The State of Economics: Global Financial System and Procyclicality

Thinkers instrumental in shaping contemporary economics do a major stocktaking of the field, and also look ahead at the challenges of global development. The speakers reflect on the way thinking in economics has evolved in his or her area of interest, and also speculate about how the global economy is likely to evolve and the challenges this will pose for humankind, economic analysis, and polic... view more


Global Financial System and Procyclicality: Felipe Jaramillo and Hyun Song Shin


Global Financial System and Procyclicality: Hyun Song Shin


Global Financial System and Procyclicality: Asli Demirguc-Kunt


Global Financial System and Procyclicality: Maurice Obstfeld

About the Presenters

Felipe Jaramillo

Senior Director, Macroeconomics & Fiscal Management Global Practice, World Bank
Felipe Jaramillo is the Senior Director of the World Bank Group’s Macroeconomics and Fiscal Management Global Practice (MFM). In this position, Mr. Jaramillo leads a team of over 350 country economists and macroeconomics experts, providing integrative development strategies, policy-based lending, macro data, global perspectives, real-time policy analysis, country risk assessments, and innovative projection tools to countries around the world.

Hyun Song Shin

Economic Adviser and Head of Research, Bank for International Settlements
Hyun Song Shin took up the position of Economic Adviser and Head of Research at the BIS on May 2014. Before joining the BIS, Mr Shin was the Hughes-Rogers Professor of Economics at Princeton University. In 2010, on leave from Princeton, he served as Senior Adviser to the Korean president, taking a leading role in formulating financial stability policy in Korea and developing the agenda for the G20 during Korea's presidency. From 2000 to 2005, he was Professor of Finance at the London School of Economics. He holds a DPhil and MPhil in Economics from Oxford University (Nuffield College) and a BA in Philosophy, Politics and Economics from the same university.

Asli Demirguc-Kunt

Director of Research, Development Research Group, World Bank
Asli Demirgüç-Kunt is the Director of Research at the World Bank. After joining the Bank in 1989 as a Young Economist, she has held different positions, including Director of Development Policy, Chief Economist of Financial and Private Sector Development Network, and Senior Research Manager, doing research and advising on financial sector and private sector development issues. She is the lead author of the World Bank Policy Research Report 2007 Finance for All? Policies and Pitfalls in Expanding Access and has also created the World Bank’s Global Financial Development Report.

Maurice Obstfeld

Economic Counsellor and Director of Research, International Monetary Fund
Maurice Obstfeld is the Economic Counsellor and Director of Research at the International Monetary Fund, on leave from the University of California, Berkeley. At Berkeley, he is the Class of 1958 Professor of Economics and formerly Chair of the Department of Economics (1998-2001). He arrived at Berkeley in 1991 as a professor, following permanent appointments at Columbia (1979-1986) and the University of Pennsylvania (1986-1989), and a visiting appointment at Harvard (1989-90). From July 2014 to August 2015, Dr. Obstfeld served as a Member of President Obama’s Council of Economic Advisers. He was previously (2002-2014) an honorary advisor to the Bank of Japan's Institute of Monetary and Economic Studies. He is also the co-author of two leading textbooks on international economics as well as more than 100 research articles on exchange rates, international financial crises, global capital markets, and monetary policy. He received his Ph.D. in economics from MIT in 1979 after attending the University of Pennsylvania (B.A., 1973) and King’s College, Cambridge University (M.A., 1975).