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The Asian Development Bank (ADB) and the Hong Kong Institute for Monetary Research (HKIMR)

Global and Regional Financial Market Integration

14 January 2010 (Thursday) - 15 January 2010 (Friday)



Day 1: Thursday, 14 January 2010
8:15 – 9:00 a.m. Registration and Breakfast
9:00 – 9:30 Welcome Remarks
Dong He, Director, Hong Kong Institute for Monetary Research (HKIMR)
Srinivasa Madhur, Senior Director, Office of Regional Economic Integration (OREI), Asian Development Bank (ADB)

Session 1 Moderator: Srinivasa Madhur
9:30 – 9:50 Evolution of Regional and Global Risk Sharing of Asian Countries
Pierfederico Asdrubali, John Cabot University

9:50 – 10:00 Comments
Philippe Martin, Sciences-Po

10:00 – 10:15 Open Forum
10:15 – 10:30 Tea Break
10:30 – 10:50 Regional and Global Short-Term Financial Market Integration: Evidence from the Interbank Markets of Tokyo, Singapore, and Hong Kong
Shin-ichi Fukuda, University of Tokyo

10:50 – 11:00 Comments
Ilhyock Shim, Senior Economist, Bank for International Settlements (BIS) Asian Pacific Representative Office

11:00 – 11:15 Open Forum
11:15 – 11:35 International Capital Mobility of East Asian Countries: Global vs. Regional
Soyoung Kim, Seoul National University

11:35 – 11:45 Comments
Zhiwei Zhang, Hong Kong Monetary Authority (HKMA)

11:45 – 12:00 Open Forum
12:00 – 1:30 Lunch
Session 2 Moderator: Eli Remolona, Chief Representative, BIS Asian Pacific Representative Office
1:30 – 1:50 Regional and Global Drivers of the Portfolio Holdings of Asian Investors
Philip R. Lane, Trinity College of Dublin

1:50 – 2:00 Comments
Jean M. Imbs, HEC Lausanne

2:00 – 2:15 Open Forum
2:15 – 2:35 Regional and Global Financial Integration: An Analytical Framework
Philippe Martin

2:35 – 2:45 Comments
Chen Qianying, HKIMR

2:45 – 3:00 Open Forum
3:00 – 3:15 Tea Break
3:15 – 3:35 What Happened to the ASEAN Business Cycle?
Jean M. Imbs

3:35 – 3:45 Comments
Soyoung Kim

3:45 – 4:00 Open Forum
Session 3 Moderator: Yiping Huang, Professor, Peking University
4:00 – 4:20 Financial Accelerator Integration
David E. Cook, Hong Kong University of Science and Technology

4:20 – 4:30 Comments
Shin-ichi Fukuda

4:30 – 4:45 Open Forum
4:45 - 5:05 Stock Market Integration and Financial Contagion
Kee-Hong Bae, York University

5:05 – 5:15 Comments
Alicia García-Herrero, Chief Economist for Emerging Markets, Banco Bilbao Vizcaya Argentaria

5:15 – 5:30 Open Forum
Day 2: Friday, 15 January 2010
8:30 – 9:00 a.m. Breakfast
Session 4 Moderator: Hans Genberg, Visiting Adviser, BIS Asian Pacific Representative Office
9:00 – 9:20 Stock Market Integration: Emerging Asia's Experience
Cyn-Young Park, Principal Economist, OREI, ADB

9:20 – 9:30 Comments
Kee-Hong Bae

9:30 – 9:45 Open Forum
9:45 – 10:05 Financial Contagion and Vulnerability of Asian Financial Markets
Michael B. Devereux, University of British Columbia

10:05 – 10:15 Comments
David E. Cook

10:15 – 10:30 Open Forum
10:30 – 10:45 Tea Break
10:45– 11:05 Not All Financial Integration is Created Equal: Revisiting the Composition Effect
Shang-Jin Wei, Columbia University

11:05 – 11:15 Comments
Pierfederico Asdrubali

11:15 – 11:30 Open Forum
Session 5 Moderator: Dong He
11:30 – 12:20 Panel Discussion: Policy Implications of Global and Regional Financial Market Integration
Panelists:
Michael B. Devereux
Philip R. Lane
Soyoung Kim
Cyn-Young Park
Shang-Jin Wei

12:20 – 12:35 Closing Remarks
Jong-Wha Lee, Chief Economist, concurrently Head of OREI, ADB

12:35 – 2:00 Lunch


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