Top level visitor seminar was held at the Bank of Finland on 5 December 2008, at 14.30–16.00. Raghuram G. Rajan, Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago, and a former chief economist of the IMF, lectured on 'The Global Roots of the Current Financial Crisis and its Implications for Regulation'. In addition to a thorough micro-level account of the causes of the current crisis, he pointed to the role of large government deficits and called for a reassessment of their desirability. His presentation was discussed by two invited discussants: Dr. Kjell Nyborg, Professor of Finance at the Norwegian School of Economics and Business Administration, and Dr. Jukka Vesala, Deputy Director General at the Finnish Financial Supervision Authority. On behalf of the Bank, Governor Erkki Liikanen opened the seminar and Seppo Honkapohja, Member of the Board, acted as chairman.
Prof. Rajan's presentation (PDF)
Prof. Nyborg's presentation (PDF)
Dr. Jukka Vesala's presentation (PDF)