10 Years after the Crash: What have we learned?
Plenary session I: Has capitalism become more stable ?
Systemic risk, macro shocks and macro-prudential policies
Martin Hellwig (Max Planck Institute Bonn, DE)
In September 2008 the bankruptcy of Lehman Brothers was a landmark in a series of events that triggered the great financial and economic crisis. However, its roots lie much deeper: rising inequality, deregulation of financial markets, private debt and trade imbalances are discussed to play a role. Ten years later, financial markets are again reaching record highs, the world economy grows at a strong pace and major central banks are beginning to tighten their monetary policy stance. At the same time, the gains accrue largely to a small elite, even limited regulatory achievements are under attack, and right-wing populism is threatening democracy in high-income countries, while many low-income countries still struggle from war and poverty. What did societies and politicians learn from the crash? What have been theoretical achievements in orthodox and heterodox economic thinking since then? Where do we go from here?
Conference Documentation: [ Ссылка ]
