and registration is not required. Please arrive early as places are limited.
Please click here to download a provisional programme.
For details of any changes to the scheduled programme, please see the FMG's website: http://fmg.lse.ac.uk/.
Annual Conference -
5-7 September 2007, University of St Andrews
A WEF contribution to this conference has enabled wider international participation, allowing WEF Programme members to present papers and generally take part.
The conference is organised by at St Andrews.
12-14 September 2007, Birmingham (venue to be announced)
Summer Workshop and Conference 2007
11-15 July 2007
Arden House, University of Warwick
"Finance and Development" & "Stability of the Global Financial System"
See Conference Poster
See the Warwick 2007 page for full details of this event
FMG Conference: "Cycles, Contagion and Crises"
28-29 June 2007
London School of Economics: Room R405, Lionel Robbins Building, 10 Portugal Street, London WC2A 2HD
This conference will highlight work undertaken as part of the WEF
project "Stability of the Global Financial System: Regulation and Policy Response".
The objective of the event is to report research in this field by established academics alongside that of FMG junior researchers affiliated with the project, who will receive valuable comments from an audience of senior researchers and practitioners. The Conference will cover topics under all three themes of its title:
Cycles: Financial factors have long been recognised as one of the driving forces of the propagation and amplification of aggregate output shocks. Papers in this theme will explore different aspects of this relationship from the linkages between liquidity and financial cycles through to sudden stops and the role of credit constraints in emerging market economy business cycles.
Contagion: The widespread diffusion of the financial crises of the 1990s led to a large theoretical and empirical literature on the causes and consequences of financial contagion. Papers will examine how the increasing interlinkages and innovation in modern financial markets influence how systemic crises can spread within domestic financial systems.
Crises: Papers will focus on the costs of crises, both domestic banking crises and sovereign debt crises, and the optimal ex ante and ex post policy responses. For example, how can sovereign debt markets, monetary policy and banking regulation (such as liquidity regulation) and regulatory practices, eg, forebearance, be reformed to minimise the magnitude and risks of such costs.
Organisers: Professors Charles Goodhart and Hyun Shin
Download the Programme for this Conference
If you would like to attend this conference, please email or telephone +44 (0)20 7955 7002 or fax +44 (0)20 7852 3580.
Conference: "Finance and Development"
27-29 June 2007, London School of Economics, Room U8: Ground Floor, Tower 1
The aim of this conference is to disseminate findings from the World Economy and Finance research programme that advance knowledge in the area of finance & development, using approaches from various disciplines, including economics, finance, law and politics, to a high level audience of academics, policy makers and practitioners.
Please contact Panicos Demetriades or for more information.
A full programme for the conference can be found here.
A list of papers due to be presented at the conference can be seen and downloaded here.
WEF/CEPR Discussion Meeting
Silvana Tenreyro (LSE): "The Timing of Monetary Policy Shocks"
Chair: Willem Buiter (LSE, CEPR, Goldman Sachs)
Monday 18 June 2007
Presentation/Discussion: 17.30 - 18.30, Tea/Coffee from 17.00
Location: CEPR, 90-98 Goswell Road, London EC1V 7RR
A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: When the monetary policy innovation takes place in the first two quarters of the year, the response of output is quick, sizable, and dies out at a relatively fast pace. In contrast, output responds very little when the shock takes place in the third or fourth quarter. We propose a potential explanation for the differential responses based on uneven staggering of wage contracts across quarters. The findings are relevant for policy makers and forecasters, as they imply that the timing of monetary interventions by the Fed matters for the behaviour of output and employment.
"Exchange Rates: Choices and Consequences"
15th & 16th June 2007, University of Cambridge
Organised by Michael Bordo (University of Cambridge, Rutgers University & NBER)
and Christopher M Meissner (University of Cambridge & NBER)
This conference aims to provide a forum for new research on exchange rates and exchange rate regime choice. A small two day conference to be held at the University of Cambridge on 15 and 16 June 2007, with academics, policy makers and market participants will enhance our understanding of these new aspects of exchange rates by showcasing both the theoretical and empirical frontier of research.
WEF/CEPR Discussion Meeting:
"Why Developing Countries Need a Greater Voice in the Global Finance Architecture"
Thursday 16 May 2007, CEPR, 90-98 Goswell Road, London, EC1V 7RR
Presentation and Discussion 17:30-18:30, Tea and Coffee from 17:00
The reform of Financial Architecture to cope with the cross-border financial integration and severe financial crises has focussed on strengthening the institutional and technical policy framework of the developing and emerging markets economies as the weakest links in the system. The evidence that this approach has been successful is very limited. Net capital flows to developing countries remain unstable and limited to a few major emerging markets. This approach has significantly neglected the political underpinnings of financial architecture in terms of legitimacy, with two interrelated aspects to this problem: on the input or decision-making process side, and on the output or policy outcome side. The argument here is that a more inclusive decision-making process, taking account of a broad set of principles of representation in multilateral institutions, is likely to yield outcomes more appropriate to the development needs of poor and emerging market countries. Private corporate interests in developed economies have had greater access to decision-making than e.g. developing IMF member countries. Those who designed it not surprisingly derive the greatest benefit, limiting the legitimacy of what is supposed to be a global system.
Asian and Latin American countries are now abandoning the multilateral IFIs in considerable number. Functioning global financial architecture is part of the solution. Reliance on competing national policies risks a cure worse than the disease. If a broader range of interests is represented in the multilateral decision-making process, the content of policy is likely to prove more acceptable to those who are most vulnerable to the problem of instability, and therefore the legitimacy of the architecture itself will increase. A more flexible system preserving the current range of benefits yet improving the prospects of developing countries would result, and more global development obviously means more for all.
The Paper for this briefing can be downloaded here which is based on the longer WEF working paper WEF0013.
WEF/CEPR Discussion Meeting
"The Challenges of Global Capital Market Integration: How Exchange Rates, Policies and Institutions Matter"
14 March 2007, 5.30-6.30pm
Speaker: Chris Meissner (University of Cambridge, King's College and NBER)
Chair: David Vines (University of Oxford, Australian National University and CEPR)
Global integration of capital markets carries both extreme benefits and risks. However, countries have had very different experiences in harnessing these benefits and minimizing the costs of integration. The narrow view that the less developed and capital scarce countries simply need to open up and attract rich countries' savings has become obsolete. Liberalizing capital flows is not enough. What else matters then? Exchange rate policy, financial development, prudent macroeconomic policy and deep politico-institutional factors are paramount. These key variables play an important role in determining whether countries experience dramatic and painful financial crises or whether they avoid them and instead maintain a steady infusion of scarce capital from abroad. The latter countries improve their growth prospects and ultimately their living standards. The last 150 years of global capital market integration provide a wealth of empirical evidence which underscores these points.
14-15 March 2007, Australian National University
"The Dynamics of Capital Market Governance: Evaluating the Conflicting and Conflating Roles of Compliance, Regulation, Ethics and Accountability"
The management of conflicts of interest is one of the most important areas of regulatory reform introduced in the wake of high profile collapses in Australia and internationally. The problem is magnified precisely because the regulatory framework is based on the structural acceptance that conflicts must only be managed not eradicated. The debate, which is global in nature, raises profound legal, accountability and ethical questions. These apply both to the corporation and regulatory agencies charged with implementing the emergent paradigm, precisely because it is predicated on unparalleled external interference in business practice. The specific form and degree to which the resulting policy is implemented are country-specific. Common themes are, however, observable within and across three dimensions: (1) The introduction of more prescriptive modes of corporate governance; (2) Greater emphasis on the strategic use of enforcement as a behavioural change agent; (3) Increasing but still largely inchoate demands for compliance to be situated within a broader ethical framework.
Please click here for more details
13 February 2007, 5.30-6.30pm
WEF/CEPR Discussion Meeting
Marcus Miller (University of Warwick & CEPR)
'Fear and Market Failure: Global Imbalances and "Self-Insurance"'
In this discussion, Marcus Miller will discuss two current issues in an integrated framework: the emergence of global imbalances and the precautionary motive for accumulating reserves. Standard economic models predict modest current account surpluses in emerging markets if they face higher risk than the United States. But Miller argues that precautionary savings in emerging markets can generate substantial 'global imbalances', especially if there is an inefficient supply of global 'insurance'. In principle, lower real interest rates will ensure aggregate demand equals supply at a global level - though the required real interest may be negative.
Miller will also address the question of sustainability. A precautionary savings glut appears to be a temporary phenomenon, destined for correction as and when adequate reserve levels are achieved. But if a 'Sudden Stop' of capital flows to the United States triggers the process of correction, this could lead to the 'hard landing' that has been forecast by several leading macroeconomists. When precautionary saving is combined with financial panic, history offers no guarantee of full employment.
WEF/CEPR Discussion Meeting
Friday 19 January 2007
Henry Overman & Stephen Redding (London School of Economics)
"The New International Division of Labour"
2.00-4.00pm, HM Treasury
1 Horse Guards Road
London SW1A 2HQ
1st Annual GARNET Conference
Global, Financial and Monetary Governance, the EU, and Emerging Market Economies
27-29 September 2006
"Exchange Rate Intervention: Theory and Experience"
7 & 8 September 2006
Organised by Christopher J. Neely and Mark P. Taylor
Centre for International Macroeconomics and Finance (CIMF), University of Cambridge
Discussion Meeting (A joint WEF/CEPR event)
“The Need for Institutional Changes in the Global Financial System”
21 June 2006, CEPR, 90-98 Goswell Road, London EC1V 7RR
Presentation & Discussion: 17.30 - 18.30
Refreshments: 18.30 - 19.00
Speakers: Stijn Claessens (The World Bank, University of Amsterdam and CEPR) and Geoffrey R. D. Underhill (University of Amsterdam)
Discussant: Jon Danielsson (London School of Economics)
Workshop on Global Imbalances
22 June 2006, Birkbeck University of London, Malet Street, London WC1E 7HX
Rooms 539/540, 13.00 - 17.00
The World Economy and Finance Research Programme plans to hold a workshop on Global Imbalances. Further details and a programme for the afternoon can be found here.
'The Legal Foundations of International Monetary Stability'
27-28 April 2006
'Financial Stability: Theory and Applications'
18-19 May 2006
If you are interested in attending or obtaining the programmes for the above conferences, please email the FMG secretary, or telephone 020 7955 6301.
World Economy and Finance - Workshop
Friday 5 May 2006, 10.30am - 5.00pm
Birkbeck - University of London, Malet Street, London WC1E 7HX -
Room B34 (Refreshments in Room B02/B03)
Workshop's programme - pdf
The Programme's second workshop will be to bring together people from (as far as possible) all the research groups, to enable us all to get a better feel for the shape of the Programme overall, to initiate possible synergies or collaborative work among various groups. We envisage a number of papers on work in progress or maybe recently completed work in the area of your project, or perhaps a preliminary outline of work that you are just getting under way. If you would like to offer a paper or short presentation at the workshop, do please let us know. Thanks again to all who have already offered to speak about their work. Please contact John Driffill if you would like to offer a paper or presentation at the workshop or if you have any queries.
Financial Markets Group & LSE Conferences:
'The Future of Financial Regulation'
Harald Benink & Jon Danielsson
6-7 April 2006
The Economic Impact of Oil Supply Shocks on the G7 Countries
27 February 2006
CEPR, 90-98 Goswell Road, London EC1V 7RR -
Presentation and Discussion 17.30-18.30
Refreshments: 18.30- 19.00
GovNet Conference 2005 - Contemporary Issues in Governance
28-30 November 2005
Monash University, Melbourne, Australia
Governance has affected the operations and outcomes of activities in every organisation. Governance is a dynamic system, evolving along with other political, social, economic and technical revolutions. The roles, responsibilities, and relationships among actors within society, including government agencies, business sector and civil society organisations have changed accordingly, posing new challenges and issues to contemporary governance.
Dr Justin O'Brien from Queen's University, Belfast was an invited speaker.
Accountable Governance: An International Research Colloquium
20-22 October 2005
Queen's University, Belfast
'Regulatory Regime Change in World Financial Markets: The Case of Sarbanes Oxley' involves mapping the dynamic processes through which changes in the governance of the corporation and the capital markets in which it operates are diffused, enacted or resisted.
The Research team would like to extend an invitation to an international conference they are holding at Queen's University, Belfast this October. 'Accountable Governance' brings together senior academics from across the disciplines to map a research agenda for the next few years. The details can be found at:
World Economy and Finance - Workshop
Friday 7 October 2005, 10.00am - 5.00pm
Room 541, Birkbeck - University of London, Malet Street, London WC1E 7HX -
The main purpose of this event will be to bring together people from (as far as possible) all the research groups, to enable us all to get a better feel for the shape of the Programme overall, to initiate possible synergies or collaborative work among various groups. We envisage a number of papers on work in progress or maybe recently completed work in the area of your project, or perhaps a preliminary outline of work that you are just getting under way. If you would like to offer a paper or short presentation at the workshop, do please let us know. Thanks again to all who have already offered to speak about their work. Please contact if you would like to offer a paper or presentation at the workshop or if you have any queries. Click here to see a copy of the Workshop's Programme.