Past Event

Against the consensus: Reflections on the great recession

Five years after the global financial crash of 2008, at least one aspect is clear: It’s been a rocky road to recovery. From southern European countries undergoing debt crises to concerns that the U.S. and other developed nations are not creating jobs fast enough, it’s clear that many countries are still grappling with the question […]

Date: January 27, 2014, 8:30 am

Five years after the global financial crash of 2008, at least one aspect is clear: It’s been a rocky road to recovery. From southern European countries undergoing debt crises to concerns that the U.S. and other developed nations are not creating jobs fast enough, it’s clear that many countries are still grappling with the question of how to ensure viable economic recovery in the long term without putting an undue strain in the short term. However, before further policies are implemented, are we so certain of the causes of the 2008 crash in the first place?

At this Breakfast Seminar Justin Yifu Lin, former Chief Economist and Senior Vice President of the World Bank (a position he held from 2008-2012) will present his book Against the Consensus. The book offers an unorthodox perspective on the cause of the financial crisis, why it was so serious and widespread, and its likely evolution. While many point to East Asian economies as the cause of the crisis (due to their export-oriented strategies, accumulation of foreign reserves as self-insurance, and especially undervaluation of Chinese currency), Lin instead argues that the combination of financial deregulation in the U.S. and loose monetary policy ultimately triggered the housing bubble and its meltdown. Illustrating that conventional theories provide inadequate solutions, Lin not only recommends the creation of a global Marshall Plan, but also of a new supranational global reserve currency.

Speakers

  • Justin Yifu Lin, Former former World Bank Chief Economist and Senior Vice President, Development Economics
  • Chair: Guntram Wolff, Director of Bruegel

Justin Yifu Lin is Professor and Honorary Dean of the National School of Development at Peking University. He was Chief Economist and Senior Vice President of the World Bank between 2008 and 2012, and was the first economist from the developing world to hold this position. Prior to joining the World Bank, Lin served for 15 years as Founding Director and Professor of the China Centre for Economic Research at Peking University. He is the author of 23 books, most recently Demystifying the Chinese Economy (Cambridge, 2011) and the Quest for Prosperity: How Developing Countries Can Take Off (Princeton, 2012).

Guntram Wolff is the Director of Bruegel from June 2013. He joined Bruegel in April 2011 and was Bruegel’s Deputy Director prior to becoming Director. His research focuses on the European Union economy and governance, on fiscal policy, and global finance. He is also a member of the French prime minister’s Conseil d’Analyse Economique.

He has joined Bruegel from the European Commission, where he worked on the macroeconomics of the euro area and the reform of its governance. Prior, he was an economist at the Deutsche Bundesbank, where he coordinated the research team on fiscal policy. He also worked as an adviser to the International Monetary Fund.

He currently teaches at Université libre de Bruxelles and serves on the advisory board of the European Studies center of Corvinus university Budapest. He holds a PhD from the University of Bonn, studied economics in Bonn, Toulouse, Pittsburgh and Passau and previously taught economics at the University of Pittsburgh. He has published numerous papers in leading academic journals. Guntram is fluent in German, English, French and has good notions of Bulgarian and Spanish. His columns and policy work are published and cited in leading international media such as the Financial Times, the New York Times, Wall Street Journal, El Pais, La Stampa, FAZ, Handelsblatt, Financial Times Deutschland, BBC, ZDF, WDR, Die Welt, CNBC and others.

Event materials

Presentation by Justin Yifu Lin Download

Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
  • Time: Monday 27 January 2013, 8:15 – 10:00 (Breakfast will be served at 8:15 before the event begins at 8:30)
  • Contact:Matilda Sevón, Events Coordinator – matilda.sevon[at]bruegel.org

Topics

Read article More on this topic More by this author

Blog Post

Jérémie Cohen-Setton

The economics of crime and punishment

What’s at stake: The Senate announced this week revisions to a sentencing reform bill – the Sentencing Reform and Corrections Act – that would lower mandatory minimums for some low-level drug crimes.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: May 2, 2016
Read about event More on this topic

Upcoming Event

11 
May
2016
13:00

The United States and Europe: Short-term divergence but shared challenges

Europe and the United States have had divergent experiences since the Economic crisis but they share several challenges in the years ahead. How can those challenges be turned into opportunities?

Speakers: Jason Furman, Natacha Valla and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read about event More on this topic

Past Event

Past Event

Will China's slowdown bring headwinds or opportunities for Europe and Central Asia?

After years of rapid growth, China's GDP is expanding more slowly. There are fears about the global impact, but could there also be opportunities for Europe and Central Asia?

Speakers: Maurizio Bussolo, André Sapir and Jianwei Xu Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 29, 2016
Read article More on this topic More by this author

Opinion

Alicia García-Herrero

Debt, not reserves, to constrain China’s cross-border buying spree

Despite an $800 billion drain on China’s foreign reserves over the last 20 months, Chinese firms have been on a buying spree that has only accelerated since the beginning of the year.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: April 27, 2016
Read article More on this topic More by this author

Opinion

Alicia García-Herrero

Chinese banks: the way forward

Despite the economic downturn the Chinese banking system continues its expansion. Concerns are rising about the institutions' strenght, as bad loans continue to grow. Heightened competition among fintech companies and low net interest margin are other causes for concern.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: April 19, 2016
Read about event More on this topic

Upcoming Event

2 
Jun
2016
09:00

Iran: economic cooperation after the sanctions

What business opportunities might arise for Europe from the lifting of sanctions against Iran and how can Europe and Iran cooperate in crucial sectors such as energy?

Speakers: Ali Shams Ardekan, Benjamin Godel, Zahra Jazayeri, Mohsen Pakparvar, Simone Tagliapietra, HE Peiman Seadat, Farhad Sharif and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read article More on this topic More by this author

Blog Post

Alicia García-Herrero

Japan needs labour market reform, not just higher wages

The Japanese government is trying to boost wages, but this is not enough to jumpstart growth. Japan needs to reform its labour market to increase the number of women in the workforce and boost labour productivity.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: April 14, 2016
Read article More on this topic More by this author

Blog Post

Jérémie Cohen-Setton

Trade deficits and jobs at the ZLB

What’s at stake: In the populist narrative against globalization, trade deficits are seen as costing jobs. While this mercantilist view of the world is hard to square in normal times, a number of authors have suggested that the intellectual basis for that view is stronger in a liquidity trap.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: April 4, 2016
Read about event More on this topic

Past Event

Past Event

Seven Years after the Crisis: Intersecting Perspectives

The global economy is still marked by the effects of the financial crisis. Advanced and emerging economies display divergent narratives in the post-crisis period, but what can they learn from each other?

Speakers: Abdelaziz Ait Ali, Karim El Aynaoui, Hakim Ben Hammouda, Samir Benmakhlouf, Dominique Bocquet, Marek Dabrowski, Uri Dadush, Laura El-Katiri, Karim El Mokri, Iñigo Fernandez de Mesa, Manfred Hafner, Malika Laasri Lahou, Ted Moran, Mehmet Öğütçü, Nicolò Russo Perez, Marco Raganella, Ahmed Rahhou, Stefano Sacchi, Edward Scicluna, Simone Tagliapietra, Heliodoro Temprano Arroyo, Guntram B. Wolff, Georg Zachmann, Daniela Zampini, Marie Francoise Marie-Nelly and Chiedu Osakwe Topic: Global Economics & Governance Location: Rabat, Morocco Date: March 31, 2016
Read article More by this author

Blog Post

Jérémie Cohen-Setton

The procyclicality of TFP growth

What’s at stake: The argument that total factor productivity (TFP) is procyclical has been getting a lot of airtime over the past few weeks as it was central to understanding the recent controversy over the economic impact of Sanders. But it also speaks to the question of the current TFP slowdown and to the issue of a clean separation between cycles and trends.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance, Global Economics & Governance Date: March 29, 2016
Read article More on this topic More by this author

Blog Post

Jérémie Cohen-Setton

The trade-backlash explanation of Trump & Sanders

What’s at stake: The success of presidential candidates Donald Trump and Bernie Sanders has had bloggers wondered whether the backlash against globalization is eventually getting political traction.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: March 21, 2016
Read article More by this author

Opinion

Guntram B. Wolff

The G20’s structural reform agenda should address income gap and financial system fragility

G20 leaders must address major issues like the distribution of income and the structure of our financial systems in order to combat the deeper underlying causes of weak global demand.

By: Guntram B. Wolff Topic: Finance & Financial Regulation, Global Economics & Governance Date: March 15, 2016
Load more posts