Nobel Laureate John Nash gives public lecture in Kyrgyzstan with OSCE support

BISHKEK, 27 May 2013 – A public lecture by the 1994 Nobel Laureate in Economics, John Nash “Ideal Money and the Motivation of Savings and Thrift” took place today in Bishkek with OSCE support.

The lecture focused on the concept of ‘Ideal Money’ proposed by Nash to stabilize international currencies in the times of financial unrest. According to Nash’s theory, pegging international exchange rates to a standardized basket of commodities would limit the power of national central banks to shape monetary policy, and would contribute to overall stability of the financial system.

Ambassador Sergey Kapinos, the Head of the OSCE Centre in Bishkek, said: “The OSCE and the Government of Kyrgyzstan are preparing a large-scale reform of the governmental administration, in order to significantly improve the investment climate in the country, attract international capital and mobilize internal investment resources. Making efficient decisions, establishing mechanisms for their implementation, control and balanced assessment is essential. The experience of world-renowned experts such as Doctor Nash with his game theory and the Nash equilibrium, is a truly precious contribution to this process.”

Chingiz Shamshiev, the President of the Academy of Public Administration under the President of Kyrgyzstan, noted that the “visit of Doctor Nash is a big opportunity for people in Kyrgyzstan to familiarize themselves with the studies of the one of the greatest minds of contemporary time”.

The lecture was organized by the OSCE Centre in Bishkek and the Academy of Public Administration and is part of joint activities to raise the potential of the state institutions and build capacity of governmental officials in line with international standards.