Demystifying the Global Financial Crisis: Implications for the World Economy October 27, 2008 at 6:15 p.m.
in the Marvin Center Grand Ballroom (3rd Floor) (800 21st Street, NW, Washington, DC 20052) (Reception to Follow)
The recent failures of major financial institutions and the subsequent volatility of national stock markets raise a number of questions for managers, investors, and policy makers. Why did a U.S. housing bubble create a meltdown for the entire economy? How did a U.S. financial crisis reverberate through markets around the world? Does globalization itself render the world economy more vulnerable to financial crises? How is the crisis changing the terrain of the business and investment environment worldwide? What does this mean for government policy and for private investors?
Please join us for a lively discussion on the origins and implications of the current financial crisis for the global economy. We are pleased to have a diverse set of panelists with experience in U.S. and international financial institutions, the public sector, the private sector, and academia.
Introduction by:
Steven Knapp President, The George Washington University
Panelists Include:
Stijn Claessens Assistant Director, Research Department, International Monetary Fund
John Glascock West
Shell Professor of Real Estate Finance, University of
Cincinnati (Former Oliver T. Carr Jr. Professor of Real Estate
Finance,
The George Washington University School of Business)
Susan Phillips Dean and Professor of Finance, The George Washington University School of Business (Former Member of the Board of Governors of the Federal Reserve System)
Russell Ramsey Chairman and CEO, Ramsey Asset Management
Chairman, Board of Trustees, The George Washington University
Moderated By:
Robert
Weiner Professor
of International Business, Public Policy and Public Administration
and International Affairs, The George Washington
University School of Business
Stijn Claessens Assistant Director, Research Department, International Monetary Fund
Stijn Claessens is Assistant Director in the Research Department of the International Monetary Fund where he heads the Macro-Financial Linkages Unit. Dr. Claessens, a Dutch national, holds a Ph.D. in Business Economics from the Wharton School of the University of Pennsylvania (1986) and an M.A. from Erasmus University, Rotterdam (1984). He started his career teaching at New York University Business School (1987) and then worked for fourteen years at the World Bank in various positions (1987-2001). He taught for three years at the University of Amsterdam (2001-2004), where he remains a Professor of International Finance Policy. Prior to his current position, he was Senior Adviser in the Financial and Private Sector Vice-Presidency of the World Bank (2004-2006). His policy and research interests are firm finance; corporate governance; internationalization of financial services; and risk management. Over his career, Dr. Claessens has provided policy advice to emerging markets in Latin America and Asia and to transition economies. His research has been published, among others, in the Journal of Financial Economics, Journal of Finance and Quarterly Journal of Economics. He has edited several books, including International Financial Contagion (Kluwer 2001), Resolution of Financial Distress (World Bank Institute 2001), and A Reader in International Corporate Finance (World Bank 2006). He is an Editor of the Journal of Financial Services Research and an associate editor at other journals. He is also a Fellow of the London-based CEPR, ECGI (Brussels) and AICG (Seoul), and a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at Yale University.
John Glascock West Shell Professor of Real Estate Finance and Director of the Real Estate Center, University of Cincinnati (Former Oliver T. Carr Jr. Professor of Real Estate Finance, The George Washington University School of Business)
Dr. Glascock is the West Shell Professor of Real Estate Finance and Director of the Real Estate Center at the University of Cincinnati. He is the former Grosvenor Professor of Real Estate Finance at Cambridge University and has an extensive and impressive background in real estate. Formerly, he was the Oliver T. Carr, Jr., Professor of Real Estate Finance at George Washington University, and earlier he served as the Louisiana Real Estate Commission Chair of Real Estate at Louisiana State University. His work has been published in primary finance, management, and real estate journals. Professor Glascock has over 85 published articles and reports. He has worked for the Department of Justice, the State of Ohio, Fleet Bank, as well as Latter & Blum. Dr. Glascock is a member and Secretary-Treasurer of the American Real Estate and Urban Economic Association. He is also a member of the Board of the Asian Real Estate Society, and is a Homer Hoyt Real Estate Research Fellow. Professor Glascock is also a lecturer in the Hanken Real Estate Finance Program in Helsinki, Finland (on a continuing basis since 1998), a lecturer with Tsinghua University’s Executive MBA Program in Beijing, China (2005), and a visiting professor with INSEAD, France. Professor Glascock’s primary research areas are REITs and Housing markets.
Susan Phillips Dean and Professor of Finance, The George Washington University School of Business
(Former Member of the Board of Governors of the Federal Reserve System)
Dr. Phillips joined The George Washington University School of Business as Dean and Professor of Finance in July 1998. Previously, she was a member of the Board of Governors of the Federal Reserve System from December 1991 through June 1998. Before her Federal Reserve appointment, Dr. Phillips served as Vice President for Finance and University Services and Professor of Finance in The College of Business Administration at The University of Iowa. She has also worked as an Assistant Professor at Louisiana State University (LSU), as an Economic Policy Fellow at Brookings Institution, as a Commissioner and Chair of the Commodity Futures Trading Commission (CFTC), and as an Economic Fellow with the Securities and Exchange Commission (SEC). Dr. Phillips‘ areas of specialization include monetary policy, regulation and supervision of financial institutions, derivatives, financial management, and economic theory of regulation. She is a member of the State Farm Mutual Automobile Insurance Company’s Board of Directors. She also serves on the boards of directors of the Kroger Company, the Chicago Board Options Exchange, the Association to Advance Collegiate Schools of Business International (AACSB), and the National Futures Association as well as the Financial Accounting Foundation’s Board of Trustees. Dr. Phillips has won several awards for her research and has authored dozens of scholarly publications. She holds a B.A. in Mathematics from Agnes Scott College, an M.S. in Finance and Insurance from LSU, and a Ph.D. in Finance and Economics from LSU.
Russell Ramsey Chairman and CEO, Ramsey Asset Management, Chairman, Board of Trustees, The George Washington University
Russ Ramsey is a successful entrepreneur, having built multi-billion dollar businesses primarily in the fields of investment banking and money management. He is most widely known as co-founder of Friedman, Billings, Ramsey Group (NDQ: FBR) in 1989, a top-ten investment bank for whom Ramsey was co-founder, President, and Co-Chief Executive Officer through 2001. In 2001 Ramsey founded Ramsey Asset Management, a long/short equity hedge fund manager based in the Washington, D.C. area, where he is Chairman, CEO, and CIO.
Mr. Ramsey serves The George Washington University as its Chairman of the Board of Trustees. Over the last four years he has overseen the creation and staffing of the University's world-class investment office and played a critical role in helping the University surpass the $1-billion threshold in our endowment. He has also chaired several special Board committees such as the Presidential Search Committee, which selected the 16th president of the University, and Square 54, which oversaw the development and analysis of alternatives for monetizing a significant strategic financial asset for the university.
Mr. Ramsey sits on the board of JER Investors Trust and the National Geographic Council of Advisors. Ramsey attended The George Washington University School of Business on a baseball scholarship and earned his Bachelor of Business Administration in 1981. He is a native Washingtonian and lives with his wife Norma and their four children in Northern Virginia. Through the W. Russell and Norma G. Ramsey Foundation they are actively committed to philanthropic causes dedicated to at-risk families through education and health programs.
Robert Weiner Professor of International Business, Public Policy and Public Administration, and International Affairs, The George Washington University School of Business
Dr. Robert Weiner is Professor of International Business, Public Policy and Public Administration, and International Affairs at The George Washington University, where he teaches international financial management, international financial markets, and international portfolio management. Professor Weiner has worked as a Research Fellow in the International Energy Program, Center for Business and Government, John F. Kennedy School of Government, Harvard University and as a consultant to the International Petroleum Exchange, the New York Mercantile Exchange, the U.S. Department of Energy, the U.S. International Trade Commission, the Harvard Institute for International Development, the World Bank, and private clients. He has won research awards from the Ministère des Affaires Internationales, Québec; Resources for the Future; the Columbia Center for the Study of Futures Markets; and the U.S. National Science Foundation. Professor Weiner was the 2005-2006 Gilbert White Fellow at Resources for the Future, Washington DC. He is concurrently Membre Associé, GREEN (Groupe de Recherche en Économie de l'Énergie et des Ressources Naturelles), Département d'Économie, Université Laval, Québec. Besides GWU, he has taught at Harvard University, Brandeis University, John Hopkins University, and the Royal Complutense University (Spain). Additionally, he has lectured to executives in Russia, Spain, and the United States. Professor Weiner received his Bachelor's degree in Applied Mathematics, and Master's and Doctoral Degrees in Business Economics, all from Harvard University. He has authored or coauthored four books and more than fifty articles on environmental and natural resource economics, focusing on contracting, risk management, and the oil and gas industry.
GW-CIBER
Duquès Hall, Suite 450, 2201 G Street, NW, Washington, DC
20052 ciber@gwu.edu, 202-994-3098
Stijn Claessens is Assistant Director in the Research Department of the International Monetary Fund where he heads the Macro-Financial Linkages Unit. Dr. Claessens, a Dutch national, holds a Ph.D. in Business Economics from the Wharton School of the University of Pennsylvania (1986) and an M.A. from Erasmus University, Rotterdam (1984). He started his career teaching at New York University Business School (1987) and then worked for fourteen years at the World Bank in various positions (1987-2001). He taught for three years at the University of Amsterdam (2001-2004), where he remains a Professor of International Finance Policy. Prior to his current position, he was Senior Adviser in the Financial and Private Sector Vice-Presidency of the World Bank (2004-2006). His policy and research interests are firm finance; corporate governance; internationalization of financial services; and risk management. Over his career, Dr. Claessens has provided policy advice to emerging markets in Latin America and Asia and to transition economies. His research has been published, among others, in the Journal of Financial Economics, Journal of Finance and Quarterly Journal of Economics. He has edited several books, including International Financial Contagion (Kluwer 2001), Resolution of Financial Distress (World Bank Institute 2001), and A Reader in International Corporate Finance (World Bank 2006). He is an Editor of the Journal of Financial Services Research and an associate editor at other journals. He is also a Fellow of the London-based CEPR, ECGI (Brussels) and AICG (Seoul), and a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at Yale University.
Dr. Glascock is the West Shell Professor of Real Estate Finance and Director of the Real Estate Center at the University of Cincinnati. He is the former Grosvenor Professor of Real Estate Finance at Cambridge University and has an extensive and impressive background in real estate. Formerly, he was the Oliver T. Carr, Jr., Professor of Real Estate Finance at George Washington University, and earlier he served as the Louisiana Real Estate Commission Chair of Real Estate at Louisiana State University. His work has been published in primary finance, management, and real estate journals. Professor Glascock has over 85 published articles and reports. He has worked for the Department of Justice, the State of Ohio, Fleet Bank, as well as Latter & Blum. Dr. Glascock is a member and Secretary-Treasurer of the American Real Estate and Urban Economic Association. He is also a member of the Board of the Asian Real Estate Society, and is a Homer Hoyt Real Estate Research Fellow. Professor Glascock is also a lecturer in the Hanken Real Estate Finance Program in Helsinki, Finland (on a continuing basis since 1998), a lecturer with Tsinghua University’s Executive MBA Program in Beijing, China (2005), and a visiting professor with INSEAD, France. Professor Glascock’s primary research areas are REITs and Housing markets.
Dr. Phillips joined The George Washington University School of Business as Dean and Professor of Finance in July 1998. Previously, she was a member of the Board of Governors of the Federal Reserve System from December 1991 through June 1998. Before her Federal Reserve appointment, Dr. Phillips served as Vice President for Finance and University Services and Professor of Finance in The College of Business Administration at The University of Iowa. She has also worked as an Assistant Professor at Louisiana State University (LSU), as an Economic Policy Fellow at Brookings Institution, as a Commissioner and Chair of the Commodity Futures Trading Commission (CFTC), and as an Economic Fellow with the Securities and Exchange Commission (SEC). Dr. Phillips‘ areas of specialization include monetary policy, regulation and supervision of financial institutions, derivatives, financial management, and economic theory of regulation. She is a member of the State Farm Mutual Automobile Insurance Company’s Board of Directors. She also serves on the boards of directors of the Kroger Company, the Chicago Board Options Exchange, the Association to Advance Collegiate Schools of Business International (AACSB), and the National Futures Association as well as the Financial Accounting Foundation’s Board of Trustees. Dr. Phillips has won several awards for her research and has authored dozens of scholarly publications. She holds a B.A. in Mathematics from Agnes Scott College, an M.S. in Finance and Insurance from LSU, and a Ph.D. in Finance and Economics from LSU.
Russ Ramsey is a successful entrepreneur, having built multi-billion dollar businesses primarily in the fields of investment banking and money management. He is most widely known as co-founder of Friedman, Billings, Ramsey Group (NDQ: FBR) in 1989, a top-ten investment bank for whom Ramsey was co-founder, President, and Co-Chief Executive Officer through 2001. In 2001 Ramsey founded Ramsey Asset Management, a long/short equity hedge fund manager based in the Washington, D.C. area, where he is Chairman, CEO, and CIO.
Dr. Robert Weiner is Professor of International Business, Public Policy and Public Administration, and International Affairs at The George Washington University, where he teaches international financial management, international financial markets, and international portfolio management. Professor Weiner has worked as a Research Fellow in the International Energy Program, Center for Business and Government, John F. Kennedy School of Government, Harvard University and as a consultant to the International Petroleum Exchange, the New York Mercantile Exchange, the U.S. Department of Energy, the U.S. International Trade Commission, the Harvard Institute for International Development, the World Bank, and private clients. He has won research awards from the Ministère des Affaires Internationales, Québec; Resources for the Future; the Columbia Center for the Study of Futures Markets; and the U.S. National Science Foundation. Professor Weiner was the 2005-2006 Gilbert White Fellow at Resources for the Future, Washington DC. He is concurrently Membre Associé, GREEN (Groupe de Recherche en Économie de l'Énergie et des Ressources Naturelles), Département d'Économie, Université Laval, Québec. Besides GWU, he has taught at Harvard University, Brandeis University, John Hopkins University, and the Royal Complutense University (Spain). Additionally, he has lectured to executives in Russia, Spain, and the United States. Professor Weiner received his Bachelor's degree in Applied Mathematics, and Master's and Doctoral Degrees in Business Economics, all from Harvard University. He has authored or coauthored four books and more than fifty articles on environmental and natural resource economics, focusing on contracting, risk management, and the oil and gas industry.