Annual Maxwell Fry Global Finance Lecture

Maxwell J. Fry (1944-2000) was a prominent figure around the world in International Finance and his work was widely acclaimed in central banking circles. His contribution was in the fields of international and development (‘global’) finance and this annual lecture is given by an internationally leading academic or policymaker on a topic that reflects Fry’s interests.

Fry received his PhD in Economics at the London School of Economics in 1970 and taught at The City University of London for four years. In 1974 he joined the Department of Economics at the University of Hawaii before leaving to teach at University of California-Irvine in 1980. Shortly after this he accepted an endowed chair as a Professor of International Finance at Birmingham Business School. He passed away prematurely in 2000 and we remember him each year in late October.

2021 Lecture: Alec Crystall

The Maxwell Fry Global Finance Lecture 2021 will be given by Professor Alec Chrystal (Bayes Business School at City, University of London).

Lecture Title: The Yuan and the Dollar Crisis
Date: 13 October 2021, at 17:15 - 18:30

Register here on eventbrite

Alec Crystall Bio

Education: BA in Economics at the University of Exeter, MA, PhD in Economics at the University of Essex (PhD title: Demand for International Media of Exchange).

Current positions: Emeritus Professor of Money and Banking, Faculty of Finance, Bayes Business School, City University of London.

Alec Chrystal’s first academic post was as a lecturer in economics at the University of Manchester. He was then an economic adviser in HM Treasury working in international finance before moving to be a lecturer in Economics at Essex University. Alec joined the City University Business School in 1988 after being Professor of Economics at Sheffield University. During 1997-2001 he was working as a senior adviser in the monetary analysis wing of the Bank of England. Alec returned to Bayes (formerly known as Cass) in September 2001 to become Head of a merged Finance Faculty, a post he held until 2009. He has research interests in monetary economics, international finance, and political economy. Several books have been authored or co-authored, including the latest seven editions of a well-known principles of economics textbook, Economics, with Richard G. Lipsey, Controversies in Macroeconomics (with Simon Price) and Political Economics (with James Alt).

The Maxwell Fry Memorial Lecture Summary

“Yuan and the dollar crisis: battle for currency domination or phoney war?”

The talk will examine the evolving role of major currencies in the world economy in recent decades. The US dollar has had a dominant role since at least WW2. Several potential and imagined threats have emerged from time to time. A famous book by Robert Triffin (“Gold and the dollar crisis” 1960) initiated a debate about the “international liquidity crisis” which led to the invention of the SDR that was intended to replace the USD as “the principal reserve asset of the international monetary system”. But the SDR failed to make the grade for reasons that will be discussed. A more recent potential threat has come from the emergence of China as the world’s biggest exporter and potentially with the worlds’ largest GDP. It will be shown that the emergence of China has so far done almost nothing to impact the role of the USD, and this looks likely to remain the case for the foreseeable future. Some other potential threats will also be discussed including cryptocurrencies and central bank digital currency (CBDC).

2020 Lecture: Richard G. Anderson

The Maxwell Fry Global Finance Lecture 2020 was given by Professor Richard G. Anderson (University of Missouri - Kansas City).

Lecture Title: Central Banking in Interesting Times and the Demand for Base Money
Date: 14 October 2020

Past Maxwell Fry Lectures

Year Speaker Title Link
2020 Richard G. Anderson Central banking in interesting times and the demand for base money
2019 Marcus Miller A silent run on shadow banks: due to sunspots or chicanery?
2018 Jean-Bernhard Chatelain Leaning Against the Wind
2017 Panicos O. Demetriades Financial Stability and Financial Development: Lessons from a Euro Area Banking Crisis
2016 David Miles The Housing Market and Macro-prudential Policy
2015 David Llewellyn Post Crisis Regulation: what has been achieved and what remains to be done?
2014 Andrew Haldane Managing Global Finance as a System Link
2013 Charles Calomiris  The Political Economy of Inflation-Tax Banking:  Brazil and Mexico in the 19th and 20th Centuries
2012 Thorsten Beck Finance, Growth and Fragility: The Role of Government Link
2011 Michael Foot Can Macro-Prudential Regulation Reduce Financial Instability?
2010 John Williamson The Impact of the Global Financial Crisis on Development Thinking
2009 Stijn Claessens Developing Countries and Financial Crises: What Lessons?
2008 William A. Allen The Credit Crunch, the Financial Industry and the World Economy
2007 Ross Levine Finance and the Poor Link
2006 Marek Belka Transition to Euroland
2005 Gerard Caprio Jr Till Angels Govern: Rethinking Bank Regulation
2004 Charles Goodhart  Some Reflections on Financial Stability
2003 Andrew Crockett Thoughts on the New Financial Architecture
2002 Ronald McKinnon The World Dollar and Emerging Markets
2001 Mervyn King No Money, No Inflation – The Role of Money in the Economy
1999 DeAnne Julius Back to the Future of Low Global Inflation.