Together with my students I have organized a workshop, watched and discussed the materials of the video-lecture, "US housing cycle, financial instability and commodity prices: Navigating the economic storm."

All the students participating in the seminar are the students of final year and are studying international economy. So, they not only have the necessary economic background, but also are extremely interested in the problems discussed.

Though the topic of world financial crisis has been already widely observed in numerate overviews and discussed during the classes, your lecture provided a very profound overview of current global economic problems and helped us to identify the origins and consequences of the house-market price rise, the financial crisis and also the commodities price crisis.

Among the provided data I, personally, would like to make a special mention of the scheme describing the interconnection and interdependence of three economic cycles – housing cycle, credit cycle and economic cycle. We have discussed the processes described there separately, and found it very interesting to see them all together in interaction and interdependency. I think that this scheme gives the students a great example of how the problems in one particular market may influence the activity on another market.

We have widely discussed how the crisis started in one particular country and market – US housing market – developed into global economic crisis. Particularly interesting is how different countries were affected by it, what the consequences for their economies will be. In the course of discussion we came to the conclusion that the main role in softening the consequences of the crisis belongs not to developing countries on the whole, but mainly to so called emerging economies – China, Brazil, Russia and the others.

Some students wondered whether there are countries that instead of being harmed by the crisis profited from it. Some examples that you provide in the lecture helped them to sum up the factors that influence the vulnerability of different countries.

The question of euro-dollar rate was not described in the materials, but some students found it necessary to discuss the topic in this context. Mainly, the students supported the opinion that the dollar will be falling and the EU region will have all the chances to surpass the economic development of the USA.

Of course, we could not avoid discussing the global crisis influence on the economy of the Republic of Belarus. In accordance with one of your schemes, describing the effect of the crisis on different countries, Belarus will be seriously harmed by the crisis, but not as Ukraine, our neighboring country. Nevertheless, we think that these results are a little bit overstated, since the financial system of Belarus is little integrated into the financial system of the world and financial instruments. In our situation, not the crisis itself, but our ties with the Russian economy, may influence us the most.

In conclusion I would like to thank you one more time for your support and data provided. It was interesting and useful both to the students and me.