In progress at UNHQ

TAD/1813

UNCTAD CO-SPONSORS CONFERENCE ON GLOBALIZATION OF FINANCE

23 February 1996


Press Release
TAD/1813


UNCTAD CO-SPONSORS CONFERENCE ON GLOBALIZATION OF FINANCE

19960223 GENEVA, 23 February (UNCTAD) -- The impact of rising global capital flows on the stability of international financial markets and on economic development will be the focus of discussions among some 30 academic experts and market practitioners from all regions at a conference from 8 to 9 March, hosted by the Jerome Levy Economics Institute, a leading academic institution in the United States.

The conference, which is also sponsored by the United Nations Conference on Trade and Development (UNCTAD) and the Intergovernmental Group of Twenty-Four on International Monetary Affairs (G-24), will take place at Blithewood Mansion, Bard College, Annandale-on-Hudson, New York. The findings of the conference will provide a substantive input to the ninth session of UNCTAD (UNCTAD IX), which will be held in Midrand, South Africa, from 27 April to 11 May, with globalization and liberalization as the main theme. The conference at the Levy Institute is linked to UNCTAD's ongoing research on the implications of international capital flows for interdependence and development.

The conference will discuss the challenges and opportunities presented by the liberalization and globalization of financial markets. It will examine the extent to which greater financial openness in developing countries has increased the influences exerted by international capital markets, and discuss possible national policy responses to manage financial integration. It will draw lessons from recent experience in the different regions of the developing world, addressing in particular the impact of different capital account regulations on macroeconomic policies and performance.

Another subject of the conference will be options for international regulation of capital flows and proposals to reduce destabilizing short-term flows, such as the so-called Tobin tax. The role of the International Monetary Fund, the World Bank, the Bank for International Settlements, and other international financial institutions in the changed environment, and the implications of financial globalization for their mandates and the coordination of their work will also be discussed by the experts gathered at the Levy Institute.

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For information media. Not an official record.