主题：全球金融危机对中国金融系统的启示

演讲人： J. Colin Dodds 加拿大圣玛利大学校长

时间：2008年10月29日（周三）晚上7：00-9：00

地点：中央财经大学中财大厦二层学术报告厅

摘要： This financial crisis is like no other in our recent past as the global financial system and particularly that of the USA and many countries in Europe have faced a precipice with an unparalleled crisis of confidence and trust. Many of the banking brand names so familiar in the world either failed, were merged or were taken over whole or in part by governments. Central banks have provided unprecedented levels of liquidity and there has been an increasing level of cooperative action by them and governments, including further interest rate cuts.

Stock markets have fallen dramatically across the world not only because of financial stocks, but more particularly as markets began pricing the recession that will follow the credit / liquidity meltdowns.

If the G7 and other governments cannot restore confidence so that interbank lending to businesses and households can resume, then the global economy will go into a severe recession / depression from which it will take a significant period of time for recovery to occur.

This presentation will provide an understanding of the underlying global macroeconomic trends, potential flaws of financial system architecture in what is a new financial world and regulatory responses will be critiqued. This will provide the backdrop to the US subprime mortgage crisis and subsequent global credit liquidity and stock market contagion. Serious fallouts from this crisis have impacted on the US and the global market economy, including that of China. In addition, there are other key policy implications that flow from the crisis in respect to financial sector development and regulatory action.

There is already evidence that this financial crisis is impacting on the global market economy.

The anatomy of the crisis will be examined with a comparison to past financial market and institutional failures, including Long Term Capital Management in 1998. With the increasing integration of China into the global market economy and the potential emergence of a single internationalized financial services industry, there are critical lessons to be learnt from this crisis that have direct relevance for policy makers, and financial market participants alike. As China further liberalizes and develops it own financial system, of key importance is the need for a better understanding of financial innovation trends across financial markets, including derivatives and the pricing of risk. Appropriate regulatory regimes and responses to a future financial crisis in the context of China’s increasing integration in the global financial system will also be explored.

[编辑]：孙颖