Hong Kong Institute for Monetary Research (HKIMR) and Asia & Pacific Department (APD) of the International Monetary Fund (IMF)

Monetary and Financial Stability in the Asia-Pacific amid an Uneven Global Recovery

10 October 2011 (Monday) - 11 October 2011 (Tuesday)

10 October 2011 (Monday)
9:15 – 9:30 Welcoming Coffee

9:30 – 10:00 Welcome Remarks

Dong He, Executive Director, Hong Kong Monetary Authority and Director, Hong
Kong Institute for Monetary Research

Vivek Arora, Assistant Director, Asia & Pacific Department of International Monetary

Session 1 Session Chair : Dong He

10:00 – 10:50 Rapid Credit Growth and International Credit: Challenges to Asia

Patrick McGuire, Bank for International Settlements
Stefan Avdjiev, Bank for International Settlements
Robert McCauley, Bank for International Settlements

Discussant: Roberto Cardarelli, International Monetary Fund

10:50 – 11:40 Rapid Credit Growth: Boon or Boom-Bust?

Selim Elekdag, International Monetary Fund
Yiqun Wu, International Monetary Fund

Discussant: Andrew Filardo, Bank for International Settlements

11:40 – 12:10 Coffee Break

12:10 – 13:00 The Impact of Central Bank Balance Sheet Policies on the Emerging Economies

Qianying Chen, Hong Kong Institute for Monetary Research
Andrew Filardo, Bank for International Settlements
Dong He, Hong Kong Monetary Authority
Feng Zhu, Bank for International Settlements

Discussant: Shinobu Nakagawa, Bank of Japan

13:00 – 14:30 Lunch

Session 2 Session Chair : Vivek Arora

14:30 – 15:20 Bubble Thy Neighbor: Direct and Spillover Effects of Capital Controls

Roland Straub, European Central Bank
Kristin Forbes, Massachusetts Institute of Technology
Marcel Fratzscher, European Central Bank
Thomas Kostka, European Central Bank

Discussant: Iikka Korhonen, Bank of Finland

15:20 – 16:10 Multinational Banking and Financial Contagion: Evidence from Foreign Bank Subsidiaries in Emerging Economies

Bang Nam Jeon, Drexel University
María Pía Olivero, Drexel University
Ji Wu, Penn State Harrisburg

Discussant: R. Sean Craig, International Monetary Fund

16:10 – 16:40 Coffee Break

16:40 – 17:30 The Cross-Section of Country News, Deep Decoupling, and Global Business Cycles

Wei Liao, Hong Kong Institute for Monetary Research
Mathias Hoffmann, University of Zurich

Discussant: Peter Tillmann, Justus-Liebig-University Giessen

18:00 Dinner [By Invitation]

11 October 2011 (Tuesday)
9:00 – 9:15 Morning Coffee

Session 3 Session Chair : Roberto Cardarelli

9:15 – 10:05 Challenges to Monetary Operations in a Small Inflation-Targeting Economy: Living with Foreign Exchange Flows

Siripim Vimolchalao, Bank of Thailand
Runchana Pongsaparn, Bank of Thailand
Sukjai Wongwaisiriwat, Bank of Thailand
Pimolrat Chotewattanakul, Bank of Thailand

Discussant: Andre Meier, International Monetary Fund

10:05 – 10:55 How to Deal with Real Estate Booms: Lessons from Country Experiences

Giovanni Dell'Ariccia, International Monetary Fund
Christopher Crowe, International Monetary Fund
Deniz Igan, International Monetary Fund
Paul Rabanal, International Monetary Fund

Discussant: Man-Keung Tang, Hong Kong Monetary Authority

10:55 – 11:25 Coffee Break

11:25 – 12:15 ASEAN5 Bond Market Development: Where Does It Stand? Where Is It Going?

Joshua Felman, International Monetary Fund

Discussant: Paul Mizen, University of Nottingham

12:45 – 14:15 Lunch [By Invitation]

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