2016-09-15
High-level international economics conference in Vilnius — on major changes induced by the growth of global value chains
Today marks the start of a two-day international conference in Vilnius, where economists from Europe, North America and Asia, having extensive research and practical experience, will discuss the recent transformation of international trade and the macroeconomic interdependence induced by the growth of global value chains. At the conference, researchers from the Bank of Lithuania Center for Excellence in Finance and Economic Research (CEFER) will present their latest work’.
'Today we are witnessing a slowdown in global trade. According to recent evidence, the income elasticity of trade, is far below pre-crisis levels. Due to this reason, there is a significant change in the interconnectedness of global trade and economic activity. We need more than ever to understand the underlying factors causing these dynamics. It is the best way to find smart and inclusive policies to arbitrate any frictions hindering trade. I hope our conference will allow us to exchange thoughts on that,’ said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
The conference will commence with opening remarks by Vitas Vasiliauskas and Anna Trzecińska, Vice President of Narodowy Bank Polski, who is visiting the country specifically for the conference.
Researchers from the CEFER, Povilas Lastauskas and Julius Stakėnas, in their report ‘Global Perspective on Structural Labour Market Reforms in Europe’,will analyse the impact of structural reforms in the labour market not only on the reforming country, but also its trade partners. Because of trade in final and intermediate goods, the effect of the reform is transmitted on a global level and may affect the reforming country through the changed trade flows, competitiveness and resource reallocation. This report will also examine the influence of the fiscal union and the factors that may strengthen or reduce the global effect of labour reforms.
The conference will also host representatives from the central banks of Latvia, Poland, France and Switzerland, the European Central Bank, the Bank for International Settlements, the US Federal Reserve, the Asian Development Bank as well as other financial and academic institutions.
The Bank of Lithuania, together with Vilnius University, established CEFER with the aim to encourage practical application of the results of scientific research in the fields of banking and finance.The Centre aims to carry out research, competently share its expertise with partners, liaise with the academic community and form the status of the Bank of Lithuania as a centre of excellence.
For several years, the Bank of Lithuania, together with its partners, has been organising scientific conferences and other events where relevant issues of economics and finance are discussed. This is aimed at raising the level of economic research in Lithuania and promoting progress in the field of Economics.
The 15–16 September conference in Vilnius, ‘International Trade and Macroeconomic Interdependence in the Age of Global Value Chains’, was organised as a joint project of the central banks of Lithuania and Poland and the most influential global economy organisations — the Centre for Economic Policy Research (CEPR) and Central Bank Research Association (CEBRA).
Information on the speakers can be found here (598.4 KB download icon).
The conference programme can be found here (348.3 KB download icon).