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A Modest Proposal for the G20

Working Paper #255

Jean-Paul Fitoussi, Haihong Gao, Yiping Huang, Jing Li, YV Reddy, Ulrich Volz, Robert Wade, Benhua Wei, Wing Thye Woo, John Williamson, Geng Xiao, Yongding Yu, Stephany Griffith-Jones, Peter Kenen, Joseph Stiglitz, José Antonio Ocampo, Liqing Zhang

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About the Authors

Jean-Paul Fitoussi
Professor of Economics
Institut d'Etudes Politiques de Paris

Haihong Gao
Senior Fellow, Director of Research
International Finance
Institute of World Economics & Politics, Chinese Academy of Social Sciences

Gao Haihong is a professor and director of the Section of International Finance under the Institute of World Economics and Politics, director of the Research Center for International Finance, Chinese Academy of Social Sciences. Her research area is on international finance. She has published numerous academic papers in this area, particularly on international financial architecture, regional monetary integration and China’s exchange rate policy. She led/participated in a number of research projects sponsored by China's Ministry of Finance and China’s social science fund. She is the standing director of the council of China Society for Finance and Banking, the council of China Society of World Economy and director of the council of China International Finance Society. In addition, she was a visiting scholar at the University of California at Davis, US, under the Ford Foundation Scholarship. She is also a past recipient of the British Council Scholarship and the World Bank Youth Fellowship. She obtained her BA degree in Economics and MA degree in Economics from Peking University in China, and MSc degree in International Money, Finance and Investment from Durham University in the UK.

Yiping Huang
Professor of Economics
China Macroeconomic Research Center
Peking University

Yiping Huang is professor of economics at the China Macroeconomic Research Center, Peking University. He was previously a policy analyst at the Research Center for Rural Development of the State Council, Director of China Economy Program at the Australian National University, General Mills International Professor at the Columbia Business School and Managing Director and Chief Asia Economist for Citigroup. Yiping's current research interests include macroeconomic policy, international finance and rural development. He received Master of Economics from the Renmin University of China and PhD in Economics from Australian National University.

Jing Li
Capital University of Economics and Trade

YV Reddy
Emeritus Professor of Economics
University of Hyderabad

YV Reddy was Governor, Reserve Bank of India, from 2003 to 2008. Subsequently, he was Member of the UN Commission of Experts to the President of the UN General Assembly on Reforms of International Monetary and Financial System. Currently, he is Professor Emeritus at University of Hyderabad and an Honorary Fellow of the London School of Economics and Political Science. Dr. Reddy is on the Advisory Board of Institute for New Economic Thinking (INET) and is also on International Advisory Board of the Columbia Program on Indian Economic Policies, Columbia University, New York. He is a Member of an informal international group of prominent persons on International Monetary Reforms, and is also on the Advisory Group of eminent persons to advise the Finance Minister of India on G-20 issues. Prior to being the Governor, he was Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund since August 2002. He also was Deputy Governor, Reserve Bank of India, Secretary, Ministry of Finance, and Additional Secretary, Ministry of Commerce in the Government of India. He served Government of Andhra Pradesh, India in several capacities including Principal Secretary and Secretary – Finance and Planning, Collector and District Magistrate, etc. He was also advisor for the World Bank.

Ulrich Volz
Senior Economist
Department of World Economy and Development Financing
German Development Institute

Ulrich Volz is a Senior Economist at the German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) in Bonn. He also teaches graduate courses in International Finance and International Monetary Relations at Freie Universität Berlin. Recent visiting positions include Visiting Scholar at the University of Oxford, Visiting Scholar at the European Central Bank, and JSPS Visiting Researcher at Aoyama Gakuin University, Tokyo. He studied economics at Philipps University Marburg, the University of Kent at Canterbury, University College London, Yale University, and the Free University of Berlin, from where he obtained a doctorate in economics. Before joining the German Development Institute in 2007, Ulrich was a Fox International Fellow and Max Kade Scholar at Yale University and a DekaBank Fellow at the Hamburg Institute of International Economics. His past work experience includes the European Bank for Reconstruction and Development, London, and the European Central Bank, Frankfurt am Main. He also worked as a Research Assistant at the Institute for International Monetary Policy of the Deutsche Bundesbank Foundation at Freie Universität Berlin, and as a Consultant to KfW Development Bank in Hanoi. His research interests focus on international finance, monetary and financial cooperation and integration, open macroeconomics, financial market development, and development and transition economics. Ulrich is the editor or co-editor of several books, including Towards Monetary and Financial Integration in East Asia (Edward Elgar Publishing, May 2009), Regional and Global Liquidity Arrangements (DIE, October 2010), and Regional Integration, Economic Development and Global Governance (Edward Elgar Publishing, forthcoming 2011). He is the author of Prospects for Monetary Cooperation and Integration in East Asia, published by the MIT Press in May 2010.

Robert Wade
Professor of Political Economy, Development Studies Institute
London School of Economics

Robert Wade is professor of political economy at the London School of Economics, and Sanjaya Lall visiting professor at Oxford (2011). He won the Leontief Prize for Advancing the Frontiers of Economic Thought in 2008, and the American Political Science Association’s Best Book in Political Economy award. His recent work has dealt with: financial booms and busts; world income distribution; global economic governance (especially the G20, World Bank, IMF and WTO); neoliberal (“Washington Consensus”) policy prescriptions, with particular reference to East Asia, the US and the UK; the fights over environmental norms inside the World Bank; the debate about industrial policies; and Iceland's attempt to make itself into an international financial center. He graduated from Otago University and Victoria University in New Zealand, and completed his PhD at Sussex University. Subsequent employment at the Institute of Development Studies (Sussex University), the World Bank, the US Congress’ Office of Technology Assessment, Princeton University (Woodrow Wilson School), MIT (Sloan School and Department of Political Science), and Brown University (Political Science and Watson Institute of International Relations). He has taught at LSE since 2001.

Benhua Wei
Non-Executive Independent Director
Global Logistics Properties Ltd.

Benhua Wei is the Non-Executive Independent Director of Global Logistics Properties Limited. He served as the Advisor to the Governor of the People’s Bank of China from 2008 to January 2010. He was the Deputy Administrator of the State Administration of Foreign Exchange of the People’s Republic of China from 2003 to 2008. He served as Director-General of International Department in PBOC from 1996 to 1999. From 1988 to 1991, he was an Alternate Executive Director representing China in the Asian Development Bank. From 1992 to 1995, he was an Alternate Executive Director representing China in the International Monetary Fund and from 1999 to 2003, he was an Executive Director representing China in the IMF.

Wing Thye Woo
Department of Economics
University of California-Davis

Wing Thye Woo is a professor of economics at the University of California, Davis, and a Chang Jiang (Yangtze River) Scholar at the Central University of Finance and Economics in Beijing. He is also Director of the East Asia Program within The Earth Institute at Columbia University, and Nonresident Senior Fellow at the Brookings Institution. He has published over 130 articles in professional economic journals and books. His article "The Monetary Approach to Exchange Rate Determination under Rational Expectations: The Dollar-Deutschemark Case," Journal of International Economics (JIE) , February 1985, was identified by JIE in 2000 to be one of the twenty-five most cited articles in its 30 years of history. His current research focuses on the economic issues of East Asia (particularly, China, Indonesia, and Malaysia).

John Williamson
Senior Fellow
Peter G. Peterson Institute for International Economics

John Williamson is a Visiting Fellow at the Center for Global Development and also a Senior Fellow at the Peter G. Peterson Institute for International Economics. He was Project Director for the UN High-Level Panel on Financing for Development (the Zedillo Report) in 2001; on leave as Chief Economist for South Asia at the World Bank during 1996–99; economics professor at Pontifica Universidade Católica do Rio de Janeiro (1978–81), University of Warwick (1970–77), Massachusetts Institute of Technology (1967, 1980), University of York (1963–68), and Princeton University (1962–63); adviser to the International Monetary Fund (1972–74); and economic consultant to the UK Treasury (1968–70). He is author, coauthor, editor, or coeditor of numerous studies on international monetary and development issues.

Geng Xiao
Columbia Global Center for East Asia

Professor Geng Xiao is Director of the Columbia Global Center for East Asia in Beijing, established by Columbia University. He is also an Honorary Professor at the University of Hong Kong, an Independent Director of the HSBC Bank (China) and the Genesis Emerging Markets Fund. Previously Professor Xiao was the founding Director of the Brookings-Tsinghua Center for Public Policy in Beijing, a Senior Fellow at the Brookings Institution, a tenured professor of economics at the University of Hong Kong, Head of Research and Advisor to the Chairman at the Securities and Futures Commission of Hong Kong, Vice President of the Chinese Economists Society in the US, a member of the board of supervisors at the Shenzhen Development Bank, a Faculty Associate at Harvard University, and a Consultant at the World Bank

Geng obtained his BSc in Management Sciences from the University of Science and Technology of China and his MA & PhD in Economics from UCLA. Professor Xiao has done extensive empirical and policy research on the Chinese economy, especially in areas of enterprise, macroeconomics, exchange rate, finance, and institutional economics, providing provocative, timely and useful policy analysis and recommendations. He also contributes frequently to public policy debates through media presences and conference presentations.

Yongding Yu
Director, Institute of World Economics and Politics
Chinese Academy of Social Science

Yongding Yu is an Academician of Chinese Academy of Social Sciences (CASS), President of China Society of World Economy (2003-present), and Editor-in-Chief of China and the World Economy. He is a member of the Advisory Committee of National Planning for National Development and Reform of PRC, a member of the Advisory Committee of the Ministry of Foreign Affairs of the PRC and a member of the UN Committee of Development Policy. He was Director-General at the Institute of World Economics and Politics (IWEP) with the CASS (1998-2009) and member of the Monetary Policy Committee of People’s Bank of China (2004-2006). Yu Yongding received his MA in economics from Graduate School of Chinese Academy of Social Sciences and D.Phil. in economics from the University of Oxford. He has authored, co-authored and edited more than 10 books, and published numerous papers and articles on macroeconomics, international finance and other subjects.

Stephany Griffith-Jones
Financial Markets Program Director
Initiative for Policy Dialogue (IPD)

Stephany Griffith-Jones is an economist specialising in international finance and development, with emphasis on reform of the international and national financial system, especially in relation to financial regulation and global governance. She is Financial Markets Director at the Initiative for Policy Dialogue, Columbia University. Previously she was Professorial Fellow at the Institute of Development Studies at Sussex University. She was Director of International Finance at the Commonwealth Secretariat and worked at UN DESA and ECLAC. She was senior consultant to governments in Eastern Europe, Latin America and Africa and many international agencies, including the World Bank, the IADB, the European Commission, UNDP and UNCTAD. She was a member of the Warwick Commission on financial regulation. She currently is theme leader on finance in the ESRC /DFID growth programme for LICs, especially African ones. She has published over 20 books and many scholarly and journalistic articles. Her books include Time for the Visible Hand, Lessons from the 2008 crisis, edited jointly with José Antonio Ocampo and Joseph Stiglitz.

Peter Kenen
Professor of Economics and International Finance
Princeton University

Joseph Stiglitz
Initiative for Policy Dialogue (IPD)

Joseph E. Stiglitz is President of the Initiative for Policy Dialogue, and Chairman of the Committee on Global Thought at Columbia University. He is University Professor at Columbia, teaching in its Economics Department, its Business School, and its School of International and Public Affairs. He chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System, created in the aftermath of the financial crisis by the President of the General Assembly. He is former Chief Economist and Senior Vice-President of the World Bank and Chairman of President Clinton’s Council of Economic Advisors. He was awarded the Nobel Memorial Prize in Economics in 2001.

José Antonio Ocampo
Professor of Professional Practice at Columbia University and former Minister of Finance of Colombia
Columbia University

Jose Antonio Ocampo is a Professor of Professional Practice in the School of International and Public Affairs and former Minister of Finance of Colombia. He is also a Fellow of the Committee on Global Thought at Columbia University. Prior to his appointment at Columbia, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit, Director of the National Planning Department, and Minister of Agriculture . Professor Ocampo is author or editor of over 30 books and has published over 200 scholarly articles on macroeconomic theory and policy, international financial issues, economic development, international trade, and Colombian and Latin American economic history.

Liqing Zhang
Dean of School of Finance
Central University of Finance and Economics - Beijing

Liqing Zhang is a Professor of International Economics and the Dean of School of Finance and Director of Center for International Finance Studies at Central University of Finance and Economics (CUFE) in Beijing, China. He is author, coauthor or editor of numerous publications on international economics and finance issues, particularly in the areas of capital flows, exchange rate, financial development and economic globalization. Holding a Ph.D. degree in Economics in Renmin University of China, he was senior visiting fellows at Economic Development Institute at World Bank (1995), Tilburg University at Netherlands (1996), Petersons Institute for International Economics in Washington D.C. (2004) and CGSD at Earth Institute with Columbia University in New York sponsored by the Fulbright Foundation (2005), and Research School of Pacific and Asia Studies with Australia National University (2009). He has advised many governmental departments in China, including People’s Bank of China, State Administration of Foreign Exchange and National Development and Reform Commission over the past two decades.

Publication Information

Type Working Paper
Program Financial Markets Reform
Posted 04/15/11
Download 13kb pdf
# Pages 2