Hong Kong Monetary Authority, Board of Governors of the Federal Reserve System, European Central Bank and Federal Reserve Bank of Dallas

Conference on “Diverging Monetary Policies, Global Capital Flows and Financial Stability"

15 October 2015 (Thursday) - 16 October 2015 (Friday)

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


Thursday, 15 October
8:30a.m. – 9:00a.m.
Registration and Welcome Coffee

9:00a.m. – 9:15a.m. Opening Remarks (Peter Pang, Hong Kong Monetary Authority)
9:15a.m. – 10:00a.m. Keynote Speech (Vítor Constâncio, European Central Bank)
10:00a.m. – 10:30a.m.
Coffee Break

Session 1 Capital flows

Session Chair: Lillian Cheung, Hong Kong Monetary Authority
10:30a.m. – 11.30a.m. “The Two Components of International Portfolio Flows”
(Updated paper can be found in : )

Francis E. Warnock (University of Virginia)

Discussant: James Yetman (Bank for International Settlements)
11.30a.m. – 12.30p.m. “Capital Flows and Domestic Financial Market Structure”
Signe Krogstrup (Swiss National Bank)

Discussant: Yin-Wong Cheung (City University of Hong Kong)
12.30p.m. – 2:00p.m. In-house Luncheon (Luncheon Speech Speaker: Stephen Cecchetti, Brandeis University)
Session 2 Global Liquidity

Session Chair: John Rogers, Board of Governors of Federal Reserve System
2:00p.m. – 3:00p.m. “Asynchronous Monetary Policies and International Dollar Credit”
Eric Wong (Hong Kong Monetary Authority)

Discussant: Eric Young (University of Virginia)
3:00p.m. – 4:00p.m. “Offshore EME Bond Issuance and the Transmission Channels of Global Liquidity”
Soyoung Kim (Seoul National University)

Discussant: Woon Gyu Choi (Bank of Korea)
4:00p.m. – 4:30p.m.
Coffee Break

Session 3 Spillovers

Session Chair: Luca Dedola, European Central Bank
4:30p.m. – 5:30p.m. “Capital Controls and Monetary Policy Autonomy in a Small Open Economy”
Scott Davis (Federal Reserve Bank of Dallas)

Discussant: Martin Bodenstein (National University of Singapore)
5:30p.m. – 6:30p.m. “International Capital Flows and Unconventional Monetary Policy”
Stephanie Curcuru (Board of Governors of the Federal Reserve System)

Discussant: Ine van Robays (European Central Bank)
6.30 p.m.
[By Invitation]

Friday, 16 October
8:30a.m. – 9:00a.m.
Registration and Coffee
Session 4 Channels of Transmission and the Trilemma

Session Chair: Mark Wynne, Federal Reserve Bank of Dallas
9:00a.m. – 10:00a.m. “Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market”
Viktors Stebunovs (Board of Governors of the Federal Reserve System)

Discussant: Mico Loretan (Swiss National Bank)
10:00a.m. – 10:30a.m.
Coffee Break

10:30a.m. – 11:30a.m. “International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?”
Andrei Zlate (Federal Reserve Bank of Boston)

Discussant: Ji Zhang (Tsinghua University)
11:30a.m. – 12:30p.m. “Trilemma, not Dilemma: Financial Globalization and Monetary Policy Effectiveness”
Georgios Georgiadis (European Central Bank)

Discussant: Hans Genberg (The SEACEN Centre)
12:30p.m. – 1:00p.m. Closing Remarks

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