Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 92

Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 96

Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 99

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: Jan 27 - Topic: Global Economics & Governance

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

Warning: Invalid argument supplied for foreach() in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 449
Read article More on this topic More by this author

Opinion

ASEAN Against the World: Strength in the Numbers

Corporate debt in emerging markets has long been perceived as a relevant risk for the global economy. In reality, this perception might be true for some large emerging economies, especially China, but not for its neighboring countries, namely those in the Association of Southeast Asian Nations (ASEAN) region.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: July 19, 2017
Read about event

Upcoming Event

Sep
7-8
09:00

Bruegel Annual Meetings 2017

The Annual Meetings are Bruegel’s flagship event. They offer a mixture of large public debates and small private sessions about key issues in European and global economics. In a series of high-level discussions, Bruegel’s scholars, members and stakeholders will address the economic policy challenges facing Europe.

Speakers: José Antonio Álvarez Álvarez, Agnès Bénassy-Quéré, Pervenche Béres, Jean Luc Demarty, Anna Ekström, Lowri Evans, Sandro Gozi, Peter Grünenfelder, Patrick Graichen, Reiner Hoffman, Levin Holle, Steffen Kampeter, Peter Kažimír, Emmanuel Lagarrigue, Steven Maijoor, Nathalie Moll, James Murray, Carlos Sallé Alonso, André Sapir, Dirk Schoenmaker, Mateusz Szczurek, Marianne Thyssen, Liviu Voinea, Johan Van Overtveldt, James Waterworth, Ida Wolden Bache and Guntram B. Wolff Topic: Energy & Climate, European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance, Innovation & Competition Policy Location: Square - Brussels Meeting Centre
Read about event More on this topic

Upcoming Event

Sep
13
09:00

EU-China Economic Relations: Looking to 2025

This event will see the launch of a report on EU-China relations and discuss issues such as trade and investment, indusstrial cooperation and innovation and global governance

Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read about event More on this topic

Past Event

Past Event

Europe's global positioning and its trade implications for Asia

This event, taking place in Hong Kong will discuss Europe-Asia relations in the context of global developments.

Speakers: Alicia García-Herrero, Peter Mandelson, David Tweed and Guntram B. Wolff Topic: Global Economics & Governance Location: Bloomberg Hong Kong Office 25/F, Cheung Kong Center, 2 Queen's Road, Central, Hong Kong Date: July 7, 2017
Read article More on this topic More by this author

Opinion

Engagement in a time of turbulence

The arrival of China as an increasingly significant setter of global standards may be uncomfortable for India but is near-inevitable and needs to be planned for.

By: Suman Bery Topic: Global Economics & Governance Date: July 5, 2017
Read article Download PDF More by this author

Policy Contribution

The challenge of China’s rise as a science and technology powerhouse

China's ambition to be a global leader in science and innovation by 2050 seems well within reach. The creation of US-Chinese science and technology networks is enabling China to catch up and helping the US to keep its position at the science frontier. What steps should be taken by the EU to engage more with China, not to miss out in the future multipolar science and technology world?

By: Reinhilde Veugelers Topic: Global Economics & Governance, Innovation & Competition Policy Date: July 4, 2017
Read about event

Upcoming Event

Sep
28
12:30

Unfinished business: The unexplored causes of the financial crisis and the lessons yet to be learned

At this event Tamim Bayoumi will present his upcoming book on the financial crisis, showing how how the Euro crisis and U.S. housing crash were, in fact, parasitically intertwined.

Speakers: Tamim Bayoumi, Maria Demertzis and Aerdt Houben Topic: European Macroeconomics & Governance, Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read about event More on this topic

Upcoming Event

Oct
2
09:00

Europe and Japan: Monetary policies in the age of uncertainty

The 5th Bruegel - Graduate School of Economics, Kobe University conference will focus on monetary policy.

Speakers: Kosuke Aoki, Ulrich Bindseil, Zsolt Darvas, Lex Hoogduin, Miles Kimball, Eric Lonergan, Tamotsu Nakamura, Athanasios Orphanides, Wataru Takahashi, Tokiko Shimizu 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

Podcast

Podcast

Global trade and Europe

Multilateral trade has generated a huge amount of wealth, and lifted many around the world out of poverty. But there is also growing awareness that globalisation is creating “losers”, and this risks feeding a backlash against multilateral trade. We explore the benefits and risks of multilateral trade, and ask how Europe should behave in a shifting context

By: The Sound of Economics Topic: Global Economics & Governance Date: June 30, 2017
Read about event More on this topic

Upcoming Event

Sep
20-21
09:00

14th Asia Europe Economic Forum (AEEF)

The 14th Asia Europe Economic Forum will be held in Seoul on 20-21 September 2017.

Topic: Global Economics & Governance Location: Seoul, Korea
Read article Download PDF

Policy Contribution

How to handle state-owned enterprises in EU-China investment talks

Chinese state-owned enterprises (SOEs) are one of the main obstacles preventing China and the European Union from agreeing a bilateral investment agreement. Creating barriers to prevent Chinese companies acquiring European assets will not solve the problem, but bringing Chinese corporate governance closer to global market principles will be essential to ensure European and Chinese corporates operate on an equal footing in their cross-border investment decisions.

By: Alicia García-Herrero and Jianwei Xu Topic: Global Economics & Governance Date: June 19, 2017
Read article More on this topic More by this author

Blog Post

The Fed’s problem with inflation

What’s at stake: the Federal Reserve raised the benchmark interest rate by one-quarter of a percentage point. The moved surprised no one, but it still prompted economists to asks themselves questions about the Fed’s relationship with inflation. We review the most recent contributions.

By: Silvia Merler Topic: Global Economics & Governance Date: June 19, 2017
Load more posts