Mitigating Risks in the International Financial System
February 26, 2010
Incheon, Republic of Korea
Venue: Convention Center « Songdo ConvensiA »
6-1 Songdo-Dong, Yeonsu-Gu,
Incheon 406-840, Korea
Event Co-organizer: G20 Chair: Ministry of Finance and Strategy, Korea
We would like to thank The World Gold Council and BNP-Paribas for supporting this event.
Synopsis: This seminar is part of RBWC’s G20 seminar series, launched in 1999. The meeting will examine one of the Korean G20 Chair’s priority topics: the concept of a "global financial safety net" to insure against risky capital flows in emerging markets and help mitigate global imbalances in trade and development. Issues that we will pay particular attention to include: alternatives to self-insurance policies, regional monetary arrangements, reserve pooling, reserve diversification, the management of capital flow, and the use of the international financial market by governments to insure against shocks.
Click here for ALL conference documents
AGENDA
Friday, February 26, 2010
8:00
Welcome Coffee and Registration
8:45-9:00
Welcoming Remarks
- Je-Yoon Shin, Deputy Minister for International Affairs, Ministry of Strategy and Finance, Republic of Korea
- Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
9:00-10:15
SESSION I — EMERGING ECONOMIES - RECESSION AND RECOVERY
Chair: Rakesh Mohan, Non Resident Senior Research Fellow, Stanford University
- Michael Dooley, Professor of Economics, University of California Santa Cruz
- Ilan Goldfajn, Head of Economic Research, Itaú Unibanco
- Jong-Wha Lee, Chief Economist, Asian Development Bank
» Monetary or real crisis?
» Similarities and differences in the effect of the crisis on emerging markets and why
» Anatomy and fragility of the recovery
» Prospects for sustained economic performance
» Balance of payments crisis
» Banking system crisis
» Sudden stops of capital
» Reserve accumulation strategies
Click here for Session I documents
10:15-11:30
SESSION II — INTERNATIONAL FINANCIAL SAFETY NETS
Chair: Henri Foch, Head of Fixed Income, Asia Pacific, BNP Paribas
- Reza Moghadam, Director, Strategy, Policy and Review Department, IMF
- Erik Berglöf, Chief Economist, Special Adviser to the President, EBRD
- Joshua Aizenman, Professor of Economics, University of California
- G20 Officials
» Beyond self insurance and ex post assistance. Towards prevention
» Swap Agreements(Fed, ECB, PBoC)
» Assistance from IFIs (Joint IFI Initiative)
» New IMF high and rapid access facilities
» Were self insurance policies, swap agreements and IMF new facilities effective in stabilizing the situation?
Click here for Session II documents
11:30-11:45
Coffee Break
11:45-13:00
SESSION III — EFFECTIVENESS OF FINANCIAL SAFETY NETS
Chair: Je-Yoon Shin, Deputy Minister for International Affairs, Ministry of Strategy and Finance, Republic of Korea
- Chalongphob Sussangkarn, Distinguished Fellow, Thailand Development Research Institute
- Subir Gokarn, Deputy Governor, Reserve Bank of India
- Jean-Pierre Landau, Deputy Governor, Banque de France
- Jean Lim, Advisor, Presidential Committee for G20 Summit, Republic of Korea
- Kenneth Kletzer, Professor of Economics, University of California Santa Cruz
- G20 Officials
» What should financial safety nets achieve?
» How to assess the effectiveness of safety net instruments
» New instruments beyond reserve accumulation, the IMF proposal, global initiative
» Regional arrangements, reserve pooling, swap agreement. The experience of the Chiang Mai Regional Initiative
» PBoC’s Swap arrangement strategy and the return of bilateralism
» Measures to limit contagion with an emphasis on interbank flows
» SDR Allocation and Central Banks exchanges of hard currency
Click here for Session III documents
13:00-15:00
Lunch
15:00-16:15
SESSION IV — ALTERNATIVE FINANCIAL SAFETY NETS - OFFICIAL PERSPECTIVES
Chair: Yung Chul Park, Professor of Economics, Seoul National University
- Lorenzo Giorgianni, Assistant Director, Emerging Markets Division, Strategy, Policy and Review Department, IMF
- Alexander K. Swoboda, Professor of Economics Emeritus, The Graduate Institute of International and Development Studies
- Creon Butler, Senior Adviser, International and Finance Directorate, HM Treasury, UK
- G20 Officials
» Is reserve accumulation a substitute for a poorly functioning international financial system?
» What alternatives to international reserves?
» What kind of enhanced lending instruments can we be thinking of?
» Can SDR allocations play an active role as a way to exchange reserves?
» FCL and its shortcomings
» Future of Stand By Programs
Click here for Session IV documents
16:15-16:35
Coffee Break
16:35-18:30
SESSION V — MITIGATING RISKS IN THE INTERNATIONAL FINANCIAL SYSTEM: PRIVATE SECTOR PERSPECTIVES
Chair: Nicholas Joicey, Director, International, IF Directorate, HM-Treasury, UK
- Angel Ubide, Managing Director, Tudor Investment Corporation
- Eduardo Levy-Yeyati, Professor of Economics and Finance, Universidad Torcuato Di Tella; Global Strategist, Barclays Capital
- Ousmène Mandeng, Head of Public Sector Investment Advisory, Ashmore Investment Management
- Aaron Tornell, Professor of Economics, UCLA
- Jens Nystedt, Global Strategist, Moore Capital Management
» Should governments use international financial markets to insure against shocks?
» What type of risks to the international financial system should be mitigated?
» What would be the effects of taxing international financial flows?
» What are the pros and cons of regulating financial derivatives?
Click here for Session V documents
19:30-21:30
Dinner – Sheraton Incheon Hotel - Grand Ballroom
Hosted by the Bank of Korea
