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China Task Force Meeting, Beijing 2009

October 29, 2009

Peking University   Beijing, China

Agenda  59kb pdf

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

  • 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.

  • Chong-En Bai
    Task Force Member
    Chairperson, Department of Economics
    Tsinghua University
  • Erik Berglof
    Task Force Member
    Chief Economist
    European Bank for Reconstruction and Development
  • Qi Bin
    Task Force Member
    Director General of Research Center for Financial Sectors Regulation
    China Security Regulation Commission, Government of China
  • Heping Cao
    Task Force Member
    Deputy Dean of School of Economics
    Peking University
  • Ping Chen
    Task Force Member
    Professor
    China Center for Economic Research, Peking University
  • Robert Chu
    Task Force Member
    Partner
    Sullivan & Cromwell LLP
  • Liu Chunhang
    Task Force Member
    Director General
    China Banking Regulatory Commission (CBRC)
  • Fang Lee Cooke
    Task Force Member
    Professor of HRM and Chinese Studies, Deputy Head of School (Research and Innovation)
    RMIT School of Management
  • Zhiyuan Cui
    Task Force Member
    Professor, Public Policy and Management
    Tsinghua University
  • Dennis Davis
    Task Force Member
    Judge
    South Africa - Cape High Court
  • Jun Fu
    Task Force Member
    Deputy Dean of School of Government
    Peking University
  • Chuqing Guo
    Task Force Member
    China Construction Bank
  • Athar Hussain
    Task Force Member
    Deputy Director, Asia Research Centre
    London School of Economics
  • Mo Ji
    Task Force Member
    PhD Candidate
    Columbia University
  • David Kennedy
    Task Force Chair
    Professor
    Harvard Law School
  • Zhen Lei
    Task Force Member
    Assistant Professor of Energy and Environmental Economics
    Penn State University
  • Ling Li
    Task Force Member
    Senior Deputy Director
    China Center for Economic Research, Peking University
  • Xiaobo Lu
    Task Force Member
    Professor
    Barnard College
  • Mai Lu
    Task Force Member
    Secretary General
    China Development Research Foundation
  • Liao Min
    Task Force Member
    Director General
    China Banking Regulatory Commission
  • Jim Mirrlees
    Task Force Member
    Professor
    Morningside College Chinese University of Hong Kong
  • Neal O'Connor
    Task Force Member
    Project Manager, Institute for Global Law & Policy: The Workshop
    Harvard University
  • Ye Qi
    Task Force Member
    Professor of Environmental Policy, School of Public Policy and Management
    Tsinghua University
  • Jerome Reichman
    Task Force Member
    Bunyan S. Womble Professor of Law
    Duke Law School
  • Carl Riskin
    Task Force Member
    Professor of Economics
    The Graduate Center, City University of New York
  • Kerry Rittich
    Task Force Member
    Law Professor
    University of Toronto
  • Shunko Rojas
    Task Force Member
    PhD Candidate
    Harvard Law School
  • Santitarn Sathirathai
    Task Force Member
    Chairman of the Board of Directors
    Siam Premier International Law Office Ltd.
  • Farah Siddique
    Task Force Member
    Program Manager, Initiative for Policy Dialogue
    Columbia University
  • Joseph Stiglitz
    Task Force Chair
    President
    Initiative for Policy Dialogue (IPD)
  • Min Tang
    Task Force Member
    Deputy Secretary General
    China Banking Regulatory Commission
  • Yingmao Tang
    Task Force Member
    Assistant Professor
    Peking University Law School
  • Sakda Thanitcul
    Task Force Member
    Associate Professor of Law
    Chulalongkorn University, Bangkok
  • Christine Wong
    Task Force Member
    Senior Fellow in Contemporary Chinese Studies
    University of Oxford
  • Brian Wright
    Task Force Member
    Professor, Department of Agricultural and Resource Economics
    University of California Berkeley
  • Hemao Wu
    Task Force Member
    Executive Vice-president of National School of Development
    Peking University
  • Geng Xiao
    Task Force Member
    Director
    Columbia Global Center for East Asia
  • Yang Yao
    Task Force Member
    Professor and Deputy Director, China Center for Economic Research
    Beijing University
  • Yongding Yu
    Task Force Member
    Director, Institute of World Economics and Politics
    Chinese Academy of Social Science
  • Liqing Zhang
    Task Force Member
    Dean of School of Finance
    Central University of Finance and Economics - Beijing
  • Xiaobo Zhang
    Task Force Member
    Senior Research Fellow, Development Strategy and Governance
    International Food Policy Research Institute
All Files (28) zip
The Food Price Crisis of 2007/2008: Evidence and Implications

422kb pdf
Brian Wright,
Eugenio Sebastian Bobenrieth

An Analysis of the Regulatory Vacuum in China's Property and Intellectual Property Exchanges:

13kb pdf
Heping Cao

China’s Regional Disparities: Experience and Policy

765kb pdf
Ravi Kanbur,
Xiaobo Zhang,
Shenggen Fan

A Modest Proposal for International Monetary Reform

202kb pdf
Joseph Stiglitz,
Bruce Greenwald

Introduction to Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

106kb pdf
Joseph Stiglitz,
José Antonio Ocampo,
Stephany Griffith-Jones

Some Caution about Property Rights as a Recipe for Economic Development

188kb pdf
David Kennedy

Why Weak Patents? Rational Ignorance or Pro-“Customer” Tilt?

416kb pdf
Zhen Lei,
Brian Wright

Special Drawing Rights and the Reform of the Global Reserve System

224kb pdf
José Antonio Ocampo

Intellectual Property in the Twenty-First Century: Will the Developing Countries Lead or Follow?

309kb pdf
Jerome Reichman

The Future of Law and Development: Second Generation Reforms and the Incorporation of the Social

338kb pdf
Kerry Rittich

The Properties of Gender Equality

762kb pdf
Kerry Rittich

Rights, Risk, and Reward: Governance Norms in the International Order and the Problem of Precarious Work

172kb pdf
Kerry Rittich

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
Joseph Stiglitz

The Financial Crisis of 2007/2008 and Its Macroeconomic Consequences

176kb pdf
Joseph Stiglitz

GDP Fetishism

34kb pdf
Joseph Stiglitz

Interpreting the Causes of the Great Recession of 2008

161kb pdf
Joseph Stiglitz

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.

Task Force on Institutional Design for China’s Evolving Market Economy

27kb pdf
Joseph Stiglitz,
David Kennedy

Regulation and Failure

739kb pdf
Joseph Stiglitz

Responding to the Crisis

152kb pdf
Joseph Stiglitz

Report by the Commission on the Measurement of Economic Performance and Social Progress

2.43mb pdf
Joseph Stiglitz,
Jean-Paul Fitoussi,
Amartya Sen

The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China

337kb pdf
Shang-Jin Wei,
Xiaobo Zhang

Rebuilding Government for the 21st Century: Can China Incrementally Reform the Public Sector? (In Chinese)

876kb pdf
Christine Wong

Rebuilding Government for the 21st Century: Can China Incrementally Reform the Public Sector? (In English)

546kb pdf
Christine Wong

International Grain Reserves and Other Instruments to Address Volatility in Grain Markets

744kb pdf
Brian Wright

Presentation: China’s Market Volatility: Causes, Policy Options, and Implications

224kb pdf
Geng Xiao

International Division of Labor and Global Imbalances

321kb pdf
Yang Yao,
Jianwei Xu

The Impact of the Global Financial Crisis on the Chinese Economy and China’s Policy Responses

461kb pdf
Yongding Yu

Notes for Diaoyutai Dialogue Between American and Chinese Economists

85kb pdf
Yongding Yu