On September 9, 2010, the U.S.-Korea Institute at SAIS and the Reinventing Bretton Woods Committee hosted an international conference on “Mitigating Risks in the International Financial System.” The conference addressed a number of issues related to the status of creating global financial safety nets, as well as both positive and normative expectations for the upcoming G20 Summit in Seoul.

Opening ceremonies included remarks by:

  • Thomas Hubbard, former U.S. Ambassador to the Republic of Korea and Chair, USKI Advisory Council
  • Han Duk-soo, ROK Ambassador to the United States
  • Marc Uzan, Executive Director, Reinventing Bretton Woods Committee

With a keynote address by Je Yoon Shin, Deputy Minister for International Affairs, Ministry of Strategy and Finance, Republic of Korea.

Download the transcript from the Opening Ceremony (PDF, 6 pages).

Session I: Global Financial Saftey Net: The IMF as a Lender for First Resort?*

Chair: Creon Butler, Senior Adviser, International Finance Directorate, UK Treasury

Panel 1:

  • Richard Portes, Professor of Economics at London Business School; President CEPR (See also IMF Working Paper, “Toward a Lender of First Resort,” by Daniel Cohen and Richard Portes, 2006)
  • Eduardo Levy-Yeyati, Professor of Economics, Business School of Universidad Torcuato Di Tella  
  • Olivier Jeanne, Professor of Economics, Johns Hopkins University; Senior Visiting Fellow, Peterson Institute for International Economics 
  • Lorenzo Giorgianni, Assistant Director, Emerging Markets Division, Strategy, Policy and Review Department, International Monetary Fund

Panel 2 (New Precautionary Lending and Its Potential Impact on Reserve Accumulation):

  • Robert McCauley, Senior Adviser, Monetary and Economic Department, Bank for International Settlements 
  • Joshua Aizenman, Professor of Economics, University of California 
  • Romain Rancière, Professor of Economics, Paris School of Economics

Session II: Delivering the Financial Safety Net Proposal – National, Regional, Global Responses

Chair: Amar Bhattacharya, Director, G24


Session III: Road to Seoul: Which Results Can We Expect from the G20 Summit in Seoul?

Chair: Junkyu Lee, Senior International Economic Advisor to the Minister of Strategy and Finance; Korea Institute for International Economic Policy

Panel 1:

  • Edwin Truman, Senior Fellow, Peterson Institute for International Economics  
  • Heenam Choi, Director General, Presidential Committee for G20 Summit 
  • Tim Adams, Managing Director, The Lindsey Group 
  • Kemal Dervis, Vice President and Director, Global Economy and Development, Brookings Institution   

Panel 2 (Private Sector Perspectives):

  • David Hale, Chairman Hale Global Advisers 
  • Robert Kahn, Senior Policy Strategist, Moore Capital 
  • Alberto Musalem, Managing Director, Tudor Investment

* Please note that posted presentations are the views of the authors and not necessarily of their respective institutions. For more information about this conference, please contact Jenny Town, Research Associate, at jtown2@jhu.edu.