How Global Financial Institutions Impact Inequality

Transcription

1 How Global Financial Institutions Impact Inequality A Workshop to Strengthen Understanding, Assessment & Reporting June 3-4, 2016 (Welcome dinner June 2, 6:30 pm) Industrial Labor Relations School Conference Center 16 East 34th Street, 6th Floor Cornell University in New York City Thursday, June 2 6:30 pm 8:30 pm Welcome Dinner: Restaurant Casa Nonna All participants are invited to a welcome dinner, where the organizers will introduce the initiative and objectives of the workshop. Time: 6:30 pm 8:30 pm Location: 310 W. 38th Street (between 8th & 9th Ave), New York, NY Participants staying at the Hilton can meet FES s Tim Olschewski in the lobby between 6:00-6:15 pm to walk together to the restaurant. Tim will be wearing a FES badge. Note to Participants: The workshop will be conducted and reported according to Chatham House Rule, where participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed. To facilitate discussion, all participants are strongly encouraged to consider in advance the guiding questions for Roundtables I and II. Presenters for the Roundtables are asked to send their responses to workshop organizers by May 25 so that they can be disseminated as background reading prior to the workshop. Friday, June 3 8:45 am 6:00 pm 8:45 9:15: Registration, coffee/tea, and continental breakfast 9:15 9:30: Welcome and Overview: Jo Marie Griesgraber, Executive Director, New Rules for Global Finance Luise Rürup, Executive Director, Friedrich-Ebert-Stiftung (FES) New York Office Sara Burke, Senior Policy Analyst, Friedrich-Ebert-Stiftung New York Office Partner organizations behind the workshop introduce the objectives of the workshop and Reflection Group on Inequality and preview the workshop programme.

2 Session I: To Strengthen Understanding, Assessing and Reporting on Economic Inequality 9:30 11:15: Roundtable I: Reflection Group on Inequality features presentations from academics and policy experts. An open discussion follows, in which all participants are invited to make interventions. Guiding questions are below. Please note: members of the Reflection Group are speaking in their personal capacities; affiliations are for purposes of identification only. 1. What do you recommend as the best way(s) to measure and analyze economic inequality (income, consumption, wealth) and why? 2. What literature, databases and other tools would you suggest as necessary or best in order to conduct such measurement and analysis? 3. To what degree are these recommendations relevant to the assessment of Low Income Countries (LICS) or Middle Income Countries (MICS)? Chair: Sara Burke, FES Opening Remarks: Jomo Kwame Sundaram, former ASG for Economic Development in UN system, (10 min) Jose Antonio Ocampo, Director, Economic and Political Development concentration, School of International and Public Affairs, and co-president of Initiative for Policy Dialogue, Columbia University (By video - 10 min) Speakers: Gabriel Palma, Emeritus Senior Lecturer, Faculty of Economics, Cambridge University (remote, 10 min) Sanjay Reddy, Associate Professor of Economics, The New School for Social Research (10 min) Janet Gornick, Director, Luxembourg Income Study Center, Prof. of Political Science and Sociology, CUNY (10 min) Jonathan Ostry, Deputy Director, Research Department, International Monetary Fund (10 min) Isabel Ortiz, Director of Social Protection, International Labour Organization (10 min) Respondents: Shari Spiegel, Chief of Branch, Policy Analysis and Development Branch, UN- DESA (5 min) Nick Galasso, Senior Researcher, Oxfam America (5 min) Open Discussion (15 min) Closing Remarks: Sakiko Fukuda-Parr, Professor, Graduate Program in International Affairs, Chair of Development Concentration, The New School (10 min)

3 11:15 11:30: Coffee & Brain Break 11:30 1:00: Roundtable II: Multilateral Institutions features representatives from international institutions and independent experts on the G20. An open discussion follows, in which all participants are invited to make interventions. Guiding questions are below. 1. How does the institution determine which policies and activities impact inequality? Does this lead to change in policy or activities? 2. What are the key indicators, databases, and tools your institution uses to measure and analyze inequality? 3. Are there examples or lessons learned that can be shared? Chair: Matthew Martin, Exec. Director, Development Finance International Speakers Representing International Organization: International Monetary Fund: Cathy Patillo, Assistant Director, Strategy, Policy and Review Department (7-min) World Bank: Jose Cuesta, Senior Economist, Poverty; Lead for Poverty & Shared Prosperity Flagship Report (7-min) Organization for Economic Cooperation and Development (OECD): Carol Guthrie, Head of Washington Office (7-min) UN Department of Economic and Social Affairs: Hamid Rashid, Chief, Global Economic Monitoring (7-min) UN Statistics Division: Ivo Havinga, Assistant Director (7-min) Respondents: Irene Ovonji-Odida, Member, High-Level Panel on Illicit Financial Flows in Africa (5-min) Manuel Montes, Senior Advisor on Finance and Development, South Centre (5-min) Speakers Addressing the G20: Marilou Uy, Secretary General, G-24 (5 min) Andreas Pfeil, Counsellor, German Mission to the UN (5 min) Respondents: Adam Hersh, Visiting Scholar, Initiative for Policy Dialogue (5 min) Open Discussion (20 min) Closing Remarks: Jomo Kwame Sundaram (10 min) 1:00 2:00: A hot buffet LUNCH will be served in the dining room Note on Working Groups: During lunch, a sign-up sheet will be circulated so that you can select the working group with which you prefer to participate.

4 Session II: Working Groups on the Role of Specific Institutions Influence on Inequality 2:00 2:30: Presentation on Transmission Mechanisms This session will open with a presentation (Matthew Martin, DFI) on transmission mechanisms as a proposed analytical framework to assess the impact of global financial rule-making institutions, followed by a short Q & A. 2:30 2:45: Review objectives of working groups: questions and clarifications Chair: Nathan Coplin, New Rules for Global Finance Participants will be organized into 5 working groups (each focused on a separate institution), to deliberate on how each institution impacts economic inequality. Before separating into breakout rooms, we will review the precise objectives of the working groups namely, identifying the key ways in which each of the respective institutions can impact inequality. 2:45 3:45: Working Groups Working groups will meet for one hour. Each group has two co-chairs to lead the discussion and a rapporteur from the organizers. Agenda for each working group: 1. Discuss and document the key ways (e.g. activities, policy spaces, research, technical assistance, secondary influences) in which the institution impacts inequality, either directly or indirectly (35 minutes). 2. Identify the key transmission mechanisms or other ways in which the institution impacts inequality (10 minutes). 3. Break down one of these methods, or transmission mechanisms, into its components. Computers and a white board or flip chart will be available in each breakout room to take notes and prepare presentations G20 Working Group Marilou Uy, Secretrary General, G-24 (Co-Chair) Jahanzeb Akhtar, Commissioner of Income Tax, Ministry of Finance, India (Co-Chair) Sara Burke (Rapporteur) IMF Working Group Prakash Loungani, Advisor, Research Department, IMF (Co-Chair) Cephas Makunike, Policy Lead, Tax & Inequality, Tax Justice Network Africa (Co-Chair) Nathan Coplin (Rapporteur)

5 OECD Working Group Florian Moritz, Head, International Economic Policy, German Confederation of Trade Unions, (Deutscher Gewerkschaftsbund; DGB) (Co-Chair) Erika Siu, Independent Tax Expert (Co-Chair) Jo Marie Griesgraber (Rapporteur) World Bank Working Group Felipe Jaramillo, Senior Director, Macroeconomics and Fiscal Management Global Practice, World Bank (Co-Chair) Peter Bakvis, Representative, Washington Office, ITUC (Co-Chair) Matthew Martin (Rapporteur) United Nations Working Group Shari Spiegel, Chief of Branch, Policy Analysis and Development Branch, UN- DESA (Co-Chair) Marta Pedrajas, Strategic Policy Unit, UNDP (Co-Chair) Lennart Inklaar, FES (Rapporteur) Financial Stability Board Working Group See Financial System, Regulation & Inequality Saturday June 4 3:45 4:15: Coffee & Brain Break Rapporteurs from each working group meet in the plenary hall to transmit conclusions for display on projector/whiteboard for discussion of working groups in next session. 4:15 5:15: Working Group Reports & Feedback Chair: Matthew Martin, Development Finance International Following the breakout group session, participants will reconvene to discuss conclusions of the working groups. Each working group will have an opportunity to present its findings (5-min), followed by an open discussion to offer suggestions and critiques, as well as to identify cross-cutting issues. During this discussion, participants are also encouraged to provide feedback on the overall analytical approach. How can the proposed transmission mechanisms framework be enhanced? Or would a different approach be better, and if so, what form should the new approach take? 5:15 5:30: Wrap-up & Preparations for Next Day s Agenda Luise Rürup, Executive Director, Friedrich-Ebert-Stiftung New York Office Jo Marie Griesgraber, Executive Director, New Rules for Global Finance Heads of the partner organizations behind the workshop offer closing remarks and preview the final session on the agenda, which takes place on Saturday. 5:30 6:00: Reception with drinks and light refreshments Participants are free to organize their own dinners. A list of nearby restaurants is included in the logistical information.

6 Saturday, June 4 9:45 am 1:30 pm 9:45 10:00: Coffee/tea and continental breakfast 10:00 11:00: Financial System, Regulation & Inequality Chair: Nathan Coplin The session opens with a brief recap of the previous day s key points, followed by discussion of the financial system, financial sector regulation, and their possible impacts on inequality. In this discussion, in line with the working groups on institutions, we look at the Financial Stability Board (FSB) and standard-setting bodies (SSBs), such as the Basel Committee on Banking Supervision (BCBS), International Accounting Standards Board (IASB) and International Organization of Securities Commissions (IOSCO). The context of this session is that every year, the UN ECOSOC holds a Special highlevel meeting with the World Bank, IMF, WTO and UNCTAD in the context of Financing for Development. These are meetings in which the Financial Stability Board (FSB) has never been formally included. However, in order to evaluate the role international financial regulation has on inequality related goals in the 2030 Agenda, the roles of FBS and SSB must be better understood. Speaker: 11:00 11:15: Coffee/tea break Rupert Thorne, Deputy Secretary General, Financial Stability Board (15 min) Open Discussion (40 min) Session III: Building the Framework to Assess Global Financial Institutions Impact on Inequality 11:15 12:45: Roundtable: Strengthening the Analytical Framework Chair: Matthew Martin The purpose of this workshop is to deepen analysis and strengthen the methodology for assessing and reporting on how international institutions impact economic inequality. Drawing on Session I (how to measure inequality) and Session II (ways in which these institutions can impact inequality), this final session will focus on putting together perspectives from all the working group outcomes toward building an analytical framework for reporting back to the various institutions covered. 12:45 1:00: Short break Sandwiches and drinks are available to take back to the conference room for a working lunch and wrap-up session 1:00 1:30: Working lunch and wrap up Co-Chairs: Jo Marie Griesgraber and Sara Burke Concluding remarks and next steps. Following the conclusion of the workshop, organizers will prepare a summary report and synthesis of input.