Inspiring future leaders in banking
Initiated in 1986, the Commencement Day Annual Lecture series commemorated the beginning of the Bank's operations in 1982. Each year, an eminent expert, an opinion maker is invited to deliver a lecture on a theme related to contemporary developments in the Indian and global economy.
The annual lecture series seeks to inform, promote and also contribute to the ongoing debate on globalisation among discerning intelligentsia. Over the years, with the encouragement and support from the distinguished members of the business community, academia and other sections of the society, Exim Bank's annual lecture series has earned recognition as an important milestone in the public life of Mumbai.
35th Commencement Day Annual Lecture
Financial globalisation and international financial markets
The lecture will describe the characteristics of the Global Financial Cycle, which is a common component in capital flows, risky asset prices and credit growth across countries. One important driver of the global financial cycle is the monetary policy of the US Federal Reserve which influences financial conditions around the globe. This reflects the central role of the US in the international monetary and financial system and the dominant role of the dollar as a currency in international banking, in trade invoicing and in asset markets in general. Looking into the future, as the relative mass of the US in decreasing in the world economy and in world trade, we may see the emergence of a more multipolar international monetary and financial system where the euro area or China may play a bigger role. The emergence of digital currencies may also play a disruptive role in the International Monetary System and profoundly transform geopolitics.
About the Speaker
Hélène Rey is the Lord Bagri Professor of Economics at London Business School. Until 2007, she was at Princeton University, as Professor of Economics and International Affairs in the Economics Department and the Woodrow Wilson School. Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory and empirics of financial crises and the organization of the international monetary system. She demonstrated in particular that countries's gross external asset positions help predict current account adjustments and the exchange rate. She introduced the concept of Global Financial Cycles and qualified the idea of the Mundellian Trilemma. She was awarded an Alfred P. Sloan Research Fellowship, the 2006 Bernácer Prize and the 2012 inaugural Birgit Grodal Award of the European Economic Association honoring a European-based female economist who has made a significant contribution to the Economics profession. In 2013 she received the Yrjö Jahnsson Award shared with Thomas Piketty, in 2014, the Inaugural Carl Menger Preis, the 2015 Prix Edouard Bonnefous and the 2017 Maurice Allais Prize. Professor Rey is an elected Fellow of the British Academy, of the Econometric Society, of the European Economic Association, of the American Academy of Arts and Sciences, and correspondant of the Académie des Sciences Morales et Politiques. She was made O.B.E for services to economics. She was on the board of the Review of Economic Studies (2008-2015), an associate editor of the AEJ: Macroeconomics Journal. She is a co-editor of the Annual Review of Economics, a Research Fellow and Vice President of CEPR and an NBER Research Associate. She is a member of the Haut Conseil de Stabilité Financière (French Macro Prudential Authority) and of the Bellagio Group on the international economy. She was a member of the Conseil d’Analyse Economique until 2012, on the Board of the Autorité de Contrôle Prudentiel et de Résolution (2010-2014). She writes a regular column for the French newspaper Les Echos. Hélène Rey received her undergraduate degree from ENSAE, a Master in Engineering Economic Systems from Stanford University and her PhDs from the London School of Economics and the Ecole des Hautes Etudes en Sciences Sociales.
Venue: Crystal Room, The Taj Mahal Palace Hotel, Mumbai
Date: Friday, February 28, 2020
Time: 6 PM