{"id":1643,"date":"2019-12-19T09:00:55","date_gmt":"2019-12-19T00:00:55","guid":{"rendered":"https:\/\/www.nomurafoundation.or.jp\/en\/?p=1643"},"modified":"2026-01-13T09:08:06","modified_gmt":"2026-01-13T00:08:06","slug":"mcrcnf20191030","status":"publish","type":"post","link":"https:\/\/www.nomurafoundation.or.jp\/en\/macro\/mcrcnf20191030.html","title":{"rendered":"The Economics of De-Globalization"},"content":{"rendered":"\t\t\t<section class=\"content\">\r\n\t\t\t\t<div class=\"section_content_wrap\">\r\n\t\t\t\t\t<h3 class=\"h3_title\">\r\n\t\t\t\t\t\tProgram Overview\r\n\t\t\t\t\t<\/h3>\r\n\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\tMacro Economy Research Conference<br>\r\n\t\t\t\t\t\t30 October 2019<br>\r\n\t\t\t\t\t\tUrbannet Otemachi Building, Tokyo\r\n\t\t\t\t\t<\/p>\r\n\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_Participant_List.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\tList of Participants (PDF: 112 KB)\r\n\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t<\/div><!--\/.link_fuchi-->\r\n\t\t\t\t<\/div><!--\/.section_content_wrap-->\r\n\t\t\t\t<div class=\"section_content_wrap\">\r\n\t\t\t\t\t<h3 class=\"h3_title\">\r\n\t\t\t\t\t\tProgram\r\n\t\t\t\t\t<\/h3>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tOpening Remarks\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tKoji Nagai, President, Nomura Foundation\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tMorning Session\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tModerator: Chi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Resisting Deglobalization: The Case of Europe<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZsolt Darvas, Senior Fellow, Brussels European and Global Economic Laboratory (Bruegel)\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_Z_Darvas-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 706 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_Z_Darvas.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 554 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comment<\/span><br>\r\n\t\t\t\t\t\t\t\t\tStephen Pickford, Senior Consulting Fellow, Chatham House\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_S_Pickford-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 96 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Understanding De-Globalization: Trade-offs Between Wealth and Sovereignty<\/span><br>\r\n\t\t\t\t\t\t\t\t\tAaron Klein, Fellow, The Brookings Institution\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_A_Klein-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,091 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_A_Klein.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 1,326 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comment<\/span><br>\r\n\t\t\t\t\t\t\t\t\tMasahiro Kawai, Project Professor, University of Tokyo\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_M_Kawai-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,193 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tAfternoon Session\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tModerator: Tetsuya Kamiyama, Senior Analyst, Nomura Institute of Capital Markets Research\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">The Future of the World Economy: Patriots versus Globalists<\/span><br>\r\n\t\t\t\t\t\t\t\t\tAdam Bennett, Associate Fellow, Chatham House \uff06 Stephen Pickford, Senior Consulting Fellow, Chatham House\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_S_Pickford_Bennett-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,132 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_S_Pickford_Bennett.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 1,119 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comment<\/span><br>\r\n\t\t\t\t\t\t\t\t\tAaron Klein, Fellow, The Brookings Institution\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_Klein-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 46 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Economic Globalization in Transition: New Trends and Challenges<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZHANG Qi, Director General, Department of Foreign Economic Relations, Development Research Center of the State Council\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_Z_Qi-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 2,771 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_Z_Qi.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 571 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comment<\/span><br>\r\n\t\t\t\t\t\t\t\t\tChi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_CH_Kwan-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 441 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Why Was Japan Not Engulfed by the Antiglobalist Tide?<\/span><br>\r\n\t\t\t\t\t\t\t\t\tTakashi Miwa, Chief Japan Economist, Nomura Securities\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_T_Miwa-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 662 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_T_Miwa.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 217 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comment<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZsolt Darvas, Senior Fellow, Brussels European and Global Economic Laboratory (Bruegel)\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2019\/12\/20191030_Z_Darvas-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 124 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tClosing Remarks\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tKentaro Okuda, Deputy President and Group Co-COO, Nomura Holdings\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t<\/div><!--\/.section_content_wrap-->\r\n\t\t\t<\/section><!--\/.content-->","protected":false},"excerpt":{"rendered":"Program Overview Macro Economy Research Conference 30 October 2019 Urbannet Otemachi Building, Tokyo List of P 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