On 14 December 2013, GLL | Global Lithuanian Leaders hosted the panel discussion “Speculative Asset Prices and Our Broader Purposes” with Nobel Prize Laureate Robert J. Shiller and Lithuanian financial and economic experts. Photos from the event: http://on.fb.me/1cBXyXj

Robert J. Shiller, American Lithuanian economist and a professor at Yale, was recently awarded the Nobel Memorial Prize in Economic Science for empirical analysis of asset prices. Professor, who is sometimes referred to as the “Bubble expert”, is a best-selling author and his insights are highly appreciated amongst top international executives, politicians and experts all over the world.

GLL | Global Lithuanian Leaders is very proud of this unique opportunity to meet a professor of Lithuanian descent. “It is a very exclusive and honourable occasion to hear one of the most influential economists in the world discussing together with Lithuanian economic and financial experts. We, also, greatly appreciate the contribution  made to this event by our partners Bank of Lithuania and Swedbank”, – said discussion moderator and GLL board member Daumantas Mockus, Senior Associate of Investment Banking at RBC Capital Markets.

During the discussion, Prof. R. Shiller stated that Lithuanians should invest more to create new enterprises that could boost economic growth, rather than invest in real estate thus increasing speculative price bubbles. Professor also expressed that in order to understand economics and speculative bubbles well, we shouldn’t rely only on economic sciences. More attention should be paid to sociology, psychology and biology.

Chief Economist at Swedbank Lithuania Nerijus Mačiulis, who participated in the discussion, spoke about the contribution of Scandinavian banks to Lithuania’s financial stability and real estate purchase innovations, which at the times of economic crisis could prevent loan holders from financial problems.

Alminas Žaldokas, Assistant Professor of Finance at Hong Kong University of Science and Technology, who flew straight away from Hong Kong for this meeting, gave a quick review over financial innovations that are gaining momentum in  Asian economies.

 “The professor’s insight is very valuable. They are the basis for substantial change in the central banks’ approach to asset prices. Currently, around the world, the central banks’ regulation measures toolbox is being reviewed, adding tools that enable prevention of the forming of bubbles. This is the path Lithuania is on as well”, – says Marius Jurgilas, Member of the Board of the Bank of Lithuania, who participated in the discussion with the Nobel Prize laureate. At the end of the discussion M. Jurgilas presented the Nobel Prize laureate with a coin set of three golden coins dedicated to the millennium of the mention of the name of Lithuania.

Partners of the event: the Bank of Lithuania, Swedbank Lithuania, Enterprise Lithuania and Ministry of Foreign Affairs of the Republic of Lithuania.