As always, the global economic downturn we are presently experiencing was caused by policy errors in major world economies. But in some key cases these were no ordinary errors of monetary and fiscal management: their disruptive impact was magnified by dogmatic views of economic systems and financial markets. Predictably, the belated policy response has been a crisis management in the form of massive monetary easing and unprecedented fiscal stimuli. All that is now beginning to work through the world economy, hampered by the flagging confidence in the ability of public policies to arrest and reverse mounting losses of output and employment. That is partly so because it is widely perceived that the economic stimulation is simply grafted on unreformed economic and financial systems. The search for economic and financial reforms is on. Indeed, some European statesmen and thinkers bravely believe that nothing short of a reform of the capitalist system will do. And those who are asked to help finance the global economic recovery want to go a step further, calling for significant changes in (a) global security arrangements, (b) financial regulation, (c) Bretton Woods institutions, and (c) monetary anchors to reflect shifts in the new world economy. Dr. Michael Ivanovitch -- president of MSI GLOBAL, a New York-based research firm specializing in world economy, geopolitics and investment strategy -- has worked on many of these problems during his long tenure at the OECD, and has written extensively on the current financial crisis in his private consulting practice.
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Michael Ivanovitch, President, MSI Global, Inc.
- Tuesday, 03 March 2009
- 12.15 p.m. - 1.30 p.m.
Seminar Room 3-5
Level 3, Manasseh Meyer
Lee Kuan Yew School of Public Policy
469C Bukit Timah Road