Macroeconomic and Financial Stability in Asia Emerging Markets
Agenda

Opening Remarks

• Sukudhew Singh, Assistant Governor, Bank Negara Malaysia
• Masahiro Kawai, Dean, Asian Development Bank Institute
• Eswar Prasad, Cornell University and Brookings Institution

Session I: Macro-Prudential Regulation for Emerging Markets
This session will review current practices in regulation of large and systemically-important financial institutions in Asian emerging markets, comparing those practices against the benchmarks that are being developed in the ongoing discussions at the Financial Stability Board. Participants will also provide analytical perspectives on the design of macro-prudential regulation in emerging market economies, drawing on various reports and synthesizing lessons that may be especially relevant for Asia.

Paper Presentations:

• Kyungsoo Kim, President, Institute for Monetary and Economic Research, Bank of Korea
  • Presentation: Interest Rate-Oriented Monetary Policy Framework and Financial Procyclicality [ PDF 409.5KB | 26 pages ]
• Shyamala Gopinath, Deputy Governor, Reserve Bank of India
  • Presentation: Macro-prudential Approach to Regulation - Scope and Issues [ PDF 330.9KB | 27 pages ]

Lead Speakers:

• Chia Der Jiun, Executive Director, Banking, Monetary Authority of Singapore
• Reza Siregar, Research and Learning Contents Director, South East Asian Central Banks Research and Training Centre
  • Presentation: Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks [ PDF 763.6KB | 24 pages ]

Session II: Macroeconomic Frameworks to Support Financial Stability
This session will provide a critical evaluation of how specific monetary policy and other macroeconomic policy frameworks have influenced financial stability. Participants will then offer analytical perspectives on how the structure of macro frameworks can be used to improve financial stability and evaluate policy frameworks in key emerging markets. Participants will also discuss how macroeconomic, financial and regulatory policies can be designed to help absorb capital inflows effectively, manage outflows in a controlled manner and buffer the effects of volatility in both inflows and outflows.

Paper Presentation - Masahiro Kawai, Dean, Asian Development Bank Institute

• Presentation: Managing Capital Flows: Experience, Challenges and Policy Implications [ PDF 59.6KB | 16 pages ]

Lead Speakers:

• Charles Collyns, Assistant Secretary for International Finance, U.S. Department of the Treasury
• Kiyohiko Nishimura, Deputy Governor, Bank of Japan
• Y. Venugopal Reddy, Professor Emeritus, Hydrabad University and former Governor, Reserve Bank of India

Luncheon Keynote - Dato' Muhammad bin Ibrahim, Deputy Governor, Bank Negara Malaysia

Session III: Financial Deepening and Regional Financial Integration
This session will explore the role of finance in promoting the development of Asian emerging market economies. Topics covered will include policies for the deepening of Asian financial markets, the integration of regional financial markets, and promoting alternative modes of finance, including innovative financial products and asset classes (Islamic finance, SME finance, microfinance).

Paper Presentations:

• Naoyuki Yoshino, Professor of Economics, Keio University
  • Presentation: The Development of SME Credit Information Database to promote SME Lending [ PDF 1MB | 43 pages ]
• Raymond Atje, Head, Department of Economics, Center for Strategic and International Studies (CSIS), Jakarta, Indonesia
  • Presentation: Financial Deepening in East Asia: What Have We Learned? [ PDF 392.9KB | 14 pages ]
• Mangal Goswami, Deputy Director, IMF-Singapore Regional Training Institute
  • Presentation: Perspectives on Financial Development: A Framework and Its Application To Domestic Capital Markets in EM Asia [ PDF 536.9KB | 26 pages ]

Lead Speaker - Sukudhew Singh, Assistant Governor, Bank Negara Malaysia

• Presentation: Financial Inclusion: Financial Deepening at theBottom of the Pyramid [ PDF 1.6MB | 14 page ]

Session IV: Regional and International Coordination of Regulatory Practices
This session will provide an overview of cross-border financial regulation from the perspective of Asian emerging markets, taking into account the varying degrees of exposure of different economies in the region to foreign banks and to foreign operations of their domestic banks. Participants will review best practices on regulation of domestic banks and other financial institutions that have increasingly large international operations. The session will also review evolving best practices on regulation of foreign financial institutions operating in emerging markets and discuss avenues for regional cooperation on this issue.

• Bandid Nijathaworn, Deputy Governor, Monetary Policy Group, Bank of Thailand
• Aditya Narain, Advisor, Immediate Office, Monetary and Capital Markets Department, International Monetary Fund
  • Presentation: Regional and International Coordination of Regulatory Practices [ PDF 2.7MB | 17 pages ]
• Andrew Sheng, Chief Advisor, China Banking Regulatory Commission
• Kiyohiko Nishimura, Deputy Governor, Bank of Japan