International Symposium on Challenges of the Global Financial and Economic Crisis – Towards a “New Economic Multilateralism”
2016/09/10 read：583
On April 20th and 21st, 2009, International Symposium on Challenges of the Global Financial and Economic Crisis – Towards a “New Economic Multilateralism” was held in Shanghai Equatorial Hotel. This conference was co-sponsored by SIIS and Friedrich Ebert Foundation. The participants to this conference include scholars coming from countries such as the United States, Germany, South Korea, Japan, and Argentina, as well as those from Beijing and Shanghai. The major issues having been discussed are mainly concerned with the following four aspects: the causes and global implications of the financial crisis, and the role of financial regulations; how to stabilize global real economy; what measures are available for developing countries to tackle this crisis; what will be the core components of the New Economic Multilateralism.
Most of the scholars here believe that, under current context of more integrated global financial markets, this crisis has disclosed the gaps caused by the fact that the financial regulatory rule in developed countries lagged behind the trend of financial globalization. We should strengthen transnational cooperation in financial regulations and enhance the coordinating role of International Financial Institutions. The consequences of the financial crisis, such as capital outflow, export shrinking, sharp decline of prices of natural resources, have done great harm to economic growth and employment in developing countries. In order to help the developing countries tackle the financial crisis, we should grant them more policy instruments for adjusting their economies. In addition to traditional monetary and fiscal policy instruments, the developing countries should also have the right of implementing capital control, so as to prevent the shock of capital flight. On the other hand, the developing countries’ fiscal and financial resources have been almost exhausted by the financial crisis, which makes a sharp contrast with the need to use expansionary fiscal policies to prevent their economies from falling into recession. So the international aid to developing countries should not only focus on short-term liquidity problem, but also on their stimulating fiscal policies. There were also the discussions on the central role of G20 in tackling current financial crisis and building future international financial system. The G20 can play an important role in the reform of international financial system through further coordination of efforts made by international financial institutions such as IMF, World Bank, Financial Stability Board. This definitely needs further synergy and cooperation of the international society.
related reports please visit: http://wenhui.news365.com.cn/gj/200904/t20090423_2291540.htm
Most of the scholars here believe that, under current context of more integrated global financial markets, this crisis has disclosed the gaps caused by the fact that the financial regulatory rule in developed countries lagged behind the trend of financial globalization. We should strengthen transnational cooperation in financial regulations and enhance the coordinating role of International Financial Institutions. The consequences of the financial crisis, such as capital outflow, export shrinking, sharp decline of prices of natural resources, have done great harm to economic growth and employment in developing countries. In order to help the developing countries tackle the financial crisis, we should grant them more policy instruments for adjusting their economies. In addition to traditional monetary and fiscal policy instruments, the developing countries should also have the right of implementing capital control, so as to prevent the shock of capital flight. On the other hand, the developing countries’ fiscal and financial resources have been almost exhausted by the financial crisis, which makes a sharp contrast with the need to use expansionary fiscal policies to prevent their economies from falling into recession. So the international aid to developing countries should not only focus on short-term liquidity problem, but also on their stimulating fiscal policies. There were also the discussions on the central role of G20 in tackling current financial crisis and building future international financial system. The G20 can play an important role in the reform of international financial system through further coordination of efforts made by international financial institutions such as IMF, World Bank, Financial Stability Board. This definitely needs further synergy and cooperation of the international society.
related reports please visit: http://wenhui.news365.com.cn/gj/200904/t20090423_2291540.htm