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Press Relelase of the Astana Economic Forum 2016: Eurasia’s financial challenges

Time:2016-05-23 11:59:39    Views:715686    Origin:Boao Forum for Asia

21.05.2016                                                                                                                

As it was previously reported, on May 25-26, Astana will host the annual economic and political event, Astana Economic Forum.
Just in a few days world’s renowned experts, politicians, heads of major financial institutions, international organizations, Nobel Prize winners and scientists will gather in the capital of Kazakhstan to discuss the main topic of AEF-2016 "New economic reality: diversification, innovation and knowledge economy".
The world shaking financial crisis has hit the sensitive economies of Central Asia and Caucasus, identifying their weaknesses. Some of these countries are suffering its consequences expressed primarily in the imbalances of their monetary and banking systems, as well as in the reduced trade and tougher conditions for obtaining funds at the global financial market. Sovereign functioning of Central Eurasian market economies predetermined the possibility of different scenarios for development and integration of the abovementioned systems in the context of financial globalization.
Several sessions at the AEF-2016 will be devoted to the prospects for development of the financial and banking sector, monetary policy and possible return to the capital control regime.
During the session "Complex uncertainty and volatility in the global economy: The growing risks of instability", the participants will discuss the issues of financial and investment policy in the modern realities by the example of several countries. They will assess the current risks, such as unsustainable global capital allocation, investment slowing and outflow of capital from rapidly developing markets. Speakers will express their expert opinion on the interaction between markets and reforms in the global economy.
"Administration of the Astana International Financial Center " JSC in cooperation with the "Eurasian Economic Club of Scientists" Association will hold a session on "International experience of financial growth: Mechanisms and tools for development of the Astana International Financial Center", where it is planned to discuss the potential of the AIFC and attraction of domestic and foreign investments to the AIFC territory; AIFC development prospects, as well as the opportunities for adoption of the successful international practice of creation and development of the world financial centers.
According to experts, with the Astana International Financial Center Kazakhstan has all chances to become not only a regional trade hub, but also a financial one, where major commercial transactions and payments will be made.
One of the important topics for discussion at the Forum will be "New financial technologies", which covers the interaction between banks and financial and technical startups, management tools and government support, financial technologies and opportunities and expected threats of the Blockchain technologies.
Special attention will be paid to sustainable development and environmental challenges. The organizers of the session "Green economy as a tool for introduction of social innovation, economic diversification and environmental sustainability", the United Nations Development Programme, will present the successful experience of the EU cities in transition to sustainable development and implementation of green economy, as well as the positive experience of integration of these tools by the United Nations Development Programme in the water sector of Kazakhstan, which makes a positive contribution to the implementation of green growth and national vision of Kazakhstan's policy.
Traditionally, this forum’s prominent guests will include Nobel Prize winners in various fields. This year the AEF invited such Nobel Prize winners in economics as Edward Prescott, Christopher Pissarides and Thomas Sargent and other scientists.
E. Prescott, C.Pissarides and T. Sargent will give lectures as part of the special program “Spring Astana Economic School” of the Astana Economic Forum.
Thomas Sargent won the Nobel Prize in Economics in 2011 for an empirical research on cause and effect in the macroeconomy. He is the author of several books and a former president of the Econometric Society, the American Economic Association and the Society for Economic Dynamics. In 1983, he was elected to the US National Academy of Sciences and the American Academy of Arts and Sciences. Mr. Sargent received his BA in 1964 from University of California at Berkeley and a Ph.D in 1968 from Harvard University. He is currently a professor of economics at New York and Princeton universities. At the Astana Economic Forum T.Sargent will speak at the session "Monetary and financial challenges in Eurasia".
One of the 2004 Nobel Prize winners in Economics for contribution to dynamic macroeconomics Edward Prescott will not only take part in discussions and the plenary session, but also give a lecture for the forum participants. He currently works as an economist at the Federal Reserve Bank of Minneapolis and a professor of the School of Business of the University of Arizona. Edward Prescott received his BA in mathematics from Swarthmore College, a master's degree from Case-Western Reserve University and a Ph.D from Carnegie Mellon University. He is a co-editor of Economic Theory and a research associate at the National Bureau of Economic Research, as well as a former president of the Society for Economic Dynamics.
During the session "Kazakhstan's growth strategy" the 2010 Nobel Prize winner in Economics Christopher Pissarides will speak as an expert in the field of modern economic growth trends and economic development models. He will participate in the discussion of the problems and development of recommendations in the field of economic growth strategies, as well as generalization of experience of Kazakhstan and foreign countries in development, implementation and application of mechanisms for stimulation of economic development. C. Pissarides is the head of the Department of Economics at the London School of Economics and Political Science. He is known for his contribution to the search and coordination of theory to study the interaction between the labor market and the macroeconomy. He also participated in development of the concept of the relevant functions (explaining the flows from unemployment to employment at a given time) and was first to determine the empirical relationships of the process. He is the Institute of Economics Prize winner.
It should be noted that the main events of AEF-2016 are organized in cooperation with 10 international partners, including the UN, OECD, IMF, World Bank, European Bank for Reconstruction and Development, Asian Development Bank and Secretariat of Boao Forum for Asia.
Two sessions of the Forum will be organized with the participation of foreign journals. So, the Kazakhstan Investment Summit will be held by the Ministry of National Economy in cooperation with the authoritative international journal The Economist, and the Kazakhstan privatization forum will be organized by the Ministry of National Economy and "Samruk-Kazyna" Fund in cooperation with The Financial Times.
In addition, two sessions of the forum will be co-organized by the Reinventing Bretton Woods Committee. They are an open discussion with the leaders "Regional and global economic actions: the need for decisive political action for global growth" and "The end of the hyperglobalization era: New conditions for economic and financial architecture".
Detailed information about the Forum program, speakers and partners, as well as registration for the Forum, is available on the official website www.forum-astana.org.