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Hong Kong Institute for Monetary Research (HKIMR) and PAFTAD

PAFTAD36: Financial Development and Cooperation in Asia and the Pacific

19 November 2013 (Tuesday) - 21 November 2013 (Thursday)

Room 5601, 56/F, Two International Finance Centre, 8 Finance Street, Central


Programme


Day 1 19 Nov 2013
8:10am Depart Kowloon Hotel lobby (shuttle bus provided)

8:30am Registration
HKMA, Harbour Room, 56th Floor, Two International Financial Centre, 8 Finance St

9:00–9:25am OPENING SESSION
9:00-9:05 Moderator: Edward Chen (University of Hong Kong)
9:05-9:15 Welcome Remarks: Norman Chan (Hong Kong Monetary Authority)
9:15-9:25 Opening Remarks: Wendy Dobson (University of Toronto)

9:30 – 11:15am SESSION 1: Financial System and Economic Development
Against the background of the literature on financial system and economic development, what has been the experience of financial reform and liberalization of the economies in Asia and the Pacific? What lessons have been learned from the Asian financial crisis and the recent global financial crisis? What should be the direction and pace of financial reform for achieving faster growth in Asia and the Pacific?

Chair: Edward Chen (University of Hong Kong)

Paperwriter: Barry Eichengreen (UC Berkeley)

Discussants: Thorsten Beck (Tilburg University), Chen Lin (University of Hong Kong)

11:15 – 11:45am Coffee Break and Group Photo

11:45 – 1:30pm SESSION 2: Prudential Regulation and Supervision in Asia and the Pacific
What are the implications of Basel III implementation for the cost and efficiency of financial intermediation in the region? Do we need to go beyond Basel III in the design of macro prudential policies, particularly in light of the risks associated with volatile capital flows in the region?

Chair: Hugh Patrick (Columbia University)

Paperwriter: Robert McCauley (Bank for International Settlements)

Discussants: Timo Henckel (The Australian National University), Maria Socorro Gochoco-Bautista (Asian Development Bank)

1:30 – 2:30pm Lunch
Venue: HKMA, International Financial Centre

2:30 – 4:15pm SESSION 3: Capital Market Development in Asia and Pacific Region
What are the challenges in developing local capital markets? Is there a close relationship between banking system and capital market development? What is the role of capital market in promoting financial stability?

Chair: Peter Drysdale (The Australian National University)

Paperwriter: Andrew Sheng (Tsinghua University & University of Malaya)

Discussants: David Nellor (Australia Indonesia Partnership for Economic Governance), Ying Xu (The Australian National University)

5:00 – 8:30pm PUBLIC EVENT: Financial Development in China and Implications for the Global Economy
Venue: Chancellor Room, Level 4, Hong Kong Convention and Exhibition Centre

Hosted by China Daily (AsiaPacific) in Association with HKIMR and PAFTAD

5:00 –5:30pm Tea Reception
5:30 –6:00pm Keynote Speech:The Hon. C Y Leung, Chief Executive of HKSAR
6:00 –7:15pm Panel Discussion

Moderator/Panelist: Wendy Dobson (University of Toronto)

Panelists:

He Dong (Hong Kong Monetary Authority)
Benjamin Hung (The Standard Chartered Bank, Hong Kong)
Narongchai Akrasanee (Thailand Fiscal Policy Research Institute)

7:15 –8:30pm Reception (food provided)

Day 2 20 Nov 2013
8:20am Depart Kowloon Hotel lobby (shuttle bus provided)

9:00 – 10:45am SESSION 4: Monetary Policy Framework in the Asia and Pacific Region
In light of the experience of global financial crisis, what are the considerations and challenges in refining the monetary policy framework in the region? How to take into consideration financial stability in monetary policy framework? Do different exchange rate regimes matter? How to deal with the spill-over effects of monetary policy decisions of major central banks such as U.S. Fed and ECB?

Chair: Narongchai Akrasanee (Thailand Fiscal Policy Research Institute)

Paperwriter: Hiro Ito (Portland State University)

Discussants: Chow Hwee Kwan (Singapore Management University), David Cook (The Hong Kong University of Science and Technology)

10:45 – 11:00am Coffee Break
11:00 – 12:45pm SESSION 5: Regional Financial Cooperation and Policy Coordination
Is there a case for explicit coordination of macroeconomic and macro prudential policies in the region? What are the roles of regional initiatives such as reserve pooling, central bank swap lines in ensuring regional financial stability? Is there a case for an Asian Monetary Fund?

Chair: Akira Kohsaka (Kwansei Gakuin University)

Paperwriters: Reza Siregar (ASEAN +3 Macroeconomic Research Office) & Keita Miyaki (Johns Hopkins School of Advanced International Studies)

Discussants: Kanit Sangsubhan (Thailand Fiscal Policy Research Institute), Sheng-Cheng Hu (Academia Sinica)

12:45 – 1:45pm Lunch
Venue: HKMA, International Financial Centre

1:45 – 3:30pm SESSION 6: Financial Development and the Spillovers to the Corporate Sector
What have been the effects of Asia’s financial development on the financing and growth of corporations? How inclusive has the financial development in Asia been? How do the trends in Asia compare with those in advanced and emerging economies? How has the large expansion in the financial sector of China and India impacted the private sector?

Chair: Juan Palacios (University of Guadalajara)

Paperwriters: Tatiana Didier & Sergio Schmukler (The World Bank)

Discussants: Shekhar Shah (NCAER), Francis Hutchinson (ISEAS)

3:30 – 3:45pm Coffee Break
3:45 – 5:30pm SESSION 7: Capital Account Liberalisation in China and its Implications for the Region
What are the prospects of China fully liberalizing its capital account in the decade ahead? What are the implications of capital account liberalization for the patterns of FDI and portfolio investment in the region? Does such capital flows have policy implications?

Chair: Peter Petri (Brandeis University)

Paperwriter: Yu Yongding (Chinese Academy of Social Sciences); presented by Wang Daili (Peking University)

Discussants: Yiping Huang (Peking University & The Australian National University), Yung Chul Park (Korea University)

6:30 – 8:30pm PAFTAD International Steering Committee Private Dinner
Venue: Loong Yat Heen, Dragon I, 2nd Floor, Kowloon Hotel

No Scheduled event for Non-ISC Members

Day 3 21 Nov 2013
8:20am Depart Kowloon Hotel lobby (shuttle bus provided)

9:00 –10:45am SESSION 8: Currency Internationalization
What is the prospect of RMB becoming an international currency? What are the lessons for RMB internationalization from the historical experience of yen internationalization? What are the implications of RMB internationalization for regional trade and finance?

Chair: Vo Tri Thanh (Central Institute for Economic Management)

Paperwriters: Il Huong Lee (KIEP) & Yung Chul Park (Korea University)

Discussants: Wendy Dobson (University of Toronto), Yi (David) Wang (University of International Business and Economics)

10:45 –11:00am Coffee Break

11:00 –12:30pm PANEL: Global Financial Issues and Outlook
Chair: Wendy Dobson (University of Toronto)

Panellists:
Yung Chul Park (Korea University)
Yiping Huang (Peking University & The Australian National University)
Barry Eichengreen (UC Berkeley)



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