Economic and Financial Committee
Welcome to HNMUN 2020! My name is Javin Pombra and I will be serving as the Director of the Economic and Financial Committee. Let me just first say that I am incredibly excited to see you all in February and even more thrilled to hear your ideas on an incredibly important issue.
To give you some personal background, I am a current sophomore at Harvard College. I grew up in Northern California, near San Francisco (if you’re worried about the weather, I promise it’s doable). I’m planning to concentrate in a combination of Statistics and Government. Outside of academics, I’m involved in the South Asian Association and the Harvard Economics Review along with being an avid consumer of coffee and escape rooms. I am passionate about how economics and policy intersect and I think at the core of this issue is the financial system.
In our globalized world, banks and other financial institutions have vast power to affect the everyday life of citizens in virtually every country. The actions of these establishments have the power to cause multinational recessions that directly impact a country’s livelihood. I’m excited to see both the traditional and nontraditional ideas you bring to the table to help prevent a crisis like that of 2008. From the precedent set in other various international banking accords, you will work to to craft your own broad, yet still nuanced, regulations. Along with that, you will look for other means to impact global banking policies that aren’t just simply imposing rules.
I hope for this committee to be both an open and educational space. Financial and monetary policy can often be wrought with technical terminology and I strive to help everyone understand and learn about the complexities of those topics. At the same time, I hope to learn, myself, from your ingenuity and collaboration that can produce results that even the best economists sometimes overlook.
Please reach out to me with any questions you have on the topic, the committee, or to tell me about yourself (I am genuinely interested). I am first and foremost a resource.
Director, Economic and Financial Committee
Topic Area: Banking Policies for Avoiding Global Recessions
The 2008 financial crisis was particularly destructive because of the way domestic problems devolved into a global pitfall. In a globalized world connected not only by trade but by financial capital, there will certainly be further recessions that spillover into a global community. The main cause of these recessions are banks, especially those dealing in both commercial and investment realms, and more importantly, those that are multinational. As a result, a global framework for banking regulations has never been so important in the face of the massive amount of productivity loss, unemployment, and personal hardships caused by financial issues.
Solutions are wide-ranging to such a problem. Some such global solutions could be liquidity requirements, the separation between commercial and investment banking, or stronger loan policies. Beyond this, delegates could look into how not just the monetary sector, but other economic departments can avoid future recessions. Finally, delegates may choose to find other means to incentivize better bank practices through concepts such as corporate social responsibility.
In committee, it is important to consider both the banking policies in Western nations, but also looking to other multinational failures in areas like South America and South East Asia. Delegates will set the groundwork for banking practices through both traditional and unique routes.