Research Institute of Banking and Finance at the People’s Bank of China (RIBF at PBOC), Shanghai Development Research Foundation (SDRF), Reinventing Bretton Woods Committee (RBWC) and Korea Institute for International Economic Policy (KIEP) held the “Stocktaking of International Financial Architecture” conference on Feb 26, 2016 in Shanghai.
AGENDA
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26th of February , 2016 Four Seasons Ballroom 1, 2nd Floor |
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08:00 –08:30 |
Registration |
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08:30 –09:10 |
Opening Ceremony Opening Remarks: HU Yanzhao Chairman of SDRF, Former Vice Mayor of Shanghai Marc Uzan Executive Director of RBWC Il Houng Lee President of KIEP
Moderator: QIAO Yide Vice Chairman and Secretary General of SDRF |
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09:10 –10:40 |
SESSION I: A GROWING INTERCONNECTEDNESS: MONETARY ECONOMIC AND FINANCIAL SPILLOVERS AND ITS IMPLICATIONS FOR THE STABILITY OF THE INTERNATIONAL MONETARY SYSTEM. · What impact so far has Fed’s normalization of interest rate brought to the global economy in general and emerging economies in particular? · Do floating exchange rates along with largely unrestricted capital flows play their role of shock absorber? Are we going to witness a return of currency crises of the 1990’s? · What does china economic slowdown and its current adjustment means for global growth, commodities cycle, for capital markets and for the quest of RMB internationalization? · What are the consequences for monetary divergence among currency areas? · Should and can the systematically important countries “internalize” their spillovers effects to mitigate negative external impacts? Moderator: Domenico Lombardi Director of the Global Economy Program, CIGI |
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09:10 –10:10 |
“The International Monetary and Financial System” Robert McCauley Senior Adviser, Monetary and Economic Department, BIS |
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“Fed Monetary Policy and Its Implications for Global Financial Markets ” Julio Velarde Governor, Central Bank of Peru |
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“Interconnectedness, Spillovers and Stability: The Case of EMs” Tarisa Watanagase Former Governor Bank of Thailand |
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“Lessons from Previous Boom-Bust Cycles” Aaron Tornell Professor of Economics, UCLA |
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Turalay Kenc Deputy Governor, Central Bank of the Republic of Turkey |
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10:10 –10:40 |
Discussion : Commentators: Chun Chang Executive Dean, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University HE Zhiren Shanghai Jiao Tong University |
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10:40 –10:55 |
Coffee Break |
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10:55 –12:45 |
SESSION II: A NEW NARRATIVE OF INTERNATIONAL FINANCIAL INTEGRATION AND ITS MEANING FOR CAPITAL FLOWS. · What are the lessons learned by G20 countries with the framework of capital account management? Are capital controls more widely accepted? · What are the trends of capital flows in the current financial cycle and risks associated with it? Is it the end of 15 years cycle where capital flowed into emerging markets and a beginning of a credit crunch? · Oil exporting countries are drawing on their buffers (reserves, SFW’s) what are the policy implications for financial stability, directions of capital flows and the asset management industry? Moderator: Guillaume Chabert Assistant Secretary , Multilatéral Affairs , Department of Treasury France |
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10:55 –12:10 |
“When do Inflow Surges End in Crashes?” Jonathan D. Ostry Deputy Director of the Research Department, IMF |
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"A Framework for Thinking about Managing Capital Flows" MA Jun Chief Economist, PBC Research Bureau |
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“Falling Sovereign Wealth: Market and Policy Implications” Massimiliano Castelli Head of Global Strategy at UBS Asset Management |
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“Capital Flows: the SA Experience” Daniel Mminele Deputy Governor, Central Bank of South Africa |
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“China’s Capital Outflows” YU Yongding Academician of CASS/Chairman of the Academic Committee of SDRF |
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Ksenia Yudaeva First Deputy Governor, Central Bank of Russia |
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12:10 –12:40 |
Discussion: Commentator: LIN Shu Professor, Fudan University DING Jianping Professor, Shanghai University of Finance and Economics |
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12:40 –14:00 |
Lunch (Four Seasons Ballroom 2, 2ND Floor) |
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14:00 –15:30 |
SESSION III: CRISIS PREVENTION TOOL BOX: WHAT SHOULD BE THE ADEQUATE FINANCIAL SAFETY NET ARCHITECTURE? · Is the current Global financial safety net (GFSN) adequate to forestall and address large potential stresses in a highly volatile environment that may last several years? · How do different elements of the GFSN complement or compete with each other, including self-insurance through building international reserves, bilateral swap lines, regional financing arrangements, and a multilateral lender like the IMF? Are there gaps? How can the GFSN be strengthened and what role can the IMF play? How can we improve the regional financial arrangements and their relations to the IMF? Can we envision a set of best practices? · What actions can be taken to strengthen and orderly debt restructuring architecture? Moderator: Sidarth Tiwari Director Strategy Policy Review Department, IMF |
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14:00 –15:00 |
“Stitching Together the Global Financial Safety Net” Minouche Shafik Deputy Governor, Bank of England |
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“Preventive Tools – Are There Enough?” Beatrice Weder Di Mauro Council of German Experts, Professor of Economics |
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“The Role of Regional Financing Arrangements in the GFSN: a European Perspective” Klaus Regling Managing Director, European Stability Mechanism |
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“IMF and RFAs: What can we do together?” Ana Maria Carrasquilla Executive President of FLAR |
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“The Role of China in Building Global and Regional Financial Safety Nets” Yung Chul Park Distinguished Professor, Division of International Studies, Korea University |
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15:00 –15:30 |
Discussion: Commentators: XU Mingqi Research Fellow, Shanghai Academy of Social Sciences CHEN Zhu Research Fellow, SDRF |
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15:30 –15:45 |
Coffee Break |
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15:45 –17:30 |
SESSION IV： THE UNDERPINNINGS OF INTERNATIONAL POLICY COORDINATION IN A MORE MULTIPOLAR MONETARY SYSTEM THE ROLE OF THE G20. · How can we promote a smooth functioning and orderly evolutionary system towards a more multipolar system? · Is the IMF well equipped and resourced to address future systemic crises? · After the enlargement of the SDR basket, what should be the next step in the reform agenda? · How and should we elevate the role of SDR? Moderator: Benoit Coeuré Member of the Board European Central Bank |
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15:45 –16:45 |
Luiz Pereira da Silva Deputy General Manager, BIS/ Former Deputy Governor of CB Brazil |
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“The Built-in Destabilizer of the International Monetary System: How to Fix It?” Christian Ghymers Deputy Secretary General of the Triffin International Foundation |
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“Exploring Inner Stability Mechanism of Multi-Pole Reserve Currency System” PAN Yingli Professor, Shanghai Jiao Tong University |
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HUANG Haizhou Managing Director, CICC |
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16:45 –17:30 |
Discussion: Commentator: XU Hongcai Director of Economic Research Department, China Center for International Economic Exchanges |
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17:30 –17:45 |
Closing Remarks Marc Uzan Executive Director of RBWC QIAO Yide Vice Chairman and Secretary General of SDRF |
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18:00 |
Meeting at the entrance of the hotel and go out for dinner |