call for paper 09 eng
Call for Paper
Bulletin of Monetary Economics and Banking
GLOBAL FINANCIAL CRISIS:
CHALLENGES AND POLICY RESPONSES
Jakarta – Indonesia, 2nd week, August 2009
Background
The world is now facing a new challenge emanating from the unprecedented global financial crisis.
Stock markets around the world have fallen, many large financial institutions have collapsed, global
economies have weakened or even fallen into a deep recession, and governments in developed
and developing countries have had to come up with rescue packages.
The crisis is now a truly global economic crisis. Indeed, we are not far from the point where every
form of economic activity on the planet will be touched by the crisis in one way or the other. From
a macroeconomic perspective, the crisis has thrown into questioning the standard models
employed by academics, governments, central banks, and private sectors. Quite simply, this crisis
could not have happened in the mainstream macroeconomic models. The world’s macroeconomy,
it seems, is radically more interconnected than we thought. Macroeconomists might need a new
Keynes, or at least a new Phelps or Lucas, to provide a parsimonious model where financial sector
disturbances can be transmitted globally, producing recession and disinflation.
On the trade side, the unexpectedly rapid decline of trade flows – both imports and exports – has
reminded us how trade today is different. Things are no longer made in one nation and shipped to
another as final goods. Instead, nations make bits and pieces and ship them on to be combined
with other bits and pieces. The WTO’s defensive wall against protectionism is proving its worth, but
governments are getting inventive when it comes to policies that shift aggregate demand towards
domestic firms and workers.
On the financial side, there is now almost universal recognition that the world needs a better
regulatory framework. The nature of modern finance has changed – much of it in reaction to the
last round of regulatory changes – and, with it, so has the nature of financial crises, systemic risk,
and macroeconomic consequences.
This global crisis is undoubtedly an economic policy challenge of our generation. It is also a
challenge where academic economists are making a unique contribution. This is a crisis where the
unthinkable and improbable events happens monthly or even daily. It is no exaggeration to say
that governments are making it up as they go along, and they know it. They are, consequently,
unusually and extraordinarily open to outside analysis.
Against this backdrop, the Bulletin of Monetary Economics and Banking will hold a call for paper on
“Global Financial Crisis: Challenges and Policy Responses” in its 3rd International Workshop. The
workshop will discuss 3 main topics with the objectives: (1) to understand this global and
interconnected event; (2) to formulate plans for alleviating its worst effects; and (3) to fix and
prevent the system from the future crises.
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Theme
The sub themes are, (but not limited to):
Causes and consequences of global financial crisis
o The global financial crisis and its impact on the world economy.
o The global financial crisis and its impact on Asian economy .
o The global financial crisis and its impact on Indonesian economy.
Optimal policy responses on minimizing the global financial crisis impact
o Monetary policy responses.
o Banking Policy responses.
o Fiscal policy responses.
Lessons learned from global financial crisis
o The economic system, the financial liberalization and the financial crisis
prevention.
o The regional monetary policy coordination possibilities.
o The regional fiscal policy coordination possibilities.
o Breaking the cycle of the global financial crisis.
o Rethinking the new international financial system
Important Date:
Abstract Submission
Full paper Submission
Result Notification
Presentation file (PPT)
Participation confirmation (non presenter)
The Workshop
: May 26th , 2009
: June 26th, 2009
: July 15th , 2009
: July 31st, 2009
: August 1st, 2009
: 2nd Week August, 2009
Paper Submission:
You may submit the abstract first. The abstract can be in English or Bahasa Indonesia and
should be less than 3 pages (A4, 12 New Times Roman). Please send the abstract along
with the keywords, the JEL Classification code and your short Curriculum Vitae.
For a completed paper, you may send the full paper along with the abstract, the keywords,
the JEL Classification code and Curriculum Vitae.
The presentation file of the accepted paper (the slide) should be sent before August 1th,
2009.
All files should be sent to: submission.bemp@gmail.com and Cc. to: bemp@bi.go.id. This
workshop is authorized as an annual program of Bank Indonesia (visit www.bi.go.id),
however we intentionally use this 3rd party email to receive the submitted paper.
Participant
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Confirmation from participants should be made before August 1st, 2009 (see the important
date).
Accommodation and travel expenses should be covered by participants themselves. We
provide information on accommodation and transport facilities. The hotel booking should
be confirmed 15 days before the workshop.
Contact Person:
Wiwiek Isbandrio (wiwiek_is@bi.go.id)
Bulletin of Monetary Economics and Banking
th
Jl. M.H. Thamrin No.2, Syafruddin Prawiranegara Building, 20 floor, Jakarta 10350, Indonesia
Telp. 62‐21‐3818202/ Fax. 62‐21‐3802283
E‐mail: submission.bemp@gmail.com / Cc. to: bemp@bi.go.id
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