• Study Group on the Americanization of Finance

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

  May 9, 2001 - Present

  Tremendous controversy swirls around the issue of whether emerging economies would be better off or worse off by embracing the kind of financial market structures that have been developed in the U.S. and other advanced industrial countries during the past two decades or so. This evolution, which we call the “Americanization of Finance” essentially involves the transformation of a financial system centered around traditional commercial banks to a more free-wheeling system organized around open capital markets.

  
  

   

  Meetings

  Five Financial Challenges Facing the Next U.S. President

  Roundtable Meeting

  
  June 8, 2004

  Related Project: Study Group on the Americanization of Finance

  Panelist:	Roger M. Kubarych

   

  Reducing Financial Vulnerabilities in Japan: A Progress Report

  Roundtable Meeting

  
  July 1, 2003

  Related Project: Study Group on the Americanization of Finance

  Discussant:	Roger M. Kubarych, Council on Foreign Relations
  Panelist:	Henry Kaufman, Henry Kaufman & Company, Inc.

  This meeting took place on July 1 and featured Shin Nakahara, member

  of the Policy Board of the Bank of Japan, as the primary speaker with Roger

  Kubarych as Discussant. The meeting was chaired by Henry Kaufman who distributed his June 19 speech to the Global Borrowers and Investors Forum in London.

  Mr. Nakahara presented his paper, Quantitative Easing Policy and

  Further Steps, which discusses quantitative easing policy and its effects, why deflation phenomena in Japan is persistent, and what steps can be taken to combat deflation. The presentation was followed by a lively question and answer session that focused on Japanese monetary policy, Japan's experience with deflation and the lessons for American policy makers, and how Japanese industrial restructuring may lead to greater competitiveness.

  to top

• The Global Finance Regime

  

  Explore the international finance regime with a new interactive from CFR's program on International Institutions and Global Governance.

  New Council Special Reports

  
  

  Enhancing U.S. Preventive Action

  Identifying international threats and acting on them may be the most difficult job for U.S. policymakers. This report provides an actionable road map for managing international threats before they erupt into crises and makes a strong case that preventive action is not a luxury but a necessity.

  The United States in the New Asia

  For more than a decade, the United States has mostly watched from the sidelines as Asian countries organize themselves into an alphabet soup of new multilateral groups. In this report, the authors review the relationship between pan-Asian and trans-Pacific institutions and suggest policy guidelines for a new U.S. approach to this new Asian landscape.

  Complete list of Council Special Reports

  New Books

  Start-Up Nation addresses the trillion-dollar question: How is it that Israel—a country of 7.1 million, only sixty years old, surrounded by enemies— produces more start-up companies than large, peaceful, and stable nations like Japan, China, India, Korea, Canada, and the UK? With the insights of geopolitical experts and investors, the authors examine this nation’s adversity-driven culture to answer this question and offer prescriptions for a global economy on the rebound.

  

  In Forces of Fortune, Vali Nasr presents a paradigm-changing revelation that will transform the understanding of the Muslim world at large. He reveals that there is a vital but unseen rising force in the Islamic world—a new business-minded middle class—that is building a vibrant new Muslim world economy and that holds the key to winning the cold war against Iran and extremists.

  In Cuba: What Everyone Needs to Know, Julia E. Sweig presents a remarkably accessible portrait of Cuba's unique place on the world stage over the past fifty years, including its internal politics, its often fraught relationship with the United States, and its shifting relationship with the global community.

  Complete list of CFR Books

  David Rockefeller Studies Program Contacts

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

  James M. Lindsay
  Senior Vice President, Director of Studies, and Maurice R. Greenberg Chair
  +1.212.434.9626 (NY); +1.202.509.8405 (DC)
  jlindsay@cfr.org

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

   

•  

Copyright 2009 by the Council on Foreign Relations. All Rights Reserved.