Hong Kong Monetary Authority and Bank for International Settlements

HKMA-BIS Conference on “The price, real and financial effects of exchange rates”

28 August 2017 (Monday) - 29 August 2017 (Tuesday)

Harbour Room, 56/F, Two International Finance Centre, Central, Hong Kong

Monday 28 August
09:00–09:15 Opening remarks by Arthur Yuen (Deputy Chief Executive, Hong Kong Monetary Authority)
09:15–09:30 Photo session
09:30–10:50 Paper 1: Exchange rate puzzles: evidence from rigidly fixed nominal exchange rate systems
Chair: Lillian Cheung (Hong Kong Monetary Authority)
Authors: Charles Engel (University of Wisconsin) and Feng Zhu (BIS)
Discussant: Michael Devereux (University of British Columbia)
10:50–11:10 Coffee break
11:10–12:30 Paper 2: FX hedging and creditor rights
Chair: Cheol Ho Choi (Bank of Korea)
Authors: Suresh Sundaresan (Columbia University) and Madhusudan Mohanty (BIS)
Discussant: Vidhan Goyal (Hong Kong University of Science and Technology)
12:30–13:50 Lunch
13:50–15:10 Paper 3: Accumulation of foreign currency reserves and risk taking
Chair: Vachira Arromdee (Bank of Thailand)
Authors: Rasmus Fatum (University of Alberta School of Business) and James Yetman (BIS)
Discussant: Hans Genberg (The South East Asian Central Banks (SEACEN) Research and Training Centre)
15:10–16:30 Paper 4: Breakdown of covered interest parity: mystery or myth?
Chair: Eli Remolona (BIS)
Authors: Alfred Wong and Jiayue Zhang (Hong Kong Monetary Authority)
Discussant: Yiping Huang (Peking University)
16:30–17:00 Coffee break
17:00–18:00 Keynote address: Finding equilibrium: the urgency of an old question
Chair: Hyun Song Shin (BIS)
Speaker: Sebastian Edwards (University of California, Los Angeles)

Tuesday 29 August
08:30–09:50 Paper 5: International price system, intermediate inputs and regional trade
Chair: Shinobu Nakagawa (Bank of Japan)
Authors: David Cook (Hong Kong University of Science and Technology) and Nikhil Patel (BIS)
Discussant: Jian Wang (Chinese University of Hong Kong - Shenzhen)
09:50–11:10 Paper 6: Exchange rate appreciations and corporate risk taking
Chair: Yoga Affandi (Bank Indonesia)
Authors: Sebnem Kalemli-Ozcan (University of Maryland), Xiaoxi Liu (Chinese University of Hong Kong) and Ilhyock Shim (BIS)
Discussant: Filippo Di Mauro (National University of Singapore)
11:10–11:30 Coffee break
11:30–12:50 Policy panel: Exchange rate challenges: how should policymakers respond?
Chair: Grant Spencer (Reserve Bank of New Zealand)
Diwa Guinigundo (Bangko Sentral ng Pilipinas)
Sebastian Edwards (University of California, Los Angeles)
Yiping Huang (Peking University)
Hyun Song Shin (BIS)
12:50–13:00 Closing remarks by Hyun Song Shin (BIS)

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