BOK International Conference


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Preliminary Program

Wednesday, June 13, 2012

19:00 ~ 21:00 Welcome Reception / Dinner [Emerald Room, 2F, Lotte Hotel]
Wednesday, June 13, 2012

Thursday, June 14, 2012

8:30 ~ 9:00 Registration and Coffee

Opening Session

Thursday, June 14, 2012

9:00 ~ 10:10

Opening remarks

 
  Choongsoo Kim Governor, Bank of Korea
  Video address
 
  Thomas J. Sargent
Professor, New York University
  Keynote Speech
 
  Hyun Song Shin
Professor, Princeton University

10:10 ~ 10:30

Coffee Break

 

Session 1

Macroprudential Framework
10:30 ~ 12:00

Macroprudential Framework

  The macroprudential approach to control systemic risk has yet to be developed into a concrete policy framework. This session will discuss key issues related to the design of the macroprudential framework. How would one define and identify systemic risk? How could the existing numerical models be modified to quantify systemic risk? What would be the right balance between quantitative indicators and qualitative judgment in assessing systemic risk? What considerations should guide the governance structure of macroprudential policies? To what extent should macroprudential policies be coordinated with monetary policy? Which agency is best placed to assume primary responsibility for financial stability (e.g., the micro-prudential overseer, the central bank, a council)?
Moderator

Barry Eichengreen

Professor, University of California, Berkeley

Speakers

Enrique G. Mendoza

Professor, University of Maryland

Markus Brunnermeier

Professor, Princeton University

Discussant

Daniel Heller

Director, Swiss National Bank

12:00 ~ 13:30

Luncheon

 

Session 2

Tools for Managing Financial Stability Risks Associated with Volatile Capital Flows
13:30 ~ 15:30

Tools for Managing Financial Stability Risks Associated with Volatile Capital Flows

  This session will discuss the particular challenges posed by volatile capital movements. Do volatile capital flows pose unique financial-stability challenges? What tools are available to manage these risks? How do capital controls and macroprudential policies fit together? What is the policy hierarchy among the various tools, and under what circumstances should they be employed? To what extent do broader systemic consequences of various instruments need to be factored into individual country choices?
Moderator

Jun Il Kim

Deputy Governor, Bank of Korea

Speakers

Eswar Prasad

Professor, Cornell University

Mahvash Qureshi

Economist, International Monetary Fund

Jong Kyu Lee

Senior Research Fellow, Bank of Korea

Discussant

Eli Remolona

Chief Representative, BIS Representative Office for Asia and the Pacific

15:30 ~ 16:00

Coffee Break

Session 3

Panel Discussion on International Coordination of Macroprudential Policies
16:00 ~ 17:30

Panel Discussion on International Coordination of Macroprudential Policies

  Like capital controls, macroprudential policies—particularly those to limit FX risk—do involve an international dimension in their implementation and effects. This session will discuss key challenges that might emerge in promoting the international coordination of macroprudential policies. What is the key rationale for promoting international coordination? Is regulatory arbitrage a significant policy concern? What is the scope for international coordination? Would it help to develop a surveillance mechanism or international standards to prevent possible misuse of macroprudential policies? Is an international macroprudential regulator needed and, if so, how should it be made accountable to its members?
Moderator

Daniel G. Sullivan

Executive Vice President,
Federal Reserve Bank of Chicago

Panelists

Yung Chul Park

Professor, Korea University

Atsushi Miyanoya

Director General, Bank of Japan

Sangche Lee

Standing Commissioner,
Financial Services Commission

Kostas Tsatsaronis

Head, Bank for International Settlements

18:30 ~ 20:30 Conference Dinner [Belle-Vue Suite, 36F, Lotte Hotel]

Friday, June 15, 2012

8:30 ~ 9:00 Coffee and Pastry

Session 4

Monetary Policy after the Crisis
9:00 ~ 10:30

Monetary Policy after the Crisis

  This session will discuss how the monetary policy contributed to crisis management and how and when it should return to (new) normal. How effective were policy rate cuts and quantitative easing in mitigating liquidity shortage and the deflationary impact of the crisis? To what extent would the communication strategies of central banks matter for the policy outcomes? How should the pace and sequence of the return to (new) normal be determined? Should the objective of monetary policy be expanded to include financial stability?
Moderator

Jean-Luc Schneider

Deputy Director, Organization for Economic
Co-operation and Development

Speakers

Marvin Goodfriend

Professor, Carnegie Mellon University

Jean-Pierre Landau

Professor, Princeton University

Discussant

Jan Marc Berk

Director, De Nederlandsche Bank

10:30 ~ 11:00

Coffee Break

Session 5

Panel Discussion on Exit from the Crisis: What Worked, What Did Not and What’s Next
11:00 ~ 12:30

Panel Discussion on Exit from the Crisis: What Worked, What Did Not and What’s Next

  This roundtable discussion will take stock of crisis management policies, explore ways to exit from the crisis, and draw lessons for future policy reforms. Are there notable differences between US monetary policy after the global crisis and that of Japan in the 1990s in terms of motivation and outcomes? If so, what explains them? In view of rising debt sustainability concerns, was the stance of the US and EU fiscal policy too timid or too expansionary? What was the role of the exchange rate in the recovery process? Is the current inflation target dangerously low? What policy reforms are called for in order to be better prepared for future crises?
Moderator

Barry Eichengreen

Professor, University of California, Berkeley

Panelists

Hyun Song Shin

Professor, Princeton University

Barbro Wickman-Parak

Deputy Governor, Sveriges Riksbank

Woon Gyu Choi

Director General, Bank of Korea

Jean-Pierre Landau

Professor, Princeton University
(Former deputy governor, Banque de France)

12:30 ~ 14:00 Luncheon