Conferences

In 2008 the financial crisis shook the world, with devastating impacts in many countries. Policymakers struggled to understand the new forces unleashed and to respond with appropriate policies. Urgent action was needed to control forces that were only dimly understood. The crisis continues to shake the world economy in 2009 but now, as the dust begins to settle, we can get a clearer view of its evolution and impact. New data can help to chart the impact on different countries, including Australia, and to discern future trends. With better information, more informed assessments can be made of current policies and of the further measures necessary to support recovery and future growth. The financial crisis has also played havoc with government strategies in key areas, especially climate change. Now is also the time to undertake a reasoned assessment of what Australia can and should do on climate policy, in the light of the global crisis and the forthcoming Copenhagen meeting in December 2009.

At this conference a distinguished panel of speakers and discussants addressed some key questions:

• How did the financial crisis emerge in the USA and Europe, and how did it flow on to Australia?
What has been its impact in the USA? What policies is the Obama Administration adopting, and how effective are they likely to be?
• How has the crisis been transmitted around the world by trade flows? What has its impact been on China, India and other countries of South and East Asia? How will these countries emerge from the crisis?
• How is Australia being affected, and what is the likely future path? Is Australia entering a major recession, or a more modest slowdown? How effective have the Rudd policies been to date, and what further measures are necessary?
• How has the global crisis changed the context for climate change policy? Can or should Australia still adopt an emissions trading scheme, and pursue strong emissions reductions policies? If so, how would that best be done?

Speakers:

·       Dr Luci Ellis is Head of Financial Stability at the Reserve Bank of Australia, and has had extensive experience at the Bank of International Settlements in Basel.

·       Professor Bob Gregory is the doyen of Australian economists. He was head of the Economics Program at the ANU for more than two decades and a member of the board of the Reserve Bank. He is a Professorial Fellow at Victoria University and Professor Emeritus at ANU.

·       Professor Frank Lichtenberg is Courtney C. Brown Professor at the Columbia University Business School, an Adjunct Professor at Victoria University, and one of the world’s most distinguished economists in business and technology studies.

·       Professor Roger Jones, a leading Australian climate scientist, was a Coordinating Lead Author of the IPCC Fourth Assessment Report and technical adviser to the Garnaut Review and to the Australian Treasury. Formerly with CSIRO, he is now a Professorial Fellow at Victoria University.

·       Mr Jim Lang is Managing Director of TradeData Pty Ltd, Australia’s foremost company specialising in the analysis of detailed global trade data.

·       Professor Peter Sheehan is Director of the Centre for Strategic Economic Studies at Victoria University, and was an advisor to the Australian and Victorian Governments.

·       Dr Alex English is a China expert, formerly with the Chinese University of Hong Kong, and now a Research Fellow at Victoria University.

Discussion leaders

·       Dr John Edwards has been Chief Economist with HSBC in Australia for the past decade. Between 1991 and 1994 he was Senior Adviser (Economic) to Treasurer and then Prime Minister Paul Keating.

·       Mr Tim Colebatch is Economics Editor of The Age. He has a special interest in Asian studies, was correspondent for The Age in Washington and in 2008 was the recipient of a National Press Club award to study the financial crisis in Europe.

·       Mr John Magowan was CEO for Merrill Lynch (Australasia) and is now Chairman of MM&E Capital. Previously he was Assistant Director General, Department of Management and Budget, Victoria and Economist at the Reserve Bank of Australia.

·       Mr Paul Toni is Program Leader, Development and Climate Change, WWF – Australia.

Papers and presentations

The Global Financial Crisis: Causes, Consequences and Countermeasures
Luci Ellis  Audio webcast   Paper   Presentation

Crisis and Response in the USA
Frank Lichtenberg  Presentation

Understanding the Transmission Mechanisms: A Framework for Analysis
Peter Sheehan  Presentation

Tracking the Crisis through Trade Impacts
Jim Lang  Presentation

Responding to the Global Storm: Resilience and Empowerment in China
Alex English  Paper   Presentation

Australia and the Financial Crisis: Searching for the Major Recession
Bob Gregory and Peter Sheehan  Presentation

New Strategies for Mitigation and Adaptation
Roger Jones  Presentation

Emissions Trading after the Financial Crisis: What Should Australia Do?
Peter Sheehan  Paper   Presentation