International Symposium Productivity Competitivity and Globalisation
Total Page:16
File Type:pdf, Size:1020Kb
Productivité Colloque Compétitivité international et Globalisation NOVEMBRE 2005 Productivity International Competitivity Symposium and Globalisation NOVEMBER 2005 CONTENTS (Participants titles are at the time of the Symposium) CONTRIBUTORS 163 INTRODUCTION 177 OPENING Christian NOYER, Governor, Banque de France 179 SPEECH SESSION 1 CHANGES IN PRODUCTIVITY AND COMPETITIVENESS: CONCEPTS AND STYLISED FACTS 183 Chairperson: Jean-Claude TRICHET, President, European Central Bank 185 Speaker: Bart van ARK, Professor, University of Groningen and the Conference Board Europe 187 “Europe’s productivity gap: Catching up or getting stuck?” Discussants: Christine CUMMING, First Vice President, Federal Reserve Bank of New York 204 Daniel COHEN, Professor, École normale supérieure-Ulm (Paris) 207 Marc-Olivier STRAUSS-KAHN, General Director of Economics and International Relations, Banque de France 208 SESSION 2 IMPACT ON THE INTERNATIONAL ALLOCATION OF CAPITAL AND GLOBAL IMBALANCES 213 Chairperson: Axel WEBER, President, Deutsche Bundesbank Speaker: William WHITE, Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements 215 “Changes in productivity and competitiveness: Impact on the international allocation of capital and global imbalances” Discussants: Patrick ARTUS, Chief economist, Ixis Corporate & Investment Bank 230 Leszek BALCEROWICZ, President, Narodowy Bank Polski 239 Guillermo ORTIZ, Governor, Banco de México 242 Banque de France • International Symposium: Productivity, competitiveness and globalisation • November 2005 161 CONTENTS SESSION 3 ECONOMIC ADJUSTMENT AND POLICY RESPONSES 251 Chairperson: Rodrigo de RATO Y FIGAREDO, Managing Director, International Monetary Fund 253 Speaker: Otmar ISSING, Member of the Executive Board, European Central Bank 255 “Addressing global imbalances: The role of macroeconomic policy” Discussants: Agnès BÉNASSY-QUÉRÉ, Deputy-Director, CEPII 268 Kristin FORBES, Associate Professor, MIT Sloan School of Management 271 YI Gang, Assistant Governor, People’s Bank of China 275 ROUND TABLE WHAT IMPLICATIONS FOR INTERNATIONAL FINANCIAL STABILITY? 277 Chairperson: Roger FERGUSON, Vice Chairman, Board of Governors of the Federal Reserve System 279 Panellists: David DODGE, Governor, Bank of Canada 281 Toshihiko FUKUI, Governor, Bank of Japan 284 ZETI Akhtar Aziz, Governor, Bank Negara Malaysia 286 Yaga Venugopal REDDY, Governor, Reserve Bank of India 289 Jacob A. FRENKEL, Vice-chairman, AIG and Chairman, Group of Thirty 296 CONCLUDING Stanley FISCHER, Governor, Banque of Israël 301 REMARKS PARTICIPANTS 305 162 Banque de France • International Symposium: Productivity, competitiveness and globalisation • November 2005 CONTRIBUTORS About the contributors (November 2005) Banque de France • International Symposium: Productivity, competitiveness and globalisation • November 2005 163 CONTRIBUTORS About the contributors (November 2005) ARTUS Patrick Chief economist Ixis Corporate & Investment Bank Graduated from École polytechnique in 1970, from Institut d’études politiques de Paris in 1975, from École nationale de la statistique et de l’administration économique (ENSAE) in 1975 1975-1980: Administrator at INSEE (national statistical institute); 1980-1982: Economist at OECD; 1982-1985: Academic Dean of ENSAE; 1985-1988: Economic Advisor at Banque de France; 1988-2003: Chief economist and Head of Market Research, Caisse des dépôts et consignations. He is today the Chief economist of IXIS Corporate and Investment Bank, the investment bank of Caisse d’épargne Group (which is one of the largest banking network in France). Professor of Economics and Finance at École polytechnique, Associate Professor at University of Paris I – Sorbonne, member of the Council of economic Advisors to the French Prime Minister. « Crises des pays émergents », Economica, Paris, (2000); « L’euro et la Banque centrale européenne », Economica, Paris, (2001); « La nouvelle économie », La Découverte, Paris (2001); « La France peut se ressaisir », Economica, Paris (2004); « Le capitalisme est en train de s’autodétruire », La Découverte, Paris, 2005. BALCEROWICZ Leszek President Narodowy Bank Polski Leszek Balcerowicz was born in Lipno, Poland in 1947. In 1970 he graduated with distinction from Foreign Trade faculty in Central school of Planning and Statistics (CSPS) in Warsaw (now Warsaw School of Economics). In 1974 he gained an MBA at St. John’s University in New York and in 1975 he received his Ph.D. in economics at the CSPS. Among his academic distinctions are visiting fellowships at the University of Sussex (1985), and Marburg University (1988). Since October 1992 Leszek Balcerowicz has been a Professor at the Warsaw School of Economics (WSE), and since 1993 he has been a Director of Chair of International Comparative Studies at WSE. He has given many lectures and seminars world-wide. He has numerous publications on economic issues in Poland and abroad. He is a member of Polish Association of Sociologists and Polish Association of Economists. In 1992-2000 he was a chairman of the Center for Social and Economic Research (CASE) based in Warsaw. In September 1989 Leszek Balcerowicz became Deputy Prime Minister and Minister of Finance in the fi rst non-communist government in Poland after II World War. He was also President of the Economic Committee of the Council of Ministers. In this vital period in Poland’s transition he designed and executed the radical stabilisation and transformation of Polish economy. He retained his positions in the government until December 1991. From April 1995 to December 2000 he was the President of the Freedom Union (UW). From 1997 to June 2000 he was Deputy Prime Minister, Minister of Finance and president of the Economic Committee of the Council of Ministers. In January 2001, the Sejm of the Republic of Poland appointed Leszek Balcerowicz to the post of the President of the NBP. 164 Banque de France • International Symposium: Productivity, competitiveness and globalisation • November 2005 CONTRIBUTORS About the contributors (November 2005) BÉNASSY-QUÉRÉ Agnès Deputy-Director CEPII Agnès Bénassy-Quéré is Deputy-Director at CEPII, the French main research centre in international economics. She is in charge of the research programmes in economic policy and international money and fi nance. She is also a Professor at University of Paris X-Nanterre and an Associate Professor at École polytechnique. She owns a Ph.D. in economics from University of Paris IX-Dauphine. After being employed as an economist at the French Ministry of Economy and Finance (1991-1992), she worked as an Associate Professor at University of Cergy-Pontoise (1993-1996) and as a Professor at University of Lille 2 (1996-1999). She has worked at CEPII as a scientifi c Advisor (1996-1998, 2001-2003) and as a Deputy-Director in 1999-2000 and since 2004. She is also a member of the French Commission économique de la Nation and of the Shadow ECB Council. The research interests of Agnès Bénassy-Quéré cover the international monetary system and European economic policy issues. COHEN Daniel Professor of Economics University of Paris (Panthéon-Sorbonne) Daniel Cohen is Professor of economics, Université de Paris (Panthéon-Sorbonne) and École normale supérieure, Paris. He is also a member of the Council of economic analysis of the French Prime Minister and an Op-Ed columnist to « Le Monde » magazine. Mr. Cohen is a distinguished fellow from Association française de sciences économiques in 1987 and was appointed “Economist of the year” in 1997, by « Le Nouvel Economiste ». From 1991 to 1998, he was the co-director of the International Macroeconomics Program at the Center for Economic Policy Research (CEPR). Prior to that, Mr. Cohen served as a consultant to the World Bank, from 1984 to 1997. He has served as an adviser to the Bolivian government (along with Jeffrey Sachs) and was a visiting Scholar at Harvard University from 1981 to 1982. He has published several books, including “Private lending to sovereign states”, “Our modern times” and “The wealth of the world and the poverty of nations” which were translated into 15 languages. Banque de France • International Symposium: Productivity, competitiveness and globalisation • November 2005 165 CONTRIBUTORS About the contributors (November 2005) CUMMING Christine M. First Vice President Federal Reserve Bank of New York Ms. Cumming is First Vice President of the Federal Reserve Bank of New York, the second ranking offi cer in the Bank and serves as its chief operating offi cer, as well as an alternate voting member of the Federal Open Market Committee. Prior to being named to her new position, Ms. Cumming was Executive Vice President and Director of Research with responsibility for the Research and Statistics Group. She assumed these responsibilities in September 1999. From March 1994 until September 1999, she was Senior Vice President responsible for the Bank Analysis and Advisory and Technical Services Functions in the Bank Supervision Group. Ms. Cumming joined the Bank’s staff in September 1979 as an economist in the International Research Department, and spent several years leading units in research which covered the industrial countries and the international fi nancial markets. Later, while in the Bank’s International Capital Markets staff, she worked on topics such as the liquidity of banks and securities fi rms, the international competitiveness of US fi nancial institutions, and the implications of fi nancial innovation. In January 1992, she was appointed Vice President