Project on Financial Vulnerabilities and Foreign Policy

Roundtable

Project on Financial Vulnerabilities and Foreign Policy

Staff:	Roger M. Kubarych, Henry Kaufman Adjunct Senior Fellow for International Economics and Finance

September 1, 1999 - June 30, 2001

The objective of this project was to develop research findings and expert advice that policymakers can use to help prepare for an unexpected financial mishap, and perhaps take steps to mitigate its adverse consequences, both at the domestic and international level. A four-part series of Council events provided the means to examine the links between the financial markets and broader economic, foreign policy, and national security concerns: (1) A roundtable at which the participants, including market practitioners, scholars, and former senior officials review the lessons learned from past stock market disturbances and the policy responses to them and identify the economic and financial vulnerabilities in the current environment; (2) a scenario-building roundtable; (3) a policy simulation in which a small number of experienced policy thinkers and former policymakers will work through the options and constraints facing the U.S. government in the aftermath of a sudden and significant stock market decline; (4) a conference to disseminate the findings of the roundtable and simulation. The conference held on July 12-13, provided a forum to raise the broadest possible perspective on the intersection of financial markets, the global economy, foreign policy, and national security.

Meetings

Financial Vulnerabilities: Lessons Learned and Implications for Foreign Policymaking (San Francisco)

National Program Meeting

January 26, 2001

Panelist:	Judith K. Paulus, Adviser to the Chairman, Sara Lee Corporation
Speaker:	Roger M. Kubarych, Henry Kaufman Senior Fellow in International Economics and Finance, Council on Foreign Relations

Roger Kubarych will give an overview of the Council on Foreign Relations’ Financial Vulnerabilities Project and summarize his findings and recommendations

on thinking through the policy implications of a major downturn in the U.S. financial markets.

Financial Vulnerabilities: Lessons Learned and Implications for Foreign Policymaking (Los Angeles)

National Program Meeting

January 25, 2001

Panelist:	Robert E. Denham, Partner, Munger, Tolles & Olson
Speaker:	Roger M. Kubarych, Henry Kaufman Senior Fellow in International Economics and Finance, Council on Foreign Relations

Roger Kubarych will give an overview of the Council on Foreign Relations’ Financial Vulnerabilities Project and summarize his findings and recommendations

on thinking through the policy implications of a major downturn in the U.S. financial markets.

Financial Vulnerabilities: Lessons Learned and Implications for Foreign Policymaking (Dallas)

National Program Meeting

January 24, 2001

Panelist:	Scott L. Miller, Principal, Miller Global Investments
Speaker:	Roger M. Kubarych, Henry Kaufman Senior Fellow in International Economics and Finance, Council on Foreign Relations

Roger Kubarych will give an overview of the Council on Foreign Relations’ Financial Vulnerabilities Project and summarize his findings and recommendations

on thinking through the policy implications of a major downturn in the U.S. financial markets.

Financial Vulnerabilities: Lessons Learned and Implications for Foreign Policymaking (Houston)

National Program Meeting

January 24, 2001

Panelist:	Richard D. Quay, Counsel, Law Department, Exxon Mobil
Speaker:	Roger M. Kubarych, Henry Kaufman Senior Fellow in International Economics and Finance, Council on Foreign Relations

Roger Kubarych will give an overview of the Council on Foreign Relations’ Financial Vulnerabilities Project and summarize his findings and recommendations

on thinking through the policy implications of a major downturn in the U.S. financial markets.

Assessing Financial Vulnerabilities and Uncovering New Investment Opportunities: The Global Dimension

Conference Panel Session

December 6, 2000

The conference will bring together serious professionals from the financial markets, business, and the policy communities to explore better ways of identifying and managing risks in the global system. The conference will build on three earlier successful exercises. The first was a roundtable last fall that reviewed the lessons learned from past financial disturbances and sought to identify current vulnerabilities. The second was an extraordinary policy simulation or "war game" that took place here in January, effectively a "stress test" of the global economic, financial, and political system. And the third was a two-day conference on "The Next Financial Crisis: Warning Signs, Damage Control and Impact" held in New York in June at which Federal Reserve Chairman Alan Greenspan was the keynote speaker.

As you can see in the linked agenda, the issues we will tackle and the quality of speakers make this a truly unique event.

Stress-Testing the System: Simulating the Global Consequences of the Next Financial Crisis

Roundtable Meeting

November 10, 2000

Speaker:	Roger M. Kubarych

Stress-Testing the System

National Program Meeting

September 26, 2000

Panelists:	Kenneth W. Dam, (Central Banking Group Chair) Max Pam Professor of American and Foreign Law, University of Chicago Law School
	Michael H. Moskow, (Economic and Trade Policy Group Chair) President, Federal Reserve Bank of Chicago
	John E. Rielly, (Foreign Policy and National Security Group Chair) President, Chicago Council on Foreign Relations
Speaker:	Roger M. Kubarych, Henry Kaufman Senior Fellow in International Economics and Finance, Council on Foreign Relations

Financial Vulnerabilities

Roundtable Meeting

September 29, 1999

Speaker:	Roger M. Kubarych

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David Rockefeller Studies Program Contacts

For more information on the David Rockefeller Studies Program, contact:

Sebastian Mallaby
Director of the Maurice R. Greenberg Center for Geoeconomic Studies, Deputy Director of Studies, and Paul A. Volcker Senior Fellow for International Economics
smallaby@cfr.org

Janine Hill
Deputy Director of Studies Administration
+1.212.434.9753
jhill@cfr.org

Roundtable

Project on Financial Vulnerabilities and Foreign Policy

The Nonproliferation Regime

New Council Special Reports

The Canadian Oil Sands: Energy Security vs. Climate Change

The National Interest and the Law of the Sea

New Books

David Rockefeller Studies Program Contacts