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Hong Kong Institute for Monetary Research, the Centre for International Governance Innovation (CIGI) and Asian Development Bank (ADB)

The BRICS & Asia, Currency Internationalization, and International Monetary Reform

10 December 2012 (Monday) - 11 December 2012 (Tuesday)

Harbour Room, 56/F, Two International Finance Centre, 8 Finance Street, Central


Programme (Papers are also available on CIGI website: http://www.cigionline.org/series/brics-and-asia-currency-internationalization-and-international-monetary-reform)


10 December 2012 Monday
8:30 am – 9:00 am Welcoming Remarks:
Dong He, Hong Kong Monetary Authority

Opening Remarks:
Rohinton Medhora, The Centre for International Governance Innovation, and Changyong Rhee, Asian Development Bank

9:00 am – 10:00 am Panel 1: Overview Considerations
Chair: Thomas Bernes, The Centre for International Governance Innovation

Global Turmoil: The International Monetary System Today
Benjamin J. Cohen, University of California, Santa Barbara

Discussant: Paul Jenkins, The Centre for International Governance Innovation

General Discussion

10:00 am – 10:30 am Coffee and Tea

10:30 am – 11:30 am Reluctant Monetary Leaders? The New Politics of International Currencies
Eric Helleiner, University of Waterloo

Discussant: Jae-Ha Park, Asian Development Bank Institute

General Discussion

11:30 am – 12:30 pm Reforming the International Monetary System in the 1970s and 2000s: would an SDR substitution account have worked?
Robert McCauley, Bank for International Settlements

Discussant: Dong He, Hong Kong Monetary Authority

General Discussion

12:30 pm – 2:00 pm Lunch
Keynote Presentation: Dong He, Hong Kong Monetary Authority
International Use of the Renminbi: Developments and Prospects


2:00 pm – 3:30 pm Panel 2: BRICS Views on the International Monetary System and Response Options
Chair: Gregory Chin, The Centre for International Governance Innovation

Challenges of the International Monetary System and the Direction to Reform
Songzuo Xiang, Agricultural Bank of China

General Discussion

Reforming the Architecture of the International Monetary System: Managing the Impossible Trinity
Rakesh Mohan, International Monetary Fund;
Michael Debabrata Patra, Reserve Bank of India; and
Muneesh Kapur, International Monetary Fund

General Discussion

3:30 pm – 4:00 pm Coffee and Tea

4:00 pm – 6:15 pm Russia, International Monetary Reform and Currency Internationalization
Juliet Johnson, McGill University

General Discussion

Challenges of the International Monetary System and Response Options: A South African Perspective
Johan van denHeever, South African Reserve Bank

General Discussion

Brazil: Policy Responses to the Global Crisis and the Challenges Ahead
Monica Baumgarten de Bolle, PUC Rio and Galanta Consultoria

General Discussion

6:30 pm – 8:30 pm Dinner (By Invitation)

11 December 2012 Tuesday

9:00 am – 10:30 am Panel 3: Regional Dimensions and Adjustment Options
Chair: Marc Uzan, Reinventing Bretton Woods Committee

A Practical Approach to International Monetary System Reform: Building Settlement Infrastructure for Local Currency Internationalization
Changyong Rhee and Lea Sumulong, Asian Development Bank

Discussant: R. Sean Craig, International Monetary Fund

General Discussion

Promoting the International use of Emerging Country Currencies: The Case of Local Currency Debt Issuance for Latin America and the Caribbean
Andrew Powell, Inter-American Development Bank

Discussant: Victor Pontines, The Asian Development Bank Institute

General Discussion

10:30 am – 11:00 am Coffee and Tea

11:00 am – 12:00 nn Panel 4: Asian Policy Roundtable
Chair: Jae-Ha Park, Asian Development Bank Institute

Daikichi Momma, International Monetary Fund

Sung-Soo Eun, Ministry of Strategy and Finance

Songzuo Xiang, Agricultural Bank of China

General Discussion

12:00 nn – 1:00 pm Panel 5: The Way Forward
Chair: Changyong Rhee, Asian Development Bank

Paul Jenkins, The Centre for International Governance Innovation

Thomas Bernes, The Centre for International Governance Innovation

Robert McCauley, Bank for International Settlements

R. Sean Craig, International Monetary Fund

General Discussion

1:00 pm – 1:10 pm Closing Remarks:
Rohinton Medhora, The Centre for International Governance Innovation

1:10 pm – 2:30 pm Lunch (By Invitation)

~ End of Conference ~


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