Roundtable Meeting
Five Financial Challenges Facing the Next U.S. President
Panelist: Roger M. KubarychJune 8, 2004
Staff: Roger M. Kubarych
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.
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.
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