Conference

21st Annual Hyman P. Minsky Conference on the State of the US and World Economies

Debt, Deficits, and Financial Instability

Audio:

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April 11–12, 2012

Ford Foundation
320 East 43 Street, New York City

A conference organized by the Levy Economics Institute of Bard College with support from the FordFoundationLogo

In April 2012, leading policymakers, economists, and analysts will gather at the New York headquarters of the Ford Foundation to take part in the Levy Institute’s 21st Annual Hyman P. Minsky Conference. This conference will address, among other issues, the challenge to global growth represented by the eurozone debt crisis; the impact of the credit crunch on the economic and financial markets outlook; the sustainability of the US economic recovery in the absence of support from monetary and fiscal policy; reregulation of the financial system and the design of a new financial architecture; and the larger implications of the debt crisis for US economic policy, and for the international financial and monetary system as a whole.

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Program

Wednesday, April 11

8:00−9:00 a.m. Breakfast and Registration
9:00−9:30 a.m. Welcome and Introduction
9:30−10:30 a.m. SPEAKER: Esther L. George, President and CEO, Federal Reserve Bank of Kansas City
"Financial Stability and Supervision: Weathering the Inevitable Crisis"
10:30 a.m. − 12:00 p.m. Session 1. Public Debt, Private Debt and Financial Instability
MODERATOR: Dimitri B. Papadimitriou, President, Levy Institute
SPEAKERS: Claudio Borio, Deputy Head, Monetary and Economic Department, and Director, Research and Statistics, Bank for International Settlements
(PowerPoint Presentation in PDF)
Bruce C. N. Greenwald, Professor, Columbia University
Joseph E. Stiglitz, Professor, Columbia University
12:00−1:00 p.m. SPEAKER:  Roberto Frenkel, Principal Research Associate, Centro de Estudios de Estado y Sociedad (CEDES)
1:00−2:45 p.m. Lunch
SPEAKER: Henry Kaufman, President, Henry Kaufman & Company, Inc.
"In the Aftermath of the Financial Crisis"
2:45−4:15 p.m. Session 2. Reporting On Financial Crisis and Financial Reform
MODERATOR: Louis Uchitelle, Economics Writer for The New York Times and Other Publications
SPEAKERS: Gillian Tett, US Managing Editor, Financial Times
Yalman Onaran, Senior Writer, Bloomberg News, and Author, Zombie Banks
Jeff Madrick, Editor, Challenge; Senior Fellow, Roosevelt Institute; and Senior Fellow, Bernard Schwartz Center for Economic Policy Analysis, The New School
4:15−4:30 p.m. Coffee Break
4:30−6:00 p.m. Session 3. Ford-Levy Institute Research Projects on Financial Reregulation and Governance of the Government Safety Net
SPEAKERS:  Jan Kregel, Senior Scholar, Levy Institute, and Professor, Tallinn Technical University
(PowerPoint Presentation in PDF)
“Using Minsky to Simplify Financial Regulation”
L. Randall Wray, Senior Scholar, Levy Institute, and Professor, University of Missouri–Kansas City
(PowerPoint Presentation in PDF)
6:00 p.m. Reception and Dinner 
SPEAKER: Andrea Enria, Chairperson, European Banking Authority
"Supervisory Policies and Bank Deleveraging: A European Perspective"
(Presentation in PDF)

Thursday, April 12

8:30−9:00 a.m. Breakfast
9:00−10:00 a.m. SPEAKER: Peter Praet, Chief Economist and Executive Board Member, European Central Bank
"Deleveraging, Rebalancing and Institutional Reforms in the Euro Area"
10:00 a.m. − 12:00 p.m. Session 4. Progress and Implications of Financial Reform Proposals
MODERATOR: Deborah Solomon, Member, Editorial Board, Bloomberg View
SPEAKERS: Christine M. Cumming, First Vice President, Federal Reserve Bank of New York
J. Nellie Liang, Director, Office of Financial Stability and Research, Federal Reserve Board
(PowerPoint Presentation in PDF)
Frank Partnoy, Professor, School of Law, University of San Diego
12:00−2:00 p.m. Lunch
SPEAKER: Martin J. Gruenberg, Acting Chairman, Federal Deposit Insurance Corporation
"The FDIC's Role in the Resolution of Systemic Financial Institutions"
2:00−3:00 p.m. Session 5. Building Eurozone Financial Stability
MODERATOR: Justin Lahart, Economics Reporter, The Wall Street Journal
SPEAKERS: Avinash Persaud, Chairman, Intelligence Capital Ltd.
Adam Posen, Senior Fellow, Peterson Institute for International Economics, and External Member, Monetary Policy Committee, Bank of England
Martin Wolf, Columnist, Financial Times
3:00−3:15 p.m. Coffee Break
3:15−4:30 p.m. Session 6. Central Bank Independence, Financial Reform and Financial Stability
MODERATOR: Peter Coy, Economics Editor, Bloomberg Businessweek
SPEAKERS: Michael Greenberger, Professor, School of Law, and Director, Center for Health and Homeland Security, The University of Maryland
Bernard Shull, Professor Emeritus, Hunter College, and Special Consultant, NERA Economic Consulting
(PowerPoint Presentation in PDF)
P. Morgan Ricks, Professor of Law, Harvard University
(PowerPoint Presentation in PDF)
4:30−5:30 p.m. SPEAKER: Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions, US Department of the Treasury
5:30−6:30 p.m. Reception
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Conference Participants

Cyrus Amir-Mokri
Assistant Secretary for Financial Institutions, US Department of the Treasury

Claudio Borio
Deputy Head of the Monetary and Economic Department and Director of Research and Statistics, Bank for International Settlements

Peter Coy
Economics Editor, Bloomberg Businessweek

Christine M. Cumming
First Vice President, Federal Reserve Bank of New York

Andrea Enria
Chairperson, European Banking Authority

Roberto Frenkel
Principal Research Associate, Centro de Estudios de Estado y Sociedad (CEDES)

Esther L. George
President and CEO, Federal Reserve Bank of Kansas City

Michael Greenberger
Professor, School of Law, and Director, Center for Health and Homeland Security, The University of Maryland

Bruce C. N. Greenwald
Professor of Finance and Asset Management, Columbia University

Martin J. Gruenberg
Acting Chairman, Federal Deposit Insurance Corporation

Henry Kaufman
President, Henry Kaufman & Company, Inc.

Jan Kregel
Senior Scholar, Levy Institute, and Professor, Tallinn Technical University

Justin Lahart
Economics Reporter, The Wall Street Journal

J. Nellie Liang
Director, Office of Financial Stability Policy and Research, Federal Reserve Board

Jeff Madrick
Editor, Challenge; Senior Fellow, Roosevelt Institute; and Senior Fellow, Bernard Schwartz Center for Economic Policy Analysis, The New School

Yalman Onaran
Senior Writer, Bloomberg News; Author, Zombie Banks

Dimitri B. Papadimitriou
President, Levy Institute

Frank Partnoy
George E. Barrett Professor of Law and Finance, University of San Diego School of Law

Avinash Persaud
Chairman, Intelligence Capital Ltd.

Adam Posen
Senior Fellow, Peterson Institute for International Economics, and External Member, Monetary Policy Committee, Bank of England

Peter Praet
Chief Economist and Executive Board Member, European Central Bank

P. Morgan Ricks
Visiting Assistant Professor of Law, Harvard Law School

Bernard Shull
Professor Emeritus, Hunter College, and Special Consultant, NERA Economic Consulting

Deborah Solomon
Member, Editorial Board, Bloomberg View

Joseph E. Stiglitz
Professor of Finance and Economics, Columbia University

Gillian Tett
US Managing Editor, Financial Times

Luis A. Ubiñas
President, Ford Foundation

Louis Uchitelle
The New York Times

Martin Wolf
Columnist, Financial Times

L. Randall Wray
Senior Scholar, Levy Institute, and Professor, University of Missouri–Kansas City

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