China Task Force Meeting, Beijing 2009
October 29, 2009
Peking University Beijing, China
At this meeting of the Initiative for Policy Dialogue's China Task Force meeting, Chinese and Western scholars and Chinese policymakers discussed financial regulation in China after the crisis, as well as regulation in other sectors, as part of IPD's ongoing policy-oriented study of China's transition to a market economy.
Partners
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Research Center for Property Exchange
Peking University
Beijing, China
Professor Stiglitz led a discussion on the future of China's economic framework, including questions of the efficiency of markets, the role of law and economics in promoting equity and fairness within society, and the harmonization of national market regulations within the rules and regulations of the global economy. Discussions also addressed China's regulatory responses to the global financial and economic crisis, within the context of a larger rethinking of financial and capital market liberalization.
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Chong-En Bai
Task Force Member
Chairperson, Department of Economics
Tsinghua University
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Erik Berglof
Task Force Member
Chief Economist
European Bank for Reconstruction and Development
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Qi Bin
Task Force Member
Director General of Research Center for Financial Sectors Regulation
China Security Regulation Commission, Government of China
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Heping Cao
Task Force Member
Deputy Dean of School of Economics
Peking University
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Ping Chen
Task Force Member
Professor
China Center for Economic Research, Peking University
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Robert Chu
Task Force Member
Partner
Sullivan & Cromwell LLP
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Liu Chunhang
Task Force Member
Director General
China Banking Regulatory Commission (CBRC)
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Fang Lee Cooke
Task Force Member
Professor of HRM and Chinese Studies, Deputy Head of School (Research and Innovation)
RMIT School of Management
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Zhiyuan Cui
Task Force Member
Professor, Public Policy and Management
Tsinghua University
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Dennis Davis
Task Force Member
Judge
South Africa - Cape High Court
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Jun Fu
Task Force Member
Deputy Dean of School of Government
Peking University
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Chuqing Guo
Task Force Member
China Construction Bank
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Athar Hussain
Task Force Member
Deputy Director, Asia Research Centre
London School of Economics
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Mo Ji
Task Force Member
PhD Candidate
Columbia University
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David Kennedy
Task Force Chair
Professor
Harvard Law School
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Zhen Lei
Task Force Member
Assistant Professor of Energy and Environmental Economics
Penn State University
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Ling Li
Task Force Member
Senior Deputy Director
China Center for Economic Research, Peking University
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Xiaobo Lu
Task Force Member
Professor
Barnard College
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Mai Lu
Task Force Member
Secretary General
China Development Research Foundation
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Liao Min
Task Force Member
Director General
China Banking Regulatory Commission
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Jim Mirrlees
Task Force Member
Professor
Morningside College Chinese University of Hong Kong
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Neal O'Connor
Task Force Member
Project Manager, Institute for Global Law & Policy: The Workshop
Harvard University
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Ye Qi
Task Force Member
Professor of Environmental Policy, School of Public Policy and Management
Tsinghua University
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Jerome Reichman
Task Force Member
Bunyan S. Womble Professor of Law
Duke Law School
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Carl Riskin
Task Force Member
Professor of Economics
The Graduate Center, City University of New York
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Kerry Rittich
Task Force Member
Law Professor
University of Toronto
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Shunko Rojas
Task Force Member
PhD Candidate
Harvard Law School
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Santitarn Sathirathai
Task Force Member
Chairman of the Board of Directors
Siam Premier International Law Office Ltd.
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Farah Siddique
Task Force Member
Program Manager, Initiative for Policy Dialogue
Columbia University
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Joseph Stiglitz
Task Force Chair
President
Initiative for Policy Dialogue (IPD)
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Min Tang
Task Force Member
Deputy Secretary General
China Banking Regulatory Commission
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Yingmao Tang
Task Force Member
Assistant Professor
Peking University Law School
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Sakda Thanitcul
Task Force Member
Associate Professor of Law
Chulalongkorn University, Bangkok
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Christine Wong
Task Force Member
Senior Fellow in Contemporary Chinese Studies
University of Oxford
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Brian Wright
Task Force Member
Professor, Department of Agricultural and Resource Economics
University of California Berkeley
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Hemao Wu
Task Force Member
Executive Vice-president of National School of Development
Peking University
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Geng Xiao
Task Force Member
Director
Columbia Global Center for East Asia
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Yang Yao
Task Force Member
Professor and Deputy Director, China Center for Economic Research
Beijing University
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Yongding Yu
Task Force Member
Director, Institute of World Economics and Politics
Chinese Academy of Social Science
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Liqing Zhang
Task Force Member
Dean of School of Finance
Central University of Finance and Economics - Beijing
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Xiaobo Zhang
Task Force Member
Senior Research Fellow, Development Strategy and Governance
International Food Policy Research Institute
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The Food Price Crisis of 2007/2008: Evidence and Implications
422kb pdf |
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An Analysis of the Regulatory Vacuum in China's Property and Intellectual Property Exchanges:
13kb pdf |
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China’s Regional Disparities: Experience and Policy
765kb pdf |
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A Modest Proposal for International Monetary Reform
202kb pdf |
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Introduction to Time for a Visible Hand: Lessons from the 2008 World Financial Crisis
106kb pdf |
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Some Caution about Property Rights as a Recipe for Economic Development
188kb pdf |
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Why Weak Patents? Rational Ignorance or Pro-“Customer” Tilt?
416kb pdf |
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Special Drawing Rights and the Reform of the Global Reserve System
224kb pdf |
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Intellectual Property in the Twenty-First Century: Will the Developing Countries Lead or Follow?
309kb pdf |
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The Future of Law and Development: Second Generation Reforms and the Incorporation of the Social
338kb pdf |
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The Properties of Gender Equality
762kb pdf |
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Rights, Risk, and Reward: Governance Norms in the International Order and the Problem of Precarious Work
172kb pdf |
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Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System
1.20mb pdf |
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The Financial Crisis of 2007/2008 and Its Macroeconomic Consequences
176kb pdf |
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GDP Fetishism
34kb pdf |
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Interpreting the Causes of the Great Recession of 2008
161kb pdf This paper places the onus for the crisis on failures in the financial system, including its flawed incentives and models. The regulators should have recognized the risks posed by the pervasive failures in the financial system and the growing bubble. The paper identifies other factors that may have contributed to the magnitude of the crisis, such as low interest rates (both as a result of Fed policy and global imbalances) and inadequate risk assessments by investors. It argues that particular actions (such as the mishandling of the Lehman Brothers collapse) may have also contributed to the magnitude of the crisis and affected the timing, but that the crisis would have occurred in any case. It argues, moreover, that low interest rates are neither necessary nor sufficient for the existence of bubbles and that low interest rates could have been a boon to the economy if the funds had been well allocated and risks well managed by the financial system. It dispenses with other attempts to shift blame away from the central failures of the financial system. It seeks to explain the failures of the financial system, including the incentives for shortsighted behavior and excessive risk taking, identifying too‐big‐to‐fail institutions and deficiencies in corporate governance as key. |
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Task Force on Institutional Design for China’s Evolving Market Economy
27kb pdf |
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Regulation and Failure
739kb pdf |
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Responding to the Crisis
152kb pdf |
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Report by the Commission on the Measurement of Economic Performance and Social Progress
2.43mb pdf |
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The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China
337kb pdf |
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Rebuilding Government for the 21st Century: Can China Incrementally Reform the Public Sector? (In Chinese)
876kb pdf |
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Rebuilding Government for the 21st Century: Can China Incrementally Reform the Public Sector? (In English)
546kb pdf |
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International Grain Reserves and Other Instruments to Address Volatility in Grain Markets
744kb pdf |
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Presentation: China’s Market Volatility: Causes, Policy Options, and Implications
224kb pdf |
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International Division of Labor and Global Imbalances
321kb pdf |
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The Impact of the Global Financial Crisis on the Chinese Economy and China’s Policy Responses
461kb pdf |
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Notes for Diaoyutai Dialogue Between American and Chinese Economists
85kb pdf |