Poster at 2019 AEA meetings

In January, 2019, dissertation student Shan Xue presented her paper with alum and Research Associate Alice Ouyang and Professor Thomas Willett on “Monetary Autonomy in Hong Kong” at a poster session at the Annual Meetings of the American Economic Association in Atlanta.

Lecture series in China

In December, 2018, Professor Yi Feng presented a series of lectures on “Research Methods in Social Sciences and Publications in International Journals” at Yunnan University of Finance and Economics in China and also met with officials from Peking University and Renmin University in Beijing to discuss possible co-operative arrangements with our CGU program in Global Commerce and Finance.

Keynote addresses in Taiwan

In December Professor Thomas Willett presented keynote addresses on “Principles of Economic Governance” at two major conferences in Taiwan: “Cross-Border Co-operation and Network Governance” and “Regional Governance in Asia”. The second conference was organized by alum and Research Associate Eric Chiu of National Chung Hsing University and alum Peter Ractham of Thammasat University in Thailand. The two conferences brought together economists and international relations and public policy experts from across Asia and as far away as Moscow.

The focus of one session at the second conference was to promote cooperation in research among young scholars in Asia with guidance from senior faculty, a project that the Institute is delighted to help promote.

Lead article

The recent paper by alumni Hassan Almamhood and Munif Al Munyif in collaboration with Professor Thomas Willett on “Most Speculative Attacks Do Not Succeed” was published as the lead article in the February 2018 issue of the Journal of International Commerce, Economics, and Policy. The article critiques the major measures of currency crises in the literature and shows that the vast majority of speculative attacks do not result in large currency depreciations. This has important implications for future empirical work and for the formulation of policy.


The paper “Do Financial Crises Discipline Future Credit Growth?” by alumni Puspa Amri of Cal State Sanoma, Eric Chiu of National Chung Hisng University, Greg Richey of University of California, Riverside, as well as Professor Thomas Willett, won a highly commended award for 2018 from the Journal of Financial Economic Policy. The paper concluded that the answer posed in the title was ‘yes’. This is important since excessively high rates of credit growth have been found to be the single most important contributor to the generation of banking crises. Based on a large sample of countries the researchers found that roughly two thirds of countries did substantially lower their rates of credit growth after crises.


Alumnus Eric Chiu, Associate Professor of Public Policy at National Chung Hsing University, received the Ta-You Wu Memorial Award. This is a highly prestigious national award made to outstanding young scholars in Taiwan.


Alumnus Jie Li of the Central University of Economics and Finance in Beijing has become editor of the Journal of International Commerce, Economics, and Policy.
He replaces the previous editor, alumnus Ramkishen Rajan, who is Professor and Vice Dean (Research) at National Singapore University.

European Seminar on the IMF: Rome, 2018

The Task Force of the European System of Central Banks (ESCB) on IMF issues organized a seminar in Rome in November, 2018, to prepare a report for the Governing/General Councils of the ECB and the relevant bodies for European coordination on IMF matters including Fund conditionality and program design issues. The recently published book by Graham Bird and Dane Rowlands on The IMF: Distinguishing Reality from Rhetoric was used as a basis for the seminar. The book has received positive endorsements from Barry Eichengreen of UC Berkeley and Axel Dreher of Heidelberg University and has been enthusiastically received by reviewers who have argued that it is a ‘must read’ for serious scholars investigating the IMF.

Seminar on Regional Financing Arrangements: Cartagena, Colombia, 2018.

In June 2018, Graham Bird gave a presentation dealing with many aspects of IMF conditionality to a two-day seminar on Regional Financing Arrangements held in Cartagena, Colombia and jointly organized by the ASEAN +3 Macroeconomic Research Office (AMRO), the European Stability Mechanism (EMS), and the Latin American Reserve Fund (FLAR). The seminar was attended by high level senior officials from these organizations, from the IMF, the World Bank and the Regional Development Banks, as well as by academic experts.

Financing Economic Development and the Impact of IMF Programs on Poverty

In June, 2018, Graham Bird presented two papers to the 3rd Loughborough Conference on Macroeconomic Policy in Developing Countries in the UK. The first dealt with the effects of remittances, FDI and foreign aid in low income countries, and was based on research conducted by him along with alumnus Juan Carlos Arriaza (now a senior economist at the central bank in Guatemala), current doctoral student Yonseok Choi, CIEPS Research Associate Manfred Keil, and CIEPS Director Tom Willett. The second paper reported the results of a study of the effects of IMF programs on poverty, income inequality and social expenditure in low income countries. This was based on research undertaken at CIEPS by Graham Bird in collaboration with alumna Faryal Qayun and Dane Rowlands. Faryal has been appointed as an Assistant Professor of Economics at the National University of Science and Technology in Pakistan.

Financial Contagion and the Euro Crisis

Alumna Wenti Du of Akita International University, Eric Pentecost of Loughborough University and former Visiting Scholar at CIEPS, and Professors Graham Bird and Thomas Willett, have published a series of research papers on the financial contagion generated by the Euro crisis. A write up of this research is available in the News section of the DPE web site. It also featured in the The Flame, the CGU’s own magazine.

CIEPS Annual Student-Faculty Conference, 2018

The latest in the Institute’s annual conferences was held in April, 2018.
Besides those given by students and faculty, it included presentations from several leading scholars from outside of CGU.
Please View Agenda and Pictures here.

Sessions at the Western Economic Association’s Annual Meeting, 2018

The latest meetings of the Western Economics Association International were held in Vancouver, Canada, in June, 2018. CIEPS organized two sessions which brought together CGU faculty and students, alumni from China, Korea, Japan, Taiwan, and the United States, as well as CIEPS Research Associates and other distinguished researchers.
Please View Agenda and Pictures here.