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International Monetary Fund. External Relations Dept.

Abstract

Dr. Yaga Venugopal Reddy was Governor, Reserve Bank of India, from 2003 to 2008. Subsequently, he was a member of the UN Commission of Experts to the President of the UN General Assembly on Reforms of the International Monetary and Financial System. Dr. Reddy was also a member of an informal international group of prominent persons on international monetary reforms (Palais Royal Initiative). He is Professor Emeritus at the University of Hyderabad and Distinguished Professor at the Indian Institute for Technology (IIT) Madras, as well as an honorary fellow of the London School of Economics and Political Science, and is on the Advisory Board of the Institute for New Economic Thinking (INET).

International Monetary Fund

Abstract

Asia-11 comprises ASEAN-5, Taiwan Province of China, Korea, Hong Kong SAR, China, India, and Japan.

Tharman Shanmugaratnam

Abstract

This paper examines the possibility of Asian monetary integration. The paper highlights that the objectives and motivations behind the continuing debate for Asian monetary integration have now evolved. The objectives are no longer defensive, no longer preoccupied with crisis prevention or resolution. They are now more forward looking; they are about growth, about greater trade integration, about spurring greater cross-border flows of investment within Asia, and about promoting the integration and deepening of financial markets.

Tharman Shanmugaratnam

Abstract

Mr. Crockett, Mr. Van Houtven, Mr. Wee Ee Cheong, distinguished guests and friends—and I do see many friends in the audience—first of all, let me say that it is my privilege to be giving this lecture. I come after a long line of much more distinguished speakers, and I really feel honored that Andrew and others invited me to deliver this talk today.

T S

Abstract

Mr. Crockett, Mr. Van Houtven, Mr. Wee Ee Cheong, distinguished guests and friends—and I do see many friends in the audience—first of all, let me say that it is my privilege to be giving this lecture. I come after a long line of much more distinguished speakers, and I really feel honored that Andrew and others invited me to deliver this talk today.

Jean-Claude Trichet

Abstract

… here is a case in which it is difficult to know what to say about the recent past. There possibly has been another major change in the interpretation of the theory in roughly the last decade … but it is hard to know, for sure.

DERVIş KEMAL

Abstract

A year ago this time, in early October of 2008, the world was on the edge of a financial and economic abyss. Those very close to the events in the financial sector were terrified. The world at large had not yet fully comprehended the magnitude of the disaster. The October 2008 World Economic Outlook had predicted that global GDP growth would have attained 2.7 percent in 2008 and would be 1.9 percent in 2009. Compare that to the 2.1 percent realized in 2008 and the most recent projection of -2.3 percent for 2009. Projections have been revised upward over the last few weeks, but the loss of output in 2009 will still be much greater than what was projected a year ago. The real point, however, is that it could have been much worse. What happened on Wall Street in September of 2008 was the financial equivalent of the Cuban missile crisis of 1962. We came very close to a complete meltdown … as the world had come very close to nuclear war in 1962. But the meltdown did not take place—a very vigorous policy response in the major economies and concerted action by the major central banks forestalled a much worse disaster.1

International Monetary Fund

Abstract

The October 2009 Per Jacobsson Lecture, delivered in Istanbul in conjunction with the 2009 Annual Meetings of the IMF and World Bank, examined the issue of longer-run growth prospects for the global economy following the recent global economic crisis. Will the world be able, in the five to ten years after the crisis abates, to return to the very rapid kind of economic growth sustained in the five years leading up to it? Noting that recent debate on the topic has focused on demand-side factors, neglecting the key area of supply-side sources of growth, Kemal Dervis, the 2009 Per Jacobsson lecturer, argues that contrary to the majority view that limited, below-trend growth is likely to prevail for some time, there is probably potential for very rapid growth in the world economy over the coming decade, thanks to strong supply-side factors. Whether such growth can be realized depends, however, on demand-side management both at the national level and through improved global macroeconomic policy coordination.