DOCSLIB.ORG

36. Volkswirtschaftliche Tagung 2008 – 36Th Economics Conference 2008

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
36. Volkswirtschaftliche Tagung 2008 – 36Th Economics Conference 2008 Vortragende – Speakers 188 27. Mai 2008 Vortragende – Speakers Karl Aiginger ment). Mr. Beyrer was a member of the Karl Aiginger, born in 1948, has been EU-Expert-Team („EU-Cadett“) of the Director of the Austrian Institute of Department for European Integration- Economic Research (WIFO) since and Trade Policy in the Austrian Fed- March 2005. He is a professor of eco- eral Economic Chamber from 1992 to nomics at the University of Linz and he 1994. Markus Beyrer studied law and held a position of a visiting professor at commercial sciences at the University Stanford University (1982 and 2002); of Vienna and the Vienna University of the Massachusetts Institute of Technol- Economics and Business Administra- ogy (MIT, 1991); and the University of tion; he completed a postgraduate mas- California Los Angeles (UCLA, 1997). ter course for European Law – Euro- He has contributed to the Austrian Ad- Jus– at the Danube University Krems. visory Council for Economic and Social Affairs and the Reform Dialogue of the Josef Christl Austrian Government. He is a lead Josef Christl was born in Mattighofen, manager and contributor to the Euro- Austria, in 1952. He studied business pean Competitiveness Reports since administration at the University of Graz 1998. He is the editor of the Journal of Industry, Competition and Trade (JICT, jointly with André Sapir). Key areas of research include industrial eco- nomics, industrial policy and competi- tiveness. Markus Beyrer Markus Beyrer has been Secretary Gen- eral of the Federation of Austrian In- dustries since August 2004. After his occupation as expert for European and International Affairs in the Department for Environmental Policy in the Aus- trian Federal Economic Chamber and economics at the University of (1996–1999), he became Director of Vienna and the Institute for Advanced the Economic Policy Department of Studies (IHS). He started his career as the Austrian Federal Economic Cham- an economist at the Ministry of Social ber in 2002. From 1999 to 2002, he Affairs. From 1984 to 1993, Josef was working for the former Federal Christl held the position of a Senior Chancellor Wolfgang Schüssel of Aus- economist at Creditanstalt to become tria as senior economic advisor. Markus Chief Economist of Creditanstalt in Beyrer also participated in a Concours 1993. In 2001, he was appointed Chief at the European Commission (success- Economic Advisor to the Austrian Min- ful candidate) and he was employed as ister of Finance. In 2003, Josef Christl Attaché for Industrial and Commercial joined the Oesterreichische National- Affairs at the Permanent Representa- bank, where he held the positions of tion of Austria to the European Union Excutive Director Economics and Fi- from 1994 to 1996. In spring 1994, he nancial Markets and Member of the made a stage in the European Commis- Governing Board until summer 2008. sion, Directorate General XI (Environ- In addition, Josef Christl is a Professor 36. VOLKSWIRTSCHAFTLICHE TAGUNG 2008 189 Vortragende – Speakers at the Vienna University of Economics. Portfolio Management and Internal He is the author of various publications Services Department, and in 1998 he in the field of monetary theory, labour joined the OeNB’s Governing Board as economics, European integration and Executive Director of the Money, Pay- business cycle research. ment Systems and Information Tech- nology Department. Mr. Duchatczek Wolfgang Duchatczek holds a doctorate in economics and so- Wolfgang Duchatczek has been serving cial sciences and has been awarded the as Vice Governor of the Oester- Grand Decoration of Honor in Gold reichische Nationalbank (OeNB) since for Services to the Republic of Austria. 2003. He joined the OeNB in 1976, and the Office of the Governor in 1978. Bernhard Felderer He was appointed Chief of the Office of Bernhard Felderer (born in 1941) has the Governor in 1982 and Deputy Ex- been the Director of the Institute for ecutive Director of the Foreign Re- Advanced Studies (IHS) in Vienna, search Department in 1987. In addi- Austria, since 1991 and professor of tion, he served as Representative of the economics at the University of Co- logne, Germany, since 1995. He stud- ied law and economics at the University of Vienna, where he received his doc- toral degree in 1964. Following his studies in economics at the Faculté de Droit et Sciences Economiques of the University of Paris, he worked one year as a research assistant of professor Fritz Machlup at Princeton University, New York, and later on lectured as a visiting professor at the University of North Carolina, Chapel Hill, USA. After serving six years as an assistant profes- sor at the University of Karlsruhe, Ger- OeNB on the EC Integration Commit- many, he started to lecture as a profes- tee of the Austrian Federal Govern- sor at the University of Cologne in ment. Mr. Duchatczek was appointed 1974. In 1987, he was appointed Direc- Director of the Area International Re- tor of the Economics Seminar at the lations of the OeNB in 1992 and repre- Faculty of Economics and Social Sci- sented the OeNB during Austria’s EU ences at the University of Cologne, a accession negotiations. He was nomi- position he held until 1990. In 1977, he nated Chairman of the European Com- received a six-month appointment from mission’s Committee on Monetary, the Soviet Academy of Sciences for con- Financial and Balance of Payments sulting and teaching, mainly in Novosi- Statistics (CMFB) and served as the birsk and Moscow. He serves on the OeNB’s Second Alternate on the Com- General Council of the Oester- mittee of Alternates of the European reichische Nationalbank, on the Aus- Monetary Institute (EMI). In 1997, he trian Government Debt Committee was appointed to the OeNB’s Board of and is managing editor of the German Executive Directors as Deputy Chief Economic Review (GER) and associate Executive Director of the Liquidity and editor of Empirical Economics. His 190 36. VOLKSWIRTSCHAFTLICHE TAGUNG 2008 Vortragende – Speakers main fields of interest are macroeco- of Austria. Alfred Gusenbauer was Fed- nomic theory and policy, population eral Chairman of the Socialist Youth economics and public finance. In addi- (SJ) from 1984 to 1990 and Vice Presi- tion to numerous other publications, dent of the International Union of So- he is the co-author of “Makroökono- cialist Youth (IUSY) from 1985 till mik und Neue Makroökonomik“ (with 1989. He then became senior research St. Homburg), which is the largest-sell- fellow in the economic policy depart- ing textbook in Germany and Austria ment of the Chamber of Labor from since the mid-eighties and has been 1990 to 1999. He has been Chairman translated into four other languages. of the Social Democratic Party in the district Melk (Lower Austria) since Charles Albert Eric Goodhart 1990 and Member of the Austrian Par- Charles A. E. Goodhart is a member of liament since 1991. Alfred Gusenbauer the Financial Markets Group at the was Chairman of the Committee for London School of Economics (LSE), development cooperation of the Aus- having previously, 1987–2005, been its trian Parliament (1996–1999). Since Deputy Director. Until his retirement 1991, he has been a Member of the Aus- in 2002, he had been the Norman Sos- now Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for sev- enteen years as a monetary adviser, be- coming a Chief Adviser in 1980. In 1997, he was appointed one of the out- side independent members of the Bank of England’s new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Be- sides numerous articles, he has written a couple of books on monetary history; a graduate monetary textbook; two collections of papers on monetary pol- trian Delegation to the Parliamentary icy; and a number of books and articles Assembly of the Council of Europe. In on financial stability, on which subject addition to his other obligations, Alfred he was Adviser to the Governor of the Gusenbauer was Chairman of the So- Bank of England, 2002–2004, and nu- cial, Health and Family Affairs Com- merous other studies relating to finan- mittee of the Council of Europe from cial markets and to monetary policy 1995 to 1998. He was Secretary Gen- and history. In his spare time he is a eral of the Social Democratic Party in sheep farmer (loss-making). Lower Austria from 1999 until 2000. Alfred Gusenbauer headed the Social Alfred Gusenbauer Democratic Group in the Austrian Par- Alfred Gusenbauer, born in 1960, stud- liament until 2007 and leaded the So- ied political sciences, philosophy and cial Democratic Party of Austria from law at the University of Vienna (Ph. D. 2000 until August 2008. He was ap- in 1987). From 1981 till 1990, he was pointed Federal Chancellor of Austria executive secretary for the Socialist on January 11, 2007. Youth of the Social Democratic Party 36. VOLKSWIRTSCHAFTLICHE TAGUNG 2008 191 Vortragende – Speakers Jean-Claude Juncker 1992. In June 1994, Jean-Claude Jean-Claude Juncker was born in Re- Juncker was re-elected to Parliament dange-sur-Attert in the west of Luxem- and retained his Minister of Finance bourg on December 9, 1954. He en- and Minister of Labour portfolios. On rolled in the Law Faculty of the Uni- 20 January 1995, following the nomi- versity of Strasbourg in 1975 and was nation of Prime Minister Jacques Santer awarded a Master of Law in 1979, but as President of the European Commis- never practically worked as a lawyer. sion by the European Council and the His political involvement as a member subsequent approval of this appoint- of the Christian Social Party (Chrëscht- ment by the European Parliament, lech Sozial Vollekspartei/CSV) dates Jean-Claude Juncker was appointed back to 1974.
Load more

Recommended publications
  • Personal Information Education Professional Positions Other Affi
    CURRICULUM VITAE: PHILIP RICHARD LANE, April 2015 Address: Economics Department, Trinity College Dublin, Dublin 2, Ireland Tel.: 353-1-8962259 Email: plane at tcd.ie Home Page: http://www.philiplane.org Personal Information Date of Birth: 27th August 1969 Citizenship: Ireland Education PhD, Economics, Harvard University, 1995. Thesis Title: “Essays in International Macroeco- nomics.” A.M., Economics, Harvard University, 1993. B.A. (Mod.) (Econ.), First Class Honours and Gold Medal, Trinity College Dublin, 1991. Professional Positions Whately Professor of Political Economy, Trinity College Dublin, 2012- Professor of International Macroeconomics, Trinity College Dublin, 2004-2012 Director, Institute for International Integration Studies (IIIS), Trinity College Dublin, 2002-2008 Associate Professor of Economics, Trinity College Dublin, 2000-2004 Lecturer in Economics, Trinity College Dublin, 1997-2000 Assistant Professor of Economics and International A¤airs , Columbia University, 1995-1997 Other A¢ liations Research Fellow, Centre for Economic Policy Research, 2002-. (Research A¢ liate, 1997- 2001). International Research Fellow, Kiel Institute of World Economics, 2005-. Member, Royal Irish Academy, 2007-. Selected Honours, Awards and Grants Irish Research Council Research Project Grant, “External Imbalances and External Adjustment: Lessons from the European Crisis,”2013-2016. Institute for New Economic Thinking Grant, “Financial Globalisation and Macroeco- nomic Policy,”2012-2015. Bhagwati Prize 2010 (best paper in Journal of International Economics; joint with Gian Maria Milesi-Ferretti). Fondation Banque de France Grant, “International Leverage,”2009-2010. NoeG Lecture, Austrian Economics Association, Vienna, May 2008. 1 Keynote Speaker, European Economics and Finance Society, Prague, May 2008. Scienti…c Leader, NORFACE Seminar Series Grant “Economic Globalisation and Eu- rope”, 2007-2009.
    [Show full text]
  • SIMULATING an OIL SHOCK with STICKY PRICES by Francesco Giavalli Mehmet ODEKON and Charles WYPLOSZ N° 81/26
    SIMULATING AN OIL SHOCK WITH STICKY PRICES by Francesco GIAVAllI Mehmet ODEKON and Charles WYPLOSZ N° 81/26 Directeur de la Publication : Jean-Claude THOENIG Associate Dean: Research and Development INSEAD Imprimé par l'INSEP), Fontainebleau France SIMULATING AN OIL SHOCK WITH STICKY PRICES Francesco Giavazzi University of Essex and Università di Venezia Mehmet Odekon INSEAD, France Charles Wyplosz INSEAD, France Revised Version: November 1981 Abstract: This paper extends recent work by J. Sachs about the response of a two country plus OPEC neo-classical model to an oil shock with full inter-temporal optimization and perfect foresight. Here, the role of imperfectly flexible prices is studied under the assumption that firms are output constrained. The presence of expected inflation is shown to be pervasive. It affects the real interest rate term structure and therefore the valuation of all components of wealth, as well as the exchange rate and the attending distribution of world expenditures. Inflation also enters the wage adjustment mechanism and therefore the path of unemployment and capital accumulation. Address: Charles Wyplosz, INSEAD, Boulevard de Constance, 77305 Fontainebleau, France I - INTRODUCTION As recently pointed out by Krugman (1980), the proper study of the effects of an oil shock on the exchange rate requires two essentiel fea- tures. First, because the exchange rates which are interesting are those linking the non-OPEC countries, the minimal set up consists of a model including two such countries and OPEC. The exchange rate then reflects how differently the two countries react to the shock. Second, there are two aspects in which the countries reactions may differ: trade and finance.
    [Show full text]
  • Tribune ABN AMRO Prof. Smits
    Tribune ABN AMRO: A TAKE-OVER BATTLE WITH FAR-REACHING IMPLICATIONS PROFESSOR DR. RENÉ SMITS JEAN MONNET CHAIR , LAW OF THE ECONOMIC AND MONETARY UNION , UNIVERSITEIT VAN AMSTERDAM , AMSTERDAM (NL) VISITING PROFESSORIAL FELLOW , CENTRE FOR COMMERCIAL LAW STUDIES , QUEEN MARY , UNIVERSITY OF LONDON , LONDON (GB) CHIEF LEGAL COUNSEL , NEDERLANDSE MEDEDINGINGSAUTORITEIT (N ETHERLANDS COMPETITION AUTHORITY ), THE HAGUE (NL) Last year saw the advent of a truly integrated European banking market coming one step closer with the takeover by a consortium of three banks, Banco Santander Central Hispano (BSCH) of Spain, Royal Bank of Scotland (RBS) and Belgian/Dutch Fortis, of a major European bank, ABN AMRO. This came after increased consolidation and cross-border M&A activity, such as the takeover of HypoVereinsbank by UniCredit in 2004, forming a major player in Germany, Austria and Italy, and the takeover of British mortgage lender Abbey by BSCH in 2005. ABN Amro itself had waged a major takeover battle for the Italian bank Banco Antonveneta, which it finally acquired in 2005 as a major cross-border inroad into the (then) closed Italian banking sector. The pace of market developments is so quick that, just when the takeover bid was sealed for ABN AMRO itself, new European legislation was adopted that had been inspired by ABN Amro's own adventures in Italy 1. This legislation 2 seeks to streamline the assessment of shareholders in financial sector entities on prudential grounds 3. The EC Merger Regulation 4 lays down the rules for a competition assessment above certain thresholds. It contains a prudential carve-out in Article 21 (4) that I consider not to be in line with the requirements of an internal market where national considerations of a prudential nature no longer hold, certainly after the Prudential Assessment of Acquisitions (Financial Sector) Directive just mentioned.
    [Show full text]
  • CURRICULUM VITAE Career
    17 January 2019 CURRICULUM VITAE Name: Charles Richard Bean Birth Date: 16 September 1953 Nationality: British Career 1965-71 Brentwood School, Brentwood, Essex. 1972-75 Emmanuel College, Cambridge University. BA, 1975 (First in Economics and Mathematics; MT Dodds prize). MA, 1979. 1975-79 HM Treasury Economic Assistant, Short-Term Forecasting Division. 1979-81 Massachusetts Institute of Technology. PhD, 1981 (Essays in Unemployment & Economic Activity); Harkness Fellow. 1981-82 HM Treasury Economic Adviser, Monetary Policy Division. 1982-2000 London School of Economics Department of Economics: Lecturer (1982-86); Reader (1986-90); Professor (1990-2000); Chair of Department (1999-2000). Centre for Economic Performance: Deputy Director (1990-94). Academic Planning and Resources Committee (1995-98). 1990 Stanford University, Visiting Professor. 1999 Reserve Bank of Australia, Visiting Professor. 2000-14 Bank of England Executive Director for Monetary Analysis & Statistics (2000-08); Deputy Governor for Monetary Policy (2008-14). Monetary Policy Committee (2000-14, Vice-Chair, 2008-14); Financial Policy Committee (2011-14) G7 Deputies (2008-14; Co-Chair, 2013); G20 Deputies (2008-14; Co-Chair, 2009); OECD Working Party 3 (2002-14; Chair, 2010-12). 2014- London School of Economics Professor of Economics (part-time). 2017- Office for Budget Responsibility Member, Budget Responsibility Committee (part-time) Honours President, Royal Economic Society (2013-15) Knight Bachelor (Queen’s Birthday Honours, 2014) Journal Responsibilities Assistant Editor, Economic Policy (1985-86). Editor, special issue of Economica on Unemployment (1986). Managing Editor, Review of Economic Studies (1986-90). Assistant Editor, Economic Journal (1996-2000) Editorial Boards: Review of Economic Studies (1984-96, Chairman 1992-96); Moneda e Credito (1987-97); Journal of Applied Econometrics (1991-2003); Economica (1996-2000); World Economics (1999-2000); International Journal of Central Banking (2004-10, Chairman).
    [Show full text]
  • By Michael C. Burda* Assistant Professor of Economics
    "THE CONSEQUENCES OF GERMAN ECONOMYC AND MONETARY UNSON" by Michael C. Burda N° 90/53/EP Assistant Professor of Economics, INSEAD, Boulevard de Constance Fontainebleau 77305 Cedex, France Printed at INSEAD, Fontainebleau, France Preliminary The Consequences of German Economic and Monetary Union Michael C. Burda INSEAD, OFCE (Paris) and the Centre for Economic Policy Research June 1990 Abstract This paper analyzes some of the consequences of the pending economic and monetary union of the two Germanies. Particular emphasis is given to the real implications for the supply side of the German Democratic Republic and for resource flows between the two economic regions. Presented at the Kieler Woche Conference, 19-22 June 1990. This paper is a working paper for a forthcoming special issue of the Revue de lOFCE on Eastern Europe. I am grateful to B. Gorzig and R. Filip-Kohn of the Deutsches Institut filr Wirtschaftsforschung, U.Ludwig of the Akademie der Wissenschaf ten der DDR, and especially 0. Passet of the OFCE for discussions and data. The recent turn of events in Eastern Europe has provided economists with a laboratory experiment never imagined possible: the introduction of a market economy where none had previously existed. All the more extraordinary is the "experiment" posed by the economic monetary and social union (GEMU) between the Federal Republic of Germany (FRG) and the German Democratic Republic (GDR), by which the latter will drop its centrally planned economy and take the plunge into a free market system. In this peculiar setting, differences in tastes, language, and institutions will be largely marginalized, leaving only the market to answer the question: Can Ludwig Erhards postwar Wirtschaftswunder be repeated in a country that has not known capitalism for almost a half-century? This paper analyzes the German Economic and Monetary Union ( GEMU) and its implications for both Germanies from several perspectives.
    [Show full text]
  • Covid Economics 50, 25 September 2020: 1-2 50, 25 September Covid Economics 7 6 5 4 3 2 1 0
    COVID ECONOMICS VETTED AND REAL-TIME PAPERS EDITOR’S FOREWORD ISSUE 50 Charles Wyplosz 25 SEPTEMBER 2020 CORONA POLITICS Helios Herrera, Maximilian Konradt, Guillermo Ordoñez and Christoph Trebesch BOND MARKETS Andrea Zaghini US HOUSING MARKET INCOME AND MORTALITY Yunhui Zhao André Decoster, Thomas Minten and Johannes Spinnewijn VOTER TURNOUT 1 INTEGRATING HEALTH AND Tania Fernández-Navia, Eduardo Polo-Muro ECONOMICS and David Tercero-Lucas Alik Sokolov, Yichao Chen, VOTER TURNOUT 2 Jonathan Mostovoy, Andrew Roberts, Miguel Vázquez-Carrero, Joaquín Artés, Luis Seco and V. Kumar Murty Carmen García and Juan Luis Jiménez Covid Economics Vetted and Real-Time Papers Covid Economics, Vetted and Real-Time Papers, from CEPR, brings together formal investigations on the economic issues emanating from the Covid outbreak, based on explicit theory and/or empirical evidence, to improve the knowledge base. Founder: Beatrice Weder di Mauro, President of CEPR Editor: Charles Wyplosz, Graduate Institute Geneva and CEPR Contact: Submissions should be made at https://portal.cepr.org/call-papers- covid-economics. Other queries should be sent to [email protected]. Copyright for the papers appearing in this issue of Covid Economics: Vetted and Real-Time Papers is held by the individual authors. The Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research (CEPR) is a network of over 1,500 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups.
    [Show full text]
  • Publications and Papers
    Publications and Papers ITO Takatoshi, Faculty Fellow, RIETI (1a) Books Economic Analysis of Disequilibrium: Theory and Empirical Analysis [written in Japanese, original title, "Fukinko no Keizai Bunseki"], Toyo Keizai Shimposha: Tokyo, August 1985, viii + 278 pages, [awarded the 29th Nikkei Economics Book Award, November 1986] The Japanese Economy MIT Press, January 1992. 455 pages. Economics of Consumer-Oriented Policy in Japan [written in Japanese, original title, "Shohisha Jushi no Keizaigaku"] Nihon Keizai Shinbunsha: Tokyo, July 1992. A Vision for the World Economy (with Robert Z. Lawrence and Albert Bressand), xii+124 pages, Washington DC: Brookings Institution, 1996. The Political Economy of Japanese Monetary Policy (with Thomas F. Cargill and Michael M. Hutchison), 236 pages, MIT Press, 1997. An Independent and Accountable IMF (with Jose De Gregorio, Barry Eichengreen, and Charles Wyplosz), Geneva Report on the World Economy No. 1, September 1999, Geneva: International Center for Monetary and Banking Studies. Financial policy and Central Banking in Japan (with Thomas F. Cargill and Michael M. Hutchison), MIT Press, 273 pages, January 2001. No More Bashing: Building a New Japan-United States Economic Relationship (with Fred Bergsten and Marcus Noland), Institute for International Economics, October 2001. Inflation Targeting [written in Japanese], Nihon Keizai Shinbunsha, November 2001 Inflation Targeting in Asia (Authors: Takatoshi Ito and Tomoko Hayashi), Hong Kong Institute for Monetary Research, Occasional Paper, No. 1, March 2004, 62pages (1b) Edited Volumes Political Economy of Tax Reform NBER-East Asia Seminar on Economics, volume 1. (co-edited by Anne O. Krueger), Chicago University Press, x+348 pages, 1992. Trade and Protectionism NBER-East Asia Seminar on Economics, volume 2.
    [Show full text]
  • Nout Wellink: the Bank - a Hybrid Legal Organisation
    Nout Wellink: The Bank - a hybrid legal organisation Speech by Dr Nout Wellink, President of De Nederlandsche Bank and President of the Bank for International Settlements, at the conference “Role of Money in Private Law” organised by the Marcel Henri Bregstein Foundation, Amsterdam, 1 November 2002. * * * Introduction I am very pleased to contribute to this conference centring on the role of money in private law. As you know, the Nederlandsche Bank, or simply the Bank, has traditionally been the guardian of the Dutch monetary system and to this day plays an important role in this regard, not just within the Netherlands, but as of 1 January 1999, within the whole euro area. The legal framework underlying the Bank’s objectives, tasks and activities is less well known, and it is this legal framework that I want to talk about briefly today. The Bank was founded by Decree of King William I on 25 March 1814. The original objective of the Bank was to issue loans to enterprises and private individuals in order to stimulate the economy. In the first half century of its existence, the Bank acted as a pioneer in the field of private banking. In the mid- 19th century, it was the first bank in the Netherlands with a national network. However, the public nature of the institution gradually became more pronounced. By around the 1930s, it had evolved from a pure circulation bank to a central bank. As guardian of the monetary system, it ensured the smooth operation of the payment system and upheld the purchasing power of the guilder.
    [Show full text]
  • Biographies of Contributors 199
    Biographies of Contributors 199 Biographies of Contributors Don Brash Don Brash was born in New Zealand in 1940. He attended Canterbury University in Christchurch, completing a Bachelor of Arts Degree with a double major in economics and history. In 1962 he obtained his Master of Arts degree with first class honours, majoring in economics. In 1966, Dr Brash obtained a PhD in economics from the Australian National University, with a thesis on American investment in Australian industry. After a career serving with the World Bank in Washington, in the New Zealand banking sector, in the New Zealand Kiwi fruit industry, and as a public policy advisor, Dr Brash became Governor of the Reserve Bank of New Zealand in 1988. Andrew Coleman Andrew Coleman, Assistant Professor of Economics at the University of Michigan, received his PhD from Princeton University in 1998, and joined the faculty in 2000. His primary research interests concern the role of transport and storage costs in determining the spatial patterns of commodity prices and the location of producers, with an emphasis on the effect of transport and storage systems on the evolution of the US economy in the nineteenth century. He teaches development and international finance. Prior to Michigan he worked at the New Zealand Treasury from 1996-99, where as part of his work he investigated the case for a monetary union between Australia and New Zealand. Gordon de Brouwer Gordon de Brouwer is Professor of Economics at the Australian National University. His interests include the economies of Australia, Japan and East Asia, open economy macroeconomics and policy, monetary and financial economics, and international relations.
    [Show full text]
  • The 2008 Icelandic Bank Collapse: Foreign Factors
    The 2008 Icelandic Bank Collapse: Foreign Factors A Report for the Ministry of Finance and Economic Affairs Centre for Political and Economic Research at the Social Science Research Institute University of Iceland Reykjavik 19 September 2018 1 Summary 1. An international financial crisis started in August 2007, greatly intensifying in 2008. 2. In early 2008, European central banks apparently reached a quiet consensus that the Icelandic banking sector was too big, that it threatened financial stability with its aggressive deposit collection and that it should not be rescued. An additional reason the Bank of England rejected a currency swap deal with the CBI was that it did not want a financial centre in Iceland. 3. While the US had protected and assisted Iceland in the Cold War, now she was no longer considered strategically important. In September, the US Fed refused a dollar swap deal to the CBI similar to what it had made with the three Scandinavian central banks. 4. Despite repeated warnings from the CBI, little was done to prepare for the possible failure of the banks, both because many hoped for the best and because public opinion in Iceland was strongly in favour of the banks and of businessmen controlling them. 5. Hedge funds were active in betting against the krona and the banks and probably also in spreading rumours about Iceland’s vulnerability. In late September 2008, when Glitnir Bank was in trouble, the government decided to inject capital into it. But Glitnir’s major shareholder, a media magnate, started a campaign against this trust-building measure, and a bank run started.
    [Show full text]
  • The Basel Committee on Banking Supervision
    The Basel Committee on Banking Supervision The Basel Committee on Banking Supervision (BCBS) sets the guide- lines for worldwide regulation of banks. It is the forum for agreeing international regulation on the conduct of banking. Based on special access to the archives of the BCBS and interviews with many of its key players, this book tells the story of the early years of the Committee from its foundation in 1974/5 right through until 1997 – the year that marks the watershed between the Basel I Accord on Capital Adequacy and the start of work on Basel II. In addition, the book covers the Concordat, the Market Risk Amendment, the Core Principles of Banking and all other facets of the work of the BCBS. While the book is primarily a record of the history of the BCBS, it also provides an assessment of its actions and effi cacy. It is a major contribution to the historical record on banking supervision. CHARLES GOODHART CBE, FBA is Emeritus Professor of Banking and Finance and a member of the Financial Markets Group at the London School of Economics and Political Science, having previously served as the Group’s Deputy Director from 1987 to 2005. From 1985 until his retirement in 2002 he was the Norman Sosnow Professor of Banking and Finance at LSE. Before moving into academia he worked at the Bank of England for seventeen years as a monetary advisor, becoming a chief advisor in 1980. The Basel Committee on Banking Supervision A History of the Early Years, 1974–1997 Charles Goodhart CAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo, Delhi, Tokyo, Mexico City Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9781107007239 © Charles Goodhart 2011 This publication is in copyright.
    [Show full text]
  • After 100 Years of Experiment: One Solution?
    After 100 years of experiment: One solution? Iceland gained sovereign rights on December 1st 1918 with a seccesion from Denmark, and thereby became a separate currency area. The country is thus currently celebrating a centenary anniversary of monetary independence. In Iceland’s campaign for independence in the early twentieth century, currency issues were never mentioned. It was automatically assumed that Iceland would remain in a currency union with the Nordic countries as an independent entity — as the Norwegians had done when they separated from Sweden in 1905. This currency cooperation was based on the gold standard, as most of the world’s currencies did at that time. Icelanders woke up as from a bad dream, however, after WWI ended. Not only had the currency cooperation among the other Nordic countries disintegrated, but Iceland began its life as a sovereign nation by becoming insolvent. During the war, inflation ran amok, with the associated rise in the real exchange rate and imports, and afterwards, marine product prices fell, and the products themselves became difficult to sell in the sharp world wide depression that followed the war. This appears to have taken everyone by surprise. In summer 1920, officials at the Icelandic Treasury tried to cash a mail order cheque from Íslandsbanki (then functioning as the country’s central bank) in Copenhagen. The cheque bounced. Over the next winter, it proved necessary to ration necessities in Iceland because of a currency shortage, until efforts to sell marine products bore fruit and a loan from Britain could be negotiated. Ever since the rubber check bounced in Copenhagen in 1920, there has been vociferous discussion of exchange rate and monetary policy issues in Iceland — committees have been appointed, foreign experts have been hired to write opinions, and the topics have been hotly debated from the chambers of Parliament to cafés and kitchens all over the country.
    [Show full text]