Wednesday, June 13, 2012
19:00 ~ 21:00 | Welcome Reception / Dinner [Emerald Room, 2F, Lotte Hotel] |
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Thursday, June 14, 2012
8:30 ~ 9:00 | Registration and Coffee |
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Opening Session
9:00 ~ 10:10 |
Opening remarks |
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Choongsoo Kim | Governor, Bank of Korea | |
Video address |
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Thomas J. Sargent |
Professor, New York University | |
Keynote Speech |
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Hyun Song Shin |
Professor, Princeton University | |
10:10 ~ 10:30 |
Coffee Break |
Session 1
10:30 ~ 12:00 | Macroprudential Framework |
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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 | Professor, University of California, Berkeley |
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Speakers | Professor, University of Maryland |
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Professor, Princeton University |
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Discussant | Director, Swiss National Bank |
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12:00 ~ 13:30 | Luncheon |
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Session 2
13:30 ~ 15:30 | Tools for Managing Financial Stability Risks Associated with Volatile Capital Flows |
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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 | Deputy Governor, Bank of Korea |
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Speakers | Professor, Cornell University |
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Economist, International Monetary Fund |
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Senior Research Fellow, Bank of Korea |
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Discussant | Chief Representative, BIS Representative Office for Asia and the Pacific |
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15:30 ~ 16:00 | Coffee Break |
Session 3
16:00 ~ 17:30 | Panel Discussion on International Coordination of Macroprudential Policies |
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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 | Executive Vice President, |
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Panelists | Professor, Korea University |
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Director General, Bank of Japan |
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Standing Commissioner, |
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Head, Bank for International Settlements |
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18:30 ~ 20:30 | Conference Dinner [Belle-Vue Suite, 36F, Lotte Hotel] |
Friday, June 15, 2012
8:30 ~ 9:00 | Coffee and Pastry |
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Session 4
9:00 ~ 10:30 | Monetary Policy after the Crisis |
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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 | Deputy Director, Organization for Economic |
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Speakers | Professor, Carnegie Mellon University |
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Professor, Princeton University |
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Discussant | Director, De Nederlandsche Bank |
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10:30 ~ 11:00 | Coffee Break |
Session 5
11:00 ~ 12:30 | Panel Discussion on Exit from the Crisis: What Worked, What Did Not and What’s Next |
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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 | Professor, University of California, Berkeley |
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Panelists | Professor, Princeton University |
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Deputy Governor, Sveriges Riksbank |
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Director General, Bank of Korea |
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Professor, Princeton University |
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12:30 ~ 14:00 | Luncheon |