This panel considers the complex dynamics of financial systems, both globally and regionally. Historically, the global financial system derives from the structures and institutions that originated in Bretton Woods in the post-World War II world, with the US at the helm. This system has been dominant for over 60 years now, but what is happening to it today? Challenges both from within and outside have impacted on its hegemony: outside, the new global order with a powerful China, and BRICS have directly impacted the singular dominance of the old order; within, the 2008 financial crisis has burst the myth that the market, on its own, is able to take care of everything. What impact has 2008 had on the global finance market? What should be the legislative, institutional and regulatory agendas to prevent another such scenario from emerging again? One lesson learnt is that Europe too will require structures: the Eurozone has been rocked several times since its birth, most recently by the Greek crisis. How is the Eurozone being kept together amidst an expanding EU with widely differing, nationally invested, fiscal systems joining the Union? What challenges can the Euro expect in a system where the ‘monetary’ (controlled by the EU) and ‘fiscal’ (determined by individual nation-states) policies work to different, even conflicting, agendas? And finally, what difference has the emergence of Asia made to this global system, with aggressive economic growth and alternative financial institutions like BRAC that counter received wisdom on banking structures by their success in local contexts?
Erik Berglöf – Director, IGA/LSE
Erik BERGLOF is Director, Institute of Global Affairs and Professor in Practice in Economics at the London School of Economics & Political Science. Before joining LSE, he was Chief Economist and Special Adviser to the President of the European Bank for Reconstruction and Development (ERDB). He has been Director, Stockholm Institute of Transition Economics (SITE), Professor at the Stockholm School of Economics, and Research Fellow at the Brookings Institution in Washington, DC, apart from having held visiting positions at Harvard, Stanford and MIT.
Nasser MUNJEE, an LSE alumnus, is Chairman of DCB Bank. He was a founder member of HDFC (Housing Development Funding Corporation), India’s first retail institution for housing needs, which gained assets over US$ 50 billion in banking, insurance, mutual funds and finance against all odds. In 1997, he was asked by the Government of India to establish an infrastructure finance company, known today as IDFC (Infrastructure Development Finance Company) which is credited with establishing much of the infrastructure for finance investment in India. Nasser has been President of the Bombay Chamber of Commerce and Industry, and currently serves on several public corporate boards.
Urjit R. Patel – Deputy Governor, RBI
Urjit PATEL, an LSE alumnus, is an economist, consultant and banker, currently serving as Deputy Governor of the Reserve Bank of India where he oversees monetary policy, economic policy research, statistics and information management, deposit insurance, communication and right to information. With a doctorate in Economics from Yale University, he has worked in the International Monetary Fund, has been Advisor to the Boston Consulting Group, and a non-resident Senior Fellow at the Brookings Institution.
Nicholas STERN is I G Patel Chair Professor in Economics and Government at the London School of Economics & Political Science. His research interests include the economics of climate change, development, growth, tax reform, public policy, and the role of the state and economies in transition. Amongst his several publications are The Economics of Climate Change: The Stern Review (2007), and The New Bihar: Rekindling Governance and Development (2013; co-edited).T
Sam PITRODA is a telecom inventor, entrepreneur, development thinker and policy maker who has spent 50 years in Information and Communications Technology (ICT) and related global developments. He laid the foundations of India’s telecommunications and technology revolution in the 1980s, and has been a leading campaigner in helping to bridge the global divide. He was Head of India’s Knowledge Commission (2005-09) providing a blueprint for reform of the knowledge-related institutions and infrastructure for the 21st century in India. He is founding chairman of 5 non-profit organisations in including the India Food Bank, the Global Knowledge Initiative and the Institute of Transdisciplinary Health. He has recently published his autobiography Dreaming Big: My Journey to Connect India (2015).
James CRABTREE is Mumbai Bureau Chief of The Financial Times, and leads coverage of corporate India for the FT, having previously worked on the paper’s opinion page in London as Comment Editor. He was previously Deputy Editor of Prospect, Britain’s leading monthly magazine of politics and idea, and has written for a range of other global publications, from The Economist to Wired. Before returning to journalism, he worked as a senior policy advisor in the UK Prime Minister’s Strategy Unit, and also for various think-tanks in London and Washington DC. He spent a number of years living in the United States, initially as a Fulbright Scholar at the Harvard Kennedy School of Government.