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Ninth Geneva Report on the World Economy: International Financial Stability
Monday 12 November 2007
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Speakers:
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Roger W. Ferguson, Jr. (Swiss Re), Richard Portes (LBS and CEPR), Philipp Hartmann (ECB and CEPR) and Fabio Panetta (Banca d'Italia)
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Chair:
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Sir Adam Ridley (Equitas Trust)
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Venue:
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Chartered Accountants' Hall
Moorgate Place,
EC2R 6EA
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Until recently, low risk premia and continuing high returns were increasingly seen as permanent characteristics of the new international financial system, fuelled by unprecedented global risk diversification and supported by highly sophisticated financial instruments. This view was far too optimistic, as the recent turmoil in the world's financial markets has revealed.
The ninth Geneva Report on the World Economy examines the main threats to financial stability in the major industrial economies and the emerging markets, focusing on the implications of the major changes that have occurred in the global financial system in the past two decades. The Report first examines financial stability from a macro perspective, considering macroeconomic imbalances, the decline (and spike) in financial market volatility and its causes, and international financial integration. It then examines stability from a micro perspective, considering the implications for stability of the growth of household risk bearing, financial sector consolidation, the emergence of new financial instruments and the growth of hedge funds. It concludes by setting out a series of practical proposals to enhance financial stability.
The authors of the Report include:
- Roger W. Ferguson, Jr., Member of the Executive Committee, Head of Financial Services and Chairman of Swiss Re America Holding Corporation, and formerly Vice Chairman of the Board of Governors of the Federal Reserve System
- Philipp Hartmann, Head of the Financial Research Division in the Directorate General Research of the European Central Bank, and a CEPR Research Fellow
- Fabio Panetta, Head of the Department for Economic Outlook and Monetary Policy at the Banca d'Italia, and a member of the G-10 Governors' Committee on the Global Financial System
- Richard Portes, President of CEPR and Professor of Economics at London Business School
The meeting will be chaired by Sir Adam Ridley. Sir Adam is Chairman of the Equitas Trust, and formerly Vice Chairman of CEPR, Director-General of London Investment Banking Association (LIBA) and Special Adviser to successive Chancellors of the Exchequer from 1979 to 1984.
The meeting will begin at 13:30 and last for one hour, with a 30-minute presentation and 30 minutes of discussion.
Should you require further assistance, please contact
Nadine Clarke, nclarke@cepr.org or +44 20 7183 8808
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