Suzhou, 2011

International Conference

“Regulating Finance for Economic Development”

December 19-20, 2011, Suzhou, International College of the Renmin University of China

Sponsored by: School of Economics,

Renmin University of China International College, Renmin University of China

The Levy Institute of Economic Research, U.S.A.

with financial supports from: The Ford Foundation, U.S.A.

Program

December 19th, 2010

9:00-9:15 Welcome Address

CHEN Yongjun (International College, Renmin University of China)

ZHANG Yu (School of Economics, Renmin University of China)

(9:15-9:30 Group Photo)

9:30-12:30 Finance and the Development of High-Tech Industries

Chair: Arturo O’Connell (Central Bank of Argentina)

William Lazonick (UMass Lowell, U.S.A.) “Corporate Resource Allocation in the US Economy: Why Those Jobless Recoveries Won’t Go Away”

Discussant: Dic Lo (SOAS and RUC)

Henrik Glimstedt (Stockholm School of Economics, Sweden) “The need for patient capital: a case study of the telecom equipment industry”

Discussant: FENG Kaidong (Peking University, China)

(10:55-11:10 Tea Break)

JU Xiaosheng, WANG Tianjiao and LI Min (Renmin University of China) “Innovation Financing and Innovation Smoothing: Financing Constraints, Working Capital Management and the 2000s Innovation Boom in China”

Discussant: HONG Fuhai (Shanghai University of Economics and Finance)

FENG Kaidong (Peking University, China) “The evolution of firms and their resource allocation for innovation: the impacts of institutional change”

Discussant: Hong BO (SOAS, U.K.)

12:30-2:00 Lunch

2:00-2:45 Keynote Speech Jan Kregel (Levy Economic Institute, U.S.A.) “Governance of Global Finance, Regulation of Global Liquidity and Global Financial Instability”

(2:45-3:00 Tea Break)

3:00-6:00 Rethinking Chinese Financial Governance

Chair: William Lazonick (UMass Lowell, U.S.A.)

Hong BO (SOAS, U.K.) “Corporate Investment during the Financial Crisis: Evidence from China”

Discussant: Henrik Glimstedt (Stockholm School of Economics, Sweden)

SUN Chi (Nomura Securities, Hong Kong, China) “China’s banking system and monetary policy – how it works after 2008”

Discussant: JIANG Yingquan (SOAS)

(4:25-4:40 Tea Break)

ZHANG Qiang, JIANG Shengjun, and AI Si (Renmin University of China) “Is Financial Instability Caused by External Shocks?”

Discussant: HONG Fuhai (Shanghai University of Economics and Finance)

DONG Lixia (Tsinghua University, China) and ZHAO Wenzhe (CUEF, China) “FTPL with Multi-tier Government in Fiscal Federalism”

Discussant: WANG Chun (Bank of China)

6:30-8:30 Dinner

December 20th, 2010

9:00-11:15 Capital Flows and Capital Controls

Chair: Jan Kregel (Levy Economic Institute, U.S.A.)

Arturo O’Connell (Central Bank of Argentina) “Capital Flows and Economic Growth”

Discussant: SUN Chi (Nomura Securities, Hong Kong, China)

HE Liping (Beijing Normal University, China) “Capital Flows and Capital Controls: Main Arguments in China Today”

Discussant: WANG Chun (Bank of China)

Dic Lo (SOAS and RUC), with LI Guicai (JUEF), JIANG Yingquan (SOAS) and QIN Tao (RUC) “The Cost and Benefit of Capital Controls: Consideration on the Chinese Experience”

Discussant: FENG Kaidong (Peking University, China)

(11:15-11:30 Tea Break)

11:30-12:30 Policy Panel

Chair: Henrik Glimstedt (Stockholm School of Economics, Sweden)

Jan Kregel (Levy Economic Institute, U.S.A.) Arturo O’Connell (Central Bank of Argentina) William Lazonick (UMass Lowell, U.S.A.) HE Liping (Beijing Normal University, China)

Conference Closing 12:30-2:00 Lunch

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