On the History of the Global Financial Crisis

Wednesday, 28 March 2012, 6:00pm - 7:30pm, IWM library

Monthly Lecture

The lecture provides a broad survey of the global financial economic crisis: the pre-crisis era of the “big moderation”, the subprime crisis and the contagion effect, the Lehman-bankruptcy and its consequences; the 2009 recession and the nonconventional monetary and fiscal stimulus; the 2010 sovereign crisis and its long term effects: “What to do, Europe?” On this basis, Julia Kiraly will analyze the CEE experience, with special regard to Hungary: the pre-crisis accumulation of imbalances (FX lending, “fiscal alcoholism” etc.), the decoupling or recoupling debate in 2007, the meltdown after Lehman, the 2009 Spring “mini CEE crisis”, the slow 2010 recovery and the evaluation of the “unorthodox Hungarian economic policy”. The lecture will not focus on technical details; rather Kiraly will attempt to draw some general lessons deeply rooted in the special CEE economic history.

Julia Kiraly is Honorary professor of Budapest University of Economics and Deputy Governor of the Central Bank of Hungary