| 17 Apr 2010 |
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INSEAD invites former US President's financial market advisor to Alumni Association Event on its Abu Dhabi Campus
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- Global policy expert Dr. Philippa Malmgren delivers lecture on the risks to the world economy
- Representatives from leading regional companies attend
Dr. Malmgren focused her talk on key issues related to the world economy and the impact the financial crisis has had on the balance of power between states and markets. She emphasised how this shift in power will change the world economy for years to come and discussed the risk associated with inflation.
'We are honoured to have Dr. Malmgren as our guest speaker at INSEAD's first International Alumni Association event in Abu Dhabi,' said Hal Gregersen, Affiliate Professor of Leadership at the Abu Dhabi campus. 'Her lecture provided regional experts an insightful look into critical matters surrounding risk and economy and the probable events on the horizon which will undoubtedly affect business leaders, decision makers and investors.'
The event, sponsored by Abu Dhabi Commercial Bank (ADCB), was attended by senior representatives from leading regional companies. Dr. Malmgren addressed inter-country relationships such as the U.S. and China and the impact these dealings have on the investor community. Dr. Malmgren elaborated on the evolution of the world economy since the fall of the Berlin Wall and explained why the great moderation of inflation is no longer working in the same way as it once did.
"There are a few challenges facing world economies, including the enormous debt burden of Western countries which is pushing interest rates up, in countries like Greece, Portugal and even in the United States. The other big issue today is inflation rather than deflation, especially in the emerging markets, where inflation is picking up very rapidly" said Dr Malmgren. "In China, the inflation rate exceeds the deposit rates while India is witnessing higher inflation and the reserve bank of India is having to raise interest rates more rapidly than they expected. This is due to higher input costs for food, commodities and agriculture."
Dr. Malmgren, ex-advisor on international economic issues to George W. Bush during his Presidential campaign, is an expert on helping investors and business managers better understand how the global political and policy environment may influence prices in financial markets and the world economy. Her clients include the investment committees of many of the world's largest investment banks, fund managers and hedge funds, as well as corporations.
Dr Malmgren added, "The GCC can form a much stronger economic union and it will happen in time. However, what the GCC decide in terms of their currency being linked to the US dollar and the possibility of moving away to a basket of currency will be paradoxical. The basket currencies which include the euro and sterling are falling, which could expose the GCC to more inflation. Although inflation is an important issue for policy makers within the GCC, the oil price of $80 per barrel may be affected by the world economy if there is a slowdown. However, the price of oil in such circumstances will not fall below $30 per barrel which will keep revenue flows in the GCC and therefore inflation on the higher side."
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About the speaker, Dr. Philippa Malmgren
Dr. Malmgren regularly visits with leading policy-makers among the offices of heads of government, the boards of central banks and elected and appointed officials among the G7 countries in order to discern how the political and policy environment will influence prices in financial markets. She keeps asset managers, traders and investors informed about these policy risks to their portfolios.
Dr. Malmgren served as an advisor on international economic issues to George W. Bush during his Presidential campaign. Subsequently, she joined the White House as Special Assistant to the President for Economic Policy on the National Economic Council. She was a member of the President's Working Group on Financial Markets and the President's Working Group on Corporate Governance.
While in the White House, she was responsible for all financial market issues for the President, which included corporate governance, bank regulation, Government Sponsored Enterprises, mortgages, deposit insurance, terrorism insurance issues, anti-money laundering, and international finance issues. She acted as a liaison between the White House and all the financial regulators including the Federal Reserve and the SEC. Dr. Malmgren was assigned to the White House Office of Homeland Defence Working Group on Terrorism Risks to the Economy. Before joining the administration, she was President of Malmgren and Company in London, England.
Dr. Malmgren has received numerous international accolades for her work, including recognition by the World Economic Forum as a 'Global Leader for Tomorrow.' She is a member of the Council on Foreign Relations, the Royal Institute for International Affairs, the Institute for International Strategic Security, The National Association of Business Economists, and the British Institute of Directors.
About INSEAD, The Business School for the World
As one of the world's leading and largest graduate business schools, INSEAD brings together people, cultures and ideas from around the world to change lives and transform organisations. This worldly perspective and cultural diversity are reflected in all aspects of INSEAD's research and teaching.
With three campuses in Europe (France), Asia (Singapore) and the Middle East (Abu Dhabi), INSEAD extends the reach of its business education and research across three continents. 145 renowned faculty members from 36 countries inspire more than 1,000 degree participants in the MBA, Executive MBA and PhD programmes. In addition, more than 9,500 executives participate in INSEAD's executive education programmes. With the INSEAD-Wharton Alliance, MBA and co-branded executive education programmes are delivered on Wharton's U.S. campuses in Philadelphia and San Francisco, as well as INSEAD's campuses in Asia and Europe.
This academic year is an important milestone for INSEAD as it celebrates half a century of success. Fifty years ago, INSEAD pioneered the concept of international business education - and is still innovating across all of the programmes, in addition to the cutting-edge research. The world and INSEAD have developed dramatically in the course of the last fifty years, but the core values on which INSEAD were founded have remained constant. These principles have enabled INSEAD's entrepreneurial spirit to evolve and the school has grown into a truly global force.
Today's organisations need leaders with the knowledge and sensitivity to operate anywhere in the world. This is why business turns to INSEAD - to develop the next generation of transcultural leaders.
More information about INSEAD can be found at www.insead.edu.
Contacts for press:
Middle East
Joe Chedid, INSEAD Abu Dhabi Campus
Tel +9712 6515329
Email joe.chedid@insead.edu
© Press Release 2010
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