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FT-GEF Digital Dialogues: The Economics of Pandemics

Navigating the transition from crisis to recovery

Webinar |
Speakers include:
Max Baucus

Max Baucus

Former US Senator and the 11th US Ambassador to to the People's Republic of China

Mohamed El-Erian

Mohamed El-Erian

Gramercy Fund Management

Gillian Tett

Gillian Tett

Financial Times

Overview

COVID-19 has made a significant global impact. In the first quarter of 2020, both developed and emerging economies suffered major contractions as production and consumption diminished. As the search for a vaccine continues, it is clear that the recovery will not be rapid. To combat the recession initiated by the pandemic, public and private sectors have added more liabilities to their already-heavy balance sheets.  Corporate debt, which was at historic highs before the pandemic, has now reached a risky level. And as governments continue to launch various stimulus packages to revive their economies  - the US, £1.63 trillion; Germany, £450 billion; the UK £350 billion; India, £220 billion; South Korea, £450 billion - it is clear that there is no one solution that fits all.

How is this crisis different from the 2008 financial crash? What can be learnt from the differing responses from governments across​ the globe​? What has been promised and which stimulus packages have been the most effective so far? How can businesses control their rising debts to ensure long-term survival?

Continuing a series looking at the long-term impact of the pandemic on the economy, business and society, the Financial Times, GEF and Tianfeng Securities are bringing together thought leaders to discuss the economic impact of COVID-19, and an analysis of the impact of various global stimulus packages.   

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fallback Add to my Calendar 06/25/2020 09:45:0006/25/2020 10:50:00falseFT-GEF Digital Dialogues: The Economics of PandemicsCOVID-19 has made a significant global impact. In the first quarter of 2020, both developed and emerging economies suffered major contractions as production and consumption diminished. As the search for a vaccine continues, it is clear that the recovery will not be rapid. To combat the recession initiated by the pandemic, public and private sectors have added more liabilities to their already-heavy balance sheets.  Corporate debt, which was at historic highs before the pandemic, has now reached a risky level. And as governments continue to launch various stimulus packages to revive their economies  - the US, £1.63 trillion; Germany, £450 billion; the UK £350 billion; India, £220 billion; South Korea, £450 billion - it is clear that there is no one solution that fits all.How is this crisis different from the 2008 financial crash? What can be learnt from the differing responses from governments across​ the globe​? What has been promised and which stimulus packages have been the most effective so far? How can businesses control their rising debts to ensure long-term survival?Continuing a series looking at the long-term impact of the pandemic on the economy, business and society, the Financial Times, GEF and Tianfeng Securities are bringing together thought leaders to discuss the economic impact of COVID-19, and an analysis of the impact of various global stimulus packages.   FT-GEF-Digital-Dialogues:-The-Economics-of-Pandemicsab5aa671a22dfae3dc711445dfbb0969MM/DD/YYYY

Speakers (2)

Max Baucus

Max Baucus

Former US Senator and the 11th US Ambassador to to the People's Republic of China

On January, 7, 2014 U.S. President Barack Obama nominated Max Sieben Baucus to be Ambassador of the United States of America to the Peoples Republic of China. He served as Ambassador from February 21, 2014 until January 19, 2017. Ambassador Baucus  formerly served as the senior United States Senator from Montana. He served in the U.S. Senate from 1978 to 2014 and was Montana’s longest-serving U.S. Senator as well as the third-longest tenure among those serving in the U.S. Senate. While in the Senate, Ambassador Baucus was Chairman and Ranking Member of the powerful Senate Committee on Finance. While Chairman, he was the chief architect of the Affordable Health Care Act (ACA) which was signed by President Barack Obama into law March 23, 2009. The ACA expanded health care coverage and reformed reimbursement. 

Ambassador Baucus has extensive experience in international trade. As Chairman of the Senate Committee on Finance, he led the passage and enactment of the Free Trade Agreements with 11 countries: Australia, Bahrain, Jordan, Chile, Colombia, Morocco, Oman, Panama, Peru, Singapore and South Korea. He also was deeply involved in orchestrating the congressional approval of permanent normal trade relations with China in 2000 and in facilitating China’s entrance into the World Trade Organization in 2001. While serving on the Senate Agriculture Committee, he led in securing reauthorization of numerous farm bills. As a member of the Committee on Environment and Public Works, he guided many highway bills and other infrastructure legislation to passage as well as leading the passage of The Clean Air Act of 1990.

Ambassador Baucus also served as Vice Chairman of the Senate Joint Committee on Taxation and was selected to be a member of the Senate Joint Select Committee on Deficit Reduction (Super Committee) following the financial crisis of 2008. Before his election to the U.S. Senate, Ambassador Baucus represented Montana in the U.S. House of Representatives from 1975 to 1978 and represented Missoula, Montana in the Montana House of Representatives from 1973 to 1974.

Ambassador Baucus earned a bachelor’s and law degree from Stanford University.

Mohamed El-Erian

Mohamed El-Erian

Senior Advisor
Gramercy Fund Management

Mohamed A. El-Erian has worked on economic and financial issues in both the public and private sectors. He is the Chief Economic Advisor at Allianz, the corporate parent of PIMCO where he formerly served as chief executive and co-chief investment officer (2007-14) and a Senior Advisor to Gramercy (since April 2019). He also serves as a Professor of Practice at the Wharton School, a columnist for Bloomberg View, a contributing editor at the Financial Times, and a member of the boards of Barclays and UnderArmour, as well as several non-profits. Elected in May 2019, he is scheduled to succeed Lord Eatwell as President of Queens’ College Cambridge in October 2020.

Chair (1)

Gillian Tett

Gillian Tett

Chair, Editorial Board, and Editor-at-large, US
Financial Times

Gillian Tett is Chair, Editorial Board, and Editor-at-large, US at the Financial Times. She previously served as US Managing Editor, leading the Financial Times’ editorial operations in the region across all platforms. She writes weekly columns for the FT, covering a range of economic, financial, political and social issues throughout the globe. Ms Tett served as Assistant Editor, US Managing Editor from 2010 to 2012, and prior to this Assistant Editor responsible for the FT’s markets coverage. Other roles at the FT have included Capital Markets Editor, Deputy Editor of the Lex column, Tokyo Bureau Chief, Tokyo Correspondent, London-based economics reporter and a reporter in Russia and Brussels.

In 2014, she was named Columnist of the Year in the British Press Awards and also received the Royal Anthropological Institute Marsh Award. She is the author of The Silo Effect: Why Putting Everything In Its Place Isn't Such A Bright Idea (Simon & Schuster, 2015), New York Times bestseller Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe (Little Brown, UK and Simon and Schuster, US, 2009), and Saving the Sun: A Wall Street Gamble to Rescue Japan from Its Trillion Dollar Meltdown (Harper Collins, 2003). Before joining the FT in 1993, Ms Tett was awarded a PhD in Social Anthropology from Cambridge University, where she also earned her Bachelor’s degree.

Agenda - 25th Jun

  • 9:45am
    Access to webinar opens
  • 10:00am
    Discussion begins
  • 10:40am
    Q&A
  • 10:50am
    Discussion closes

Key Talking Points

  • Which government stimulus packages have been the most effective? What can we expect next? 
  • How does the make-up of current stimulus packages differ from the packages launched after the 2008 financial crisis?
  • Have central banks done all they can to support local economies? Should more radical ideas be implemented? What can the IMF and World Bank do further to support distressed economies?
  • Prior to COVID-19, governments had already built up significant amounts of debt as they enjoyed record-low interest rates. With the launch of recent stimulus packages, have they accumulated more debt than the current and next generations can repay? 
  • What steps should companies take to minimise risks emerging from soaring corporate debt?
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Presented by (3)

The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.

Founded in 2018 by Bruce McGuire and Jim Aiello of the Greenwich Business Institute, the Greenwich Economic Forum convenes some of the brightest minds in global finance, business, media and Government for discussion and debate on the defining issues of our times.  Topics on the agenda of the Forum include central bank policy, the economic impact of pandemics, wealth inequality, ESG investing, and the bilateral relationship between the US and China.

Greenwich is famous as the “hedge fund capital of the world” and many of the leading hedge fund and private equity firms are represented at the Forum. While focused on the financial industry, GEF strives to promote diversity of connectivity and thought and we welcome cultural influencers to join the discussion.

Tianfeng Securities Co., Ltd. provides investment banking products and services primarily for institutional and individual clients. The company offers investment banking services, including sponsors, mergers and acquisitions, bond issuance, and the new board services for agencies; asset management services; and brokerage services, such as equity investments, fund investments, margin trading, and repurchase offers, as well as engages in futures, direct investment, and alternative investment businesses. It also provides securities investment consulting, investment and financial advisory, securities investment fund distribution, securities underwriting, proprietary security services, and financial products consignment services. The company is headquartered in Wuhan, China. 

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