McKinnon Lectures (No.13): Global Monetary Policy Observation and Financial Risk Prevention

2018-11-21 IMI

On November 21st, 2018, the McKinnon Lectures（No.13），which is organized by the International Monetary Institute (IMI) of Renmin University of China, was held in Meeting Room 801 of Mingde Building of Renmin University of China. Mr. Edmond Alphandéry, the President of the Euro50 Group and Former French Minister of Finance, was invited as the keynote speaker . He delivered a keynote speech on “Global Monetary Policy Observation and Financial Risk Prevention”. The lecture was chaired by Zhang Zhixiang, IMI Academic Committee member，Former Executive Director for China in IMF and Professor at the School of Finance. Wei Benhua, IMI Academic Committee member，Former Deputy Director of the State Administration of Foreign Exchange and Former Executive Director for China in IMF and Zhao Xuankai，Researcher of IMI，Lecturer of the China Center for Internet Economy Research，Central University of Finance and Economist，attended the seminar. At the beginning of the lecture，Professor Edmond Alphandéry sincerely cherished the memory of his friend Mr. McKinnon and expressed the admiration for his knowledge. And then he described the valuable enlightenment acquired from the discussion with Mr. McKinnon. The lecture included two parts. The first part ：the situation and impact of capital flows in the global financial system. The second part：the significance of market confidence. In the first part，he proposed that the monetary policy set by the Fed will have huge impact on capital flows in other countries，especially in Emerging Markets（EMs）. After the financial crisis，the Quantitative Easing policy set by the Fed had brought hot money flow into EMs and created asset bubbles. After the topic about global capital movements ，Mr. Edmond Alphandéry then deeply analysed the role of confidence in financial market. In the final discussion session, all guests had in-depth discussion of multiple issues in a friendly and candid atmosphere. Benhua Wei believed that countries should strengthen cooperation, take responsibility and abide by the rules in the international economic system. Many guests mentioned that there was a problem of mismatch between economic strength and discourse power in today's international financial system. In order to establish a better international monetary system, a more fair distribution of discourse power should be achieved. Professor Alphandéry proposed that China and the EU should strengthen cooperation on the issues of climate change and use the price of carbon emission rather than the quantity of that as the goal of regulation. Besides, working together to build a more reasonable financial system will lead to the prosperity and development of Central Europe and even the world. The McKinnon lecture was concluded successfully in the warm applause. All the participants said they had benefited a lot from this lecture. Professor McKinnon was the founder of contemporary financial development theory and a famous and well-respected economist of this era. Upon the establishment of IMI in the beginning of 2009, he was appointed as a member of the Advisory Board and made outstanding contributions to the development of the Institute. After the death of Professor McKinnon in October 2014, his family generously donated his 1897 books to the Institute. Therefore, the Institute renamed the IMI Lecture to McKinnon Lecture in commemoration of Professor McKinnon. McKinnon Lecture adheres to the combination of “going out” and “inviting in” and invites famous national and international experts to give lectures on the issues of theory and policy in the monetary and financial field.

DOWNLOAD

McKinnon Lectures (No.13): Global Monetary Policy Observation and Financial Risk Prevention

related articles

tags