Sunday, June 2, 2013
| 19:00 ~ 21:00 | Welcome Reception / Dinner [Orchid Room, 2F, Westin Chosun Seoul] |
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Monday, June 3, 2013
| 8:30 ~ 9:00 | Registration, Coffee and Pastry |
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Opening Session
9:00 ~ 9:20 |
Opening Address |
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| Choongsoo Kim | Governor, Bank of Korea | |
9:20 ~ 10:10 |
Keynote Speeches |
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| Thomas J. Sargent | Professor, New York University and Seoul National University | |
| Naoyuki Shinohara | Deputy Managing Director, International Monetary Fund | |
10:10 ~ 10:40 |
Coffee Break |
Session 1
| 10:40 ~ 12:10 | Definitions, Measures, and Roles of Global Liquidity |
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| This session collates views on the definition, determinants, and appropriate measurement of global liquidity. Global liquidity conditions could be driven by macroeconomic policies and institutional developments—such as conventional and unconventional monetary policies, exchange rates, economic fundamentals, financial innovations, and financial integration. Speakers will discuss the importance of global liquidity for both the global economy and individual economies. Global liquidity provision could temper financial frictions, but, at the same time, create externalities such as cross-border spillovers in a global framework. This session will consider these tradeoffs. | ||
| Moderator | Daniel G. Sullivan |
Executive Vice President, Federal Reserve Bank of Chicago |
| Speakers |
Member of the Executive Board, European Central Bank |
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Professor, Yale University |
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| Discussants |
Professor, Korea University |
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Vice President, Federal Reserve Bank of San Francisco |
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| 12:10 ~ 13:40 | Luncheon [Songhyun Restaurant, 15F, BOK] | |
| Luncheon Address |
Governor, Central Bank of the United Arab Emirates |
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Session 2
| 13:40 ~ 15:10 |
New Perspectives on the Transmission Mechanism of Global Liquidity |
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| How is global liquidity transmitted across markets and countries? This session will review various views on the transmission mechanism, and discuss the resulting capital flows and policy responses. Various country-level policies and institutional developments—such as the progress of financial innovation and financial integration—have affected the transmission channels of global liquidity. Against this backdrop, the session will offer perspectives to help better understand how global liquidity affects key macro-financial variables—such as asset prices, commodity prices, growth, and inflation—in both advanced and emerging market economies. It will also discuss the nature of policy responses to volatile capital flows, and multilateral implications inherent in country-level responses. | ||
| Moderator | Fritz Zurbrügg |
Member of the Governing Board, Swiss National Bank |
| Speakers | Robert N. McCauley |
Senior Advisor, Bank for International Settlements |
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Deputy Director, International Monetary Fund |
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| Discussants |
Executive Vice President, Federal Reserve Bank of New York |
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Professor, Johns Hopkins University |
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| 15:10 ~ 15:40 | Coffee Break |
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Session 3
| 15:40 ~ 17:10 |
Learning from Regional and Country Experiences |
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| This session will review regional and country experiences with the transmission of global liquidity—in terms of its impacts on capital flows, asset prices, exchange rates, growth, inflation, and imbalances—and the corresponding policy responses. Speakers will draw lessons for macroeconomic policies, especially from the experiences of developing and/or emerging market economies. The role of macro-prudential policies will be a further focus. | ||
| Moderator | Jun Il Kim |
Deputy Governor, Bank of Korea |
| Speakers |
Chief Economist, Asian Development Bank |
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Deputy Governor and Directior General, Bank of Korea |
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| Discussants |
Deputy Governor, Banco de la República-Colombia |
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Senior Vice President, Federal Reserve Bank of Kansas City |
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| 18:30 ~ 20:30 |
Conference Dinner [Lilac Room, 2F, Westin Chosun Seoul] |
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Tuesday, June 4, 2013
| 8:30 ~ 9:00 | Coffee and Pastry | |
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| 9:00 ~ 9:25 | Keynote Speech | |
| Jaime Caruana | General Manager, Bank for International Settlements |
Session 4
| 9:25 ~ 10:55 |
Global Liquidity and Policy Challenges – Past, Present, and Future |
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| This session will offer views on the related policy challenges in a global framework. How do we evaluate the adequacy of global liquidity? What contributions have global liquidity provisions made in terms of growth and stability from the global viewpoint? Is the prevailing level of global liquidity sustainable from the standpoint of global stability? How would excesses and shortages of global liquidity affect growth and stability over time and across different country groups? Taking stock of the related policy issues, this session will suggest the need for developing balanced approaches to policy resolutions striking a balance between the costs and benefits of global liquidity in a global framework. | ||
| Moderator | Jean-Luc Schneider |
Deputy Director, Organisation for Economic Co-operation and Development |
| Speakers |
Professor, Sciences-Po Paris |
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(Former Deputy Governor, Banque de Frandce) |
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Professor, New York University |
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| Discussants | Timothy Lane |
Deputy Governor, Bank of Canada |
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Economist, International Monetary Fund |
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| 10:55 ~ 11:15 |
Coffee Break |
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Session 5
| 11:15 ~ 12:30 |
Panel Discussion – Coordinated Policies for Global Liquidity and Robust
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| This panel discussion will draw the implications of our discussions for economic policy and performance. Panelists will present views on policy coordination for managing global liquidity. The session will also discuss the related policy responses and their welfare implications for the global economy. Against this backdrop, panelists will look for balanced approaches to the coordinated management of global liquidity that is conducive to the robust growth and overall health of the global economy. | ||
| Moderator | Thomas J. Sargent |
Professor, New York University and Seoul National University |
| Panelists | Jean-Pierre Landau |
Professor, Sciences-Po Paris |
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(Former Deputy Governor, Banque de Frandce) |
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Timothy Lane |
Deputy Governor, Bank of Canada |
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Fritz Zurbrügg |
Member of the Governing Board, Swiss National Bank |
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In June Kim |
Professor, Seoul National University |
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(Former MPC Member, Bank of Korea) |
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| 12:30 ~ 14:00 | Farewell Luncheon [Songhyun Restaurant, 15F, BOK] | |
