There are serious flaws in the global financial system in which the U.S. dollar plays the preeminent role. The flaws arise from growing inequality, climate change, and unconstrained financial innovation. The world is suffering simultaneously from excess liquidity and from a mismatch between essential green investments and appropriate long-term financing. Without structural reforms in the financial system, both rich and poor countries will be unable to escape the secular stagnation that is driving populist protests and undermining social stability. These reforms can only be implemented successfully through cooperative action by the United States and other major stakeholders, including Europe, Japan, and China.
Join East Asia Co-Director Yun Sun and Non-Resident Fellow Lex Rieffel in an online discussion with Andrew Sheng as they review these issues and discuss ways forward.
Andrew Sheng, Distinguished Fellow, Asia Global Institute, University of Hong Kong
Lex Rieffel, Non-Resident Fellow, East Asia Program, Stimson Center
Yun Sun, Senior Fellow and Co-Director, East Asia Program, Stimson Center
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