The Federal Reserve is likely to raise interest rates mid-December and Bank of Korea Governor Lee Ju-yeol recently told a gathering of business executives that the rate hikes would add pressure on emerging economies with weak fundamentals and companies with heavy debt burdens. The World Bank Group's Marc Stocker, American Enterprise Institute's Alex Pollock, and the Korea Economic Institute's Don Manzullo discuss the ramifications of a potential hike on Korea in a conversation with Tom Byrne, President of The Korea Society.
U.S. Fed Interest Rate Normalization: The Impact on Korea, the U.S., and the Global Economy
with
Don Manzullo
President & CEO of Korea Economic Institute
Alex Pollock
Resident Fellow at the American Enterprise Institute
Marc Stocker
Senior Economist of the Development Prospects Group at World Bank
Moderated by Thomas Byrne, President of The Korea Society
FREE Admission. Please register here to attend.
12:00 PM | Registration & Light Fare
12:30 PM | Discussion
If you have any questions, please contact Nikita Desai or (212) 759-7525, ext. 355.
About the Speakers
Donald Manzullo is currently the President and Chief Executive Officer of the Korea Economic Institute of America.
Representative Manzullo is well-known as a staunch advocate for small business, manufacturing, and trade between the United States and Asian economies. For 20 years, Congressman Manzullo represented the 16th District of Illinois in the U.S. House of Representatives, serving on the Foreign Affairs, Financial Services, and Small Business Committees. For six years, he served as Chairman of the House Small Business Committee and for another six years, he served as the top Republican on the Subcommittee on Asia and the Pacific of the House Foreign Affairs Committee, including chairing this pivotal subcommittee during his last two years in the House. Mr. Manzullo also served on two other subcommittees dealing with international economic, trade, and monetary policy.
The Speaker of the House appointed Chairman Manzullo to serve as a Commissioner on the Congressional-Executive Commission on China, which monitors China’s human rights practices, and as a member of the House Task Force on the Hong Kong Transition. Mr. Manzullo was also appointed by the Speaker to serve as Chairman of the Canada-U.S. Interparliamentary Group and the U.S.-China Interparliamentary Exchange.
Congressman Manzullo co-founded and co-chaired the bipartisan House Manufacturing Caucus and also served as a co-chair of the House Automotive Caucus. Mr. Manzullo has been recognized for his leadership on various legislative issues, including receiving the Distinguished Service Award from the Small Business Exporters Association, the Leadership Award from the Coalition for Employment through Exports, and the prestigious Wings of Liberty Award from the Aerospace Industries Association.
Prior to his congressional service, Mr. Manzullo practiced law as an attorney in Oregon, Illinois. He holds a Juris Doctor from Marquette University (1970) and a B.A. from American University (1967). Mr. Manzullo is married to Freda Teslik and is the father of Neil, Noel, and Katie Manzullo.
Alex J. Pollock is a resident fellow at the American Enterprise Institute (AEI), where he works on policy issues relating to mortgage finance, banking, the Federal Reserve, government-sponsored enterprises, retirement finance, corporate governance, and the role of uncertainty and risk in financial systems. Immediately before joining AEI, Pollock was president and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004. A prolific writer and speaker, he has also testified before Congress on numerous financial issues. He is the author of “Boom and Bust: Financial Cycles and Human Prosperity” (AEI Press, 2011) and, in 2007, created a one-page mortgage information form to help borrowers understand their mortgage obligations.
Pollock is a director of the CME Group, the Great Lakes Higher Education Corporation, and the Great Books Foundation (where he was chairman of the board from 2006 to 2014). He is a past-president of the International Union for Housing Finance and a member of the Business Advisory Council of the Graham School of Management at Saint Xavier University.
He has an M.P.A. in international relations from Princeton University, an M.A. in philosophy from the University of Chicago, and a B.A. from Williams College.
Marc Stocker is a Senior Economist at the World Bank’s Prospect Group and one of the lead authors of the "Global Economic Prospects" report, which presents twice a year the institution’s macroeconomic forecasts and analysis. Prior to joining the World Bank in 2013, Marc has held various positions in academia, central banking, private sector and international institutions. He was an economist at the European Central Bank in the early 2000s and was subsequently Chief Economist of the main European employers’ federation, BusinessEurope. His main areas of expertise are fiscal & monetary policy, labor and capital market reforms.
Thomas J. Byrne (Moderator) joined The Korea Society as its President in August of 2015. He came to the Society from Moody's Investor Services, where he was Regional Manager, Spokesperson, and Director of Analysis for the Sovereign Risk Group in the Asia-Pacific and Middle East regions. Before moving to Moody's in 1996, he was the Senior Economist of the Asia Department at the Institute of International Finance in Washington DC. Mr. Byrne has an MA degree in International Relations with an emphasis on economics from The Johns Hopkins School of Advanced International Studies. Before his graduate work, he served in South Korea for three years as a US Peace Corps volunteer.