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Will Another Financial Crisis Come? Dr.Yellen’s Diagnosis

Tuesday, October 9th, 2018
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Dr.Yellen

Seoul, Korea, October 12, 2018 –Janet L. Yellen, the Former Chair of the Federal Reserve
System, delivers a keynote speech on October 12, the last day of the 19th World Knowledge
Forum.
Dr. Yellen will discuss the economic situation in Korea, the United States, emerging markets,
and the world as a whole with Jae Yoon Shin, the Former Chairman of the Financial Services
Commission, ROK, at 8:30 am on October 12 at Jangchung Arena.
As the first woman to serve as the head of the central bank, Dr. Yellen oversaw a period of
strong job growth and the start of monetary policy normalization. During her tenure, under
both the Obama and Trump Administrations, she helped sustain a period of economic
prosperity in the U.S.—the stock markets outperformed the rest of the world, inflation
remained stable and the unemployment rate declined. Now the global market uncertainty is
getting bigger than ever, she will diagnose the current situation and explain the future of
global economy.
The specific topics they will deal with are as follows: △ Possibility of another global
financial crisis △ Trade conflict between the US and China △ US interest rate forecast
△ Advice on the challenges the Korean economy faces.
Recently, trade frictions between the US and China is worsening due to the rise of
protectionism. In addition, central banks around the world, including the US Federal Reserve,
are gradually increasing their interest rates to absorb excess liquidity as part of a tight
monetary policy. Therefore, in emerging economies such as Turkey, Argentina and Venezuela,
there are talks about the probability of a financial crisis as the value of their currencies
sharply depreciates and foreign funds flow out massively.
As for the Korean economy, it has many potential risk factors such as declining growth
potential, surging real estate prices, increasing household debt, turnaround towards shrinking
working-age population, and China's quickly growing industries which pose threat to Korea's
core industries like semiconductors. On the other hand, some experts are cautiously
predicting that the revitalization of inter-Korean economic cooperation will be a new
opportunity for the Korean economy. Dr. Yellen will speak candidly on the economic climate
in the U.S., share her thoughts on the prospects of the global economy, and share advice for
the Korean economy.

For more on the 19th World Knowledge Forum and the speakers, please visit
http://www.wkforum.org
Contact: [email protected]
Spokesperson Hong, Sungyun +82-10-4717-3884 [email protected]
Vice spokesperson Kim, Yeonjoo +82-10-5091-6584 [email protected]

About the World Knowledge Forum
The World Knowledge Forum is a non-profit entity, which aims to promote balanced global
growth and prosperity through knowledge-sharing. As the largest business forum in Asia, the
World Knowledge Forum brings together global leaders to address the importance of
knowledge in meeting the challenges and opportunities of a rapidly changing world.
The first forum took place in 2000, and was conceived as part of the Vision Korea Project, a
campaign launched by the Maeil Business Newspaper (which is owned by the Maekyung
Media Group) in 1997 to propose new vision for development to Korea and to the global
community.
Since its inauguration in 2000, it has brought together a stellar group of speakers including
Tony Blair(Former British Prime Minster), Bill Gates(Founder of Microsoft), Nicolas
Sarkozy(Former president of France), Hillary Rodham Clinton(Former U.S. Secretary of
State), Gregory Mankiw(Professor of Economics at Harvard University) and Jim Yong
Kim(president of the World Bank Group); and a total of 4,000 speakers and 43,000
participants.

 

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