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INTERNATIONAL MONETARY FUND DAVID LIPTON Can Globalization Still Deliver? The Challenge of Convergence in the 21st Century 16th Annual Stavros Niarchos Foundation Lecture INTRODUCTION BY LAWRENCE SUMMERS Peterson Institute for International Economics Washington, DC • May 24, 2016 ©International Monetary Fund. Not for Redistribution Convergence_LiptonSpeech_Eng_R6.indd 18-19 7/7/16 6:09 PM Mr. David Lipton assumed the position of First Deputy Managing Director of the International Monetary Fund on September 1, 2011. On March 28, 2016, Mr. Lipton was reappointed for a second five-year term beginning September 1, 2016. Before coming to the Fund, Mr. Lipton was Special Assistant to the President, and served as Senior Director for International Economic Affairs at the National Economic Council and National Security Council at the White House. Previously, Lipton was a Managing Director at Citi, where he was Head of Global Country Risk Management. In that capacity, he chaired Citi’s Country Risk Committee, worked for the Senior Risk Officer, and advised senior management on global risk issues. Prior to joining Citi in May 2005, he spent five David Lipton years at Moore Capital Management, a global hedge IMF First Deputy Managing Director David Lipton delivered this speech fund and, before that, a year at the Carnegie Endow- ment for International Peace. at the 16th Annual Stavros Niarchos Foundation Lecture series at the Peterson Institute for International Economics in Washington, D.C., on May 24, 2016, where he was Lipton served in the Clinton administration at the introduced by former U.S. Secretary of the Treasury Lawrence Summers. Treasury Department from 1993 to 1998. -
Beauty Is Not in the Eye of the Beholder
Insight Consumer and Wealth Management Digital Assets: Beauty Is Not in the Eye of the Beholder Parsing the Beauty from the Beast. Investment Strategy Group | June 2021 Sharmin Mossavar-Rahmani Chief Investment Officer Investment Strategy Group Goldman Sachs The co-authors give special thanks to: Farshid Asl Managing Director Matheus Dibo Shahz Khatri Vice President Vice President Brett Nelson Managing Director Michael Murdoch Vice President Jakub Duda Shep Moore-Berg Harm Zebregs Vice President Vice President Vice President Shivani Gupta Analyst Oussama Fatri Yousra Zerouali Vice President Analyst ISG material represents the views of ISG in Consumer and Wealth Management (“CWM”) of GS. It is not financial research or a product of GS Global Investment Research (“GIR”) and may vary significantly from those expressed by individual portfolio management teams within CWM, or other groups at Goldman Sachs. 2021 INSIGHT Dear Clients, There has been enormous change in the world of cryptocurrencies and blockchain technology since we first wrote about it in 2017. The number of cryptocurrencies has increased from about 2,000, with a market capitalization of over $200 billion in late 2017, to over 8,000, with a market capitalization of about $1.6 trillion. For context, the market capitalization of global equities is about $110 trillion, that of the S&P 500 stocks is $35 trillion and that of US Treasuries is $22 trillion. Reported trading volume in cryptocurrencies, as represented by the two largest cryptocurrencies by market capitalization, has increased sixfold, from an estimated $6.8 billion per day in late 2017 to $48.6 billion per day in May 2021.1 This data is based on what is called “clean data” from Coin Metrics; the total reported trading volume is significantly higher, but much of it is artificially inflated.2,3 For context, trading volume on US equity exchanges doubled over the same period. -
1 Statement of the Honorable Clay Lowery Vice President Rock Creek
Statement of the Honorable Clay Lowery Vice President Rock Creek Global Advisors LLC Before the U.S. House Subcommittee on International Monetary Policy and Trade May 16, 2012 Chairman Miller, Ranking Member McCarthy, and Members of the Subcommittee, I thank you for the opportunity to testify on increasing market access for U.S. financial firms in China. I am here as a Vice President of Rock Creek Global Advisors, a consulting firm that advises its clients on international economic and financial policy matters. I am also a former Assistant Secretary of International Affairs for the Treasury Department who was deeply involved in negotiating financial service liberalization and macroeconomic issues with China during the Strategic Economic Dialogue – SED – headed by former Secretary of Treasury Hank Paulson. It is an honor to share the table with Rob Nichols and David Strongin who represent some of our key financial institutions as well as Nicolas Lardy – a genuine expert on China’s economy. It is also an honor to follow Under Secretary Lael Brainard, who leads Treasury on these issues and many other important matters. Given the expertise of these individuals, I thought my value to this subcommittee would be to address financial liberalization from the viewpoint of someone who led negotiations on the subject as a government official, but no longer represents the government. In my experience working with Chinese financial officials, China makes changes when it believes it is in China’s interest, which might come as little surprise. I do not mean to diminish the impact of external pressure, but that pressure is mitigated by China’s size, the unprecedented speed of its economic growth over 30 years, and its ability to attract investors from around the world. -
Survey of Terrorist Groups and Their Means of Financing
SURVEY OF TERRORIST GROUPS AND THEIR MEANS OF FINANCING HEARING BEFORE THE SUBCOMMITTEE ON TERRORISM AND ILLICIT FINANCE OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED FIFTEENTH CONGRESS SECOND SESSION SEPTEMBER 7, 2018 Printed for the use of the Committee on Financial Services Serial No. 115–116 ( U.S. GOVERNMENT PUBLISHING OFFICE 31–576 PDF WASHINGTON : 2018 VerDate Mar 15 2010 14:03 Dec 06, 2018 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 G:\GPO PRINTING\DOCS\115TH HEARINGS - 2ND SESSION 2018\2018-09-07 TIF TERRO mcarroll on FSR431 with DISTILLER HOUSE COMMITTEE ON FINANCIAL SERVICES JEB HENSARLING, Texas, Chairman PATRICK T. MCHENRY, North Carolina, MAXINE WATERS, California, Ranking Vice Chairman Member PETER T. KING, New York CAROLYN B. MALONEY, New York EDWARD R. ROYCE, California NYDIA M. VELA´ ZQUEZ, New York FRANK D. LUCAS, Oklahoma BRAD SHERMAN, California STEVAN PEARCE, New Mexico GREGORY W. MEEKS, New York BILL POSEY, Florida MICHAEL E. CAPUANO, Massachusetts BLAINE LUETKEMEYER, Missouri WM. LACY CLAY, Missouri BILL HUIZENGA, Michigan STEPHEN F. LYNCH, Massachusetts SEAN P. DUFFY, Wisconsin DAVID SCOTT, Georgia STEVE STIVERS, Ohio AL GREEN, Texas RANDY HULTGREN, Illinois EMANUEL CLEAVER, Missouri DENNIS A. ROSS, Florida GWEN MOORE, Wisconsin ROBERT PITTENGER, North Carolina KEITH ELLISON, Minnesota ANN WAGNER, Missouri ED PERLMUTTER, Colorado ANDY BARR, Kentucky JAMES A. HIMES, Connecticut KEITH J. ROTHFUS, Pennsylvania BILL FOSTER, Illinois LUKE MESSER, Indiana DANIEL T. KILDEE, Michigan SCOTT TIPTON, Colorado JOHN K. DELANEY, Maryland ROGER WILLIAMS, Texas KYRSTEN SINEMA, Arizona BRUCE POLIQUIN, Maine JOYCE BEATTY, Ohio MIA LOVE, Utah DENNY HECK, Washington FRENCH HILL, Arkansas JUAN VARGAS, California TOM EMMER, Minnesota JOSH GOTTHEIMER, New Jersey LEE M. -
OFFICIAL MEETINGS P2 PRESS BRIEFINGS P12 SEMINARS CULTURAL EVENTS
OFFICIAL MEETINGS p2 PRESS BRIEFINGS p12 SEMINARS p22 CULTURAL EVENTS p28 1 8,800 Participants 3,664 Delegates 544 Observers 776 Press 590 CSO Total events 859 2 I would like to thank all of the participants who came from around the world to attend the 2016 Spring Meetings. During the week of April 11–17, we welcomed thousands of Finance Ministers, Central Bank Governors, and many other official delegates to Washington, DC, where they were joined by representatives of other international organizations, the private sector, media, civil society organizations, member country parliaments, academia, and think tanks. Together we collectively confronted a range of pressing global economic issues and challenges, in a secure and inclusive environment. I hope it was a pleasant and productive experience for all involved. This publication provides a sampling of the more than 300 meetings, seminars, press conferences, and other major events which took place during the Spring Meetings. For more information, including a complete collection of documents, videos and photos, please go to the IMF Connect website (www.imfconnect.org). Jianhai Lin, Secretary International Monetary Fund 1 official meetings 2 INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE PLENARY SESSION Attendance: IMFC Members, Alternates, and Observers This meeting of the 24 member International Monetary and Financial Committee featured a presentation by the Managing Director, followed by a discussion on matters of concern affecting the global economy. The Committee’s discussion served to provide guidance for the IMF’s work program. The present Chairman of the Committee is Agustín Carstens, Governor of the Bank of Mexico. The event began with a family photo and concluded with a press conference. -
Blockchain & Cryptocurrency Regulation
Blockchain & Cryptocurrency Regulation Third Edition Contributing Editor: Josias N. Dewey Global Legal Insights Blockchain & Cryptocurrency Regulation 2021, Third Edition Contributing Editor: Josias N. Dewey Published by Global Legal Group GLOBAL LEGAL INSIGHTS – BLOCKCHAIN & CRYPTOCURRENCY REGULATION 2021, THIRD EDITION Contributing Editor Josias N. Dewey, Holland & Knight LLP Head of Production Suzie Levy Senior Editor Sam Friend Sub Editor Megan Hylton Consulting Group Publisher Rory Smith Chief Media Officer Fraser Allan We are extremely grateful for all contributions to this edition. Special thanks are reserved for Josias N. Dewey of Holland & Knight LLP for all of his assistance. Published by Global Legal Group Ltd. 59 Tanner Street, London SE1 3PL, United Kingdom Tel: +44 207 367 0720 / URL: www.glgroup.co.uk Copyright © 2020 Global Legal Group Ltd. All rights reserved No photocopying ISBN 978-1-83918-077-4 ISSN 2631-2999 This publication is for general information purposes only. It does not purport to provide comprehensive full legal or other advice. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained in this publication. This publication is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualified professional when dealing with specific situations. The information contained herein is accurate as of the date of publication. Printed and bound by TJ International, Trecerus Industrial Estate, Padstow, Cornwall, PL28 8RW October 2020 PREFACE nother year has passed and virtual currency and other blockchain-based digital assets continue to attract the attention of policymakers across the globe. -
Consensys and Latham & Watkins LLP Announce a Convertible Note
ConsenSys and Latham & Watkins LLP announce a convertible note generator for startups powered by OpenLaw New York - May 10, 2019 - ConsenSys and global law firm Latham & Watkins LLP are pleased to announce the launch of the Automated Convertible Note, an OpenLaw-based document generator to help startups raise capital with customizable market standard terms and optional digital token provisions. To access the online tool, please visit the website. ConsenSys’ in-house legal team collaborated with Latham & Watkins’ emerging companies, fintech, and finreg practices to develop the Automated Convertible Note. The document generator relies on OpenLaw, a ConsenSys project which is building blockchain-based infrastructure to streamline commercial relationships through a suite of tools for token generation, contract automation, e-signature, and smart contracts components. “Working with Latham & Watkins—a firm with unique and deep insight into the legal and regulatory issues in this space—was very important to us because we wanted to be sure our generator could be used to create a sound convertible note with market standard terms. We are also grateful to 500 Startups for collaborating with us on the use of the form KISS as the basis for our document,” said David Cios, a member of the ConsenSys legal team. Digital token provisions are an important feature of the Automated Convertible Note. “We invest in many startups that leverage blockchain technology to build products and services for the new tokenized economy. If any startup is contemplating distributing digital tokens in the future, we believe our Automated Convertible Note builds in the appropriate guardrails to address potential regulatory issues relating to tokens,” said Wee Ming Choon, also a lawyer at ConsenSys. -
Complexity Analysis of Decentralized Application Development Using Integration Tools
16 Complexity Analysis of Decentralized Application Development Using Integration Tools PATRIK REK, BLAZˇ PODGORELEC, and MUHAMED TURKANOVIC,´ University of Maribor Decentralized applications development on the Ethereum platform is becoming very popular in last few years. However, it requires developer to have knowledge and skills to integrate large number of components, such as smart contracts programming, IPFS decentralized storage, RPC calls or Truffle for smart contracts management and various JavaScript libraries (e.g. Web3.js, TruffleContract, JS-IPFS). This makes the development process very complex and difficult. At the same time, the developer has multiple front-end frameworks available, which however lack the ability to easily integrate the majority of previously mentioned components. To solve this problem, there are integration tools which address above issues and are intended to support a comprehensive development of decentralized applications (e.g. Drizzle, Vortex, Web3-React). The paper focuses on these integration tools and analyses the code complexity of decentralized application development using such tools. The analysis of code complexity was performed using multiple code complexity metric assessment methods. 1. INTRODUCTION Due to the current stage of the Decentralized Applications and according to Gartner’s 2018 Hype Cycle for Blockchain Technologies [Furlonger and Kandaswamy 2018], there is still lack of studies and tools with which the development and understanding of such applications could be easier. In order to achieve the level of productivity, the development of decentralized applications needs to be well studied, simplified, and documented. The decentralized application development process is currently marked as complicated because of multiple factors (e.g. lack of tools, good practices, and documentation), which are tightly related mainly with the purpose to facilitate the development process. -
Cross-Chain Integration for the Future of Finance (Hyperledger Fabric & Ethereum Integration) CO-RESEARCH PAPER
Cross-chain Integration for The Future of Finance (Hyperledger Fabric & Ethereum Integration) CO-RESEARCH PAPER 21.05.2021 Hyperledger Fabric & Ethereum Integration : Co-Research Paper INTRODUCTION Blockchain adoption in financial industries grows exponentially in recent years. Several financial services transform from inefficient and centralized to consortium- driven that reduces redundancy operations and delivers trustworthy services to customers. From the other end of the spectrum, Decentralized Finance (DeFi) proves itself as a potential future of financial services that require no centralized authority to control the operation. DeFi also grants more transparency to financial services, since everyone can access and prove the smart contract. With this information, we see an opportunity in intertwining traditional financial services to DeFi to bring the benefit from the best of both worlds. It innovates new kinds of financial services that are backed by the trustworthiness of traditional financial instruments and of open architecture to the table. In this report, we are focusing on the technical implementation of interconnecting a consortium-based use case to a public blockchain. Tokenization of a financial product is one of the gateways to create new use cases. Likewise, the selected use case, invoice financing, utilizes blockchain to interconnect altogether: banks, sponsors, and suppliers. The traditional invoice financing is moved to DeFi by making tokenization over invoices. The tokens allow 1 Hyperledger Fabric & Ethereum Integration : Co-Research Paper investors to purchase and trade invoices in the exchange market. Every step from invoice financing to trading is operated and verified automatically by smart contracts. Moreover, the return might be higher than the traditional way because the operating cost of the centralized authority is removed. -
Blockchain Technology
Program 5:00 pm Welcome and Introduction Meltem Demirors, Digital Currency Group From Security and Privacy to Scalability of Bitcoin: Changes, Consensus and Why Stability Matters Matt Corallo, Chaincode Labs From Security and Privacy to Scalability of Open Blockchains Arthur Gervais, ETH Zurich Blockchain Technology Counting Electrons: A Digital Ledger Platform for Transacting Local Energy Ashley Taylor, LO3 Energy Monday, May 15, 2017 Lightning: Scaling and 5:00 pm Automating Our Financial Future National Sawdust Elizabeth Stark, Lightning 80 North 6th Street, Brooklyn, NY 11249 Permissionless Interoperability: The Presented by ETH Zurich Lightning Network and User-Driven Trade in partnership with Greater Zurich Area, Open Systems Tadge Dryja, MIT Media Lab Digital and the Swiss-American Chamber of Commerce Currency Initiative The security characteristics of blockchain allow a shift to Self-Sovereign Global Identity: well-known trust assumptions enabling society to remove the Enfranchising 7.4 Billion People in central authorities of many systems including: conventional the Emerging Decentralized Economy backing, escrow, gambling and even dispute mediation. As Joseph Lubin, ConsenSys blockchain technology is truly disruptive, it has gathered much attention across industries, academia, and startup Art Platform View of the Blockchain scenes worldwide. Daniel Doubrovkine, Artsy This symposium will feature keynote presentations and What Happened? What’s Next? How to discussions across a variety of topics at the frontier of Best Embrace Change? blockchain technology. Meltem Demirors, Digital Currency Group 7:00 pm Networking Reception www.eth2nyc.org Meltem Demirors serves as the “connective tissue” Elizabeth Stark is cofounder and CEO of Lightning, a between Digitial Currency Group’s (DCG) subsidiaries, company building technology for fast, scalable portfolio companies, investors, and corporate partners. -
2016 NAR Federal Policy Conference
NATIONAL ASSOCIATION of REALTORS® 2016 NAR Federal Policy Conference February 4 – February 5, 2016 The Capital Hilton Hotel 1001 16th Street, NW Washington, DC 20036 NAR_2016ConferenceCover_8.5x11_2.indd 1 1/27/16 3:20 PM National Association of REALTORS® 2016 NAR Federal Policy Conference Table of Contents NAR Federal Policy Conference Agenda Page 1 2016 NAR Public Policy Survey Questionnaire Page 5 2016 NAR Public Policy Survey Results Page 25 2016 NAR Federal Policy Issues Page 31 About Our Speakers Page 97 Government Affairs Division Directory Page 129 NAR Federal Policy Conference Agenda National Association of REALTORS® 2016 Federal Policy Conference AGENDA The Capital Hilton Hotel * 1001 16th St NW, Washington, DC 20036 Thursday, February 4, 2016 1:00pm – 7:00pm Federal Policy Conference Arrivals and Registration Registration Desk Location: Upper Lobby, 2nd Level 5:30pm – 6:30pm Federal Policy Conference Networking Reception Location: Federal A & B Room, 2nd Level 6:30pm – 8:00pm Federal Policy Conference Dinner Location: Federal A & B Room, 2nd Level Keynote Speaker: Katty Kay Lead Anchor, BBC World News America Friday, February 5, 2016 8:00am – 3:30pm Federal Policy Conference Sessions Location: Congressional/Senate Room, 2nd Level 8:00am – 9:15am Federal Policy Conference Breakfast Location: Federal A & B Room, 2nd Level Keynote Speakers: The Honorable Haley Barbour Former Governor of Mississippi & Stephanie Cutter Former Deputy Campaign Manager for President Barack Obama 9:15am – 10:30am Industry Partners Roundtable Location: -
A New Director for the International Monetary Fund
CRS INSIGHT A New Director for the International Monetary Fund August 9, 2019 (IN11155) | Related Author Martin A. Weiss | Martin A. Weiss, Specialist in International Trade and Finance ([email protected], 7-5407) On July 16, Christine Lagarde announced that she was resigning as International Monetary Fund (IMF) Managing Director following her nomination to succeed Mario Draghi as president of the European Central Bank. She is expected to take up the new post in November. Until a new permanent director is chosen, David Lipton, the IMF's First Deputy Managing Director, will serve as Acting Managing Director. Ms. Lagarde's tenure at the IMF coincided with arguably the most challenging global economic landscape in recent decades. Assuming office in the middle of the global financial crisis and amidst the high-profile scandal involving her predecessor, Ms. Lagarde steered the Fund through several contentious European loan programs, secured congressional passage of a long-stalled IMF capital increase, and according to Mark Sobel, former U.S. representative to the Fund, reinvigorated IMF surveillance, boosting the policy relevance of the IMF's research and analysis. The leadership race has renewed a longstanding debate on leadership selection for the top management positions at the major multilateral organizations. Since the Fund was funded after World War II, an informal agreement between the United States and Europe has ensured that traditionally the president of the World Bank has been an American and the managing director of the IMF has been a European. This agreement reflects the political and economic balance of power at the end of World War II.