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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 unusually and extraordinarily open to outside analysis.
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
the JEL Classification code and Curriculum Vitae.
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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
Jl. M.H. Thamrin No.2, Syafruddin Prawiranegara Building, 20th floor, Jakarta 10350, Indonesia Telp. 62‐21‐3818202/ Fax. 62‐21‐3802283
