Prof. Markus Brunnermeier of Princeton Speaks on ‘Resilient Society’ at NSD Symposium
Jun 13-2024
On June 8, NSD’s monetary group held its second symposium and invited Prof. Markus Brunnermeier to share and exchange ideas with NSD professors and students. He is Edwards S. Sanford Professor at the Department of Economics, Princeton University; Director of the university’s Bendheim Center for Finance; and President of American Finance Association (AFA).
Prof. Brunnermeier visited NSD on the invitation of Dr. Miao Yanliang, NSD Adjunct Professor. The symposium also had the honor of inviting Prof. Yi Gang, an old friend of Prof. Brunnermeier’s and Director-General of China Society for Finance and Banking. The other participants included Ping Xinqiao, Professor at PKU School of Economics; Zeng Yao, NSD alumnus and Assistant Professor at The Wharton School, University of Pennsylvania; Zhao Bo, NSD Associate Professor; Hu Jiayin, NSD Associate Professor; He Xiaobei, NSD Research Associate; and Wang Xinyi, NSD Ph.D. candidate.
Dr. Miao started the symposium off with an introduction of Prof. Brunnermeier and welcomed him to visit China again after years of interval. Prof. Brunnermeier focuses his research on international financial markets, monetary theories, and macro-economics, with a special emphasis on bubbles, liquidity, financial crisis, and digital money. He has published award-winning books such as The Resilient Society. He has been a member of several advisory groups, including to the IMF, the European Systemic Risk Board, the Bundesbank, and the U.S. Congressional Budget Office. He was presented with the German Bernacer Prize for outstanding contribution to financial studies and macro-economics.
The participants took turns to introduced their research to Prof. Brunnermeier. Prof. Huang Yiping shared his research on digital finance and the profound impact of digital technology on payment, credit and some other areas. Prof. Zhao Bo shared his thoughts on China’s real estate industry and future policy orientation. Prof. Hu Jiayin talked about her research on local debt risks, laying out the formation and quagmires of local debts and assessing hidden debts. Prof. Zeng Yao delved into currency-swap agreements and central bank’s role as lender of last resort to provide liquidity. Prof. Miao shared his latest research on China’s inflation situations, which found that despite relatively strong downward pressure on prices, there wasn’t a high risk of recession.
Subsequently the participants and Prof. Brunnermeier had an extensive and in-depth exchange on a number of topics, including resilient society, monetary policy, FinTech, payment systems, local debt risks, currency-swap arrangements, and real estate markets.