Program

  1. Conferences
  2. Joint Conferences
  3. BOK-IMF Conference
  4. Program

2015년

BOK-IMF Conference 2015
Sponsored by the MOSF, Republic of Korea

Leverage in Asia: "Lessons from the Past, What's New Now,

Thursday, December 10, 2015

  • 19:00 - 21:00

    Welcome Reception / Dinner[Garnet Suite, 37F, Lotte Hotel Seoul]

  • Moderator

    Kyung Soo Kim (Professor, Sungkyunkwan University)

  • Speakers

    Linda Goldberg (Senior Vice President, Federal Reserve Bank of New York)
    Yanliang Miao (Head of Research, SAFE Investment Center, China)
    Kyunghun Kim (Research Fellow, KIEP)
    Francis Warnock (Professor, University of Virginia)

Friday, December 11, 2015

  • 08:00 - 08:20

    Registration and Coffee

  • 08:20 - 08:40
    Opening Session Opening Remark

    Juyeol Lee(Governor, Bank of Korea)

    Welcome Remark

    Hyunghwan Joo(Vice Minister, Ministry of Strategy and finance)

  • 08:40 - 09:10
    Keynote Speech

    Siddharth Tiwari(Director, Strategy, Policy, and Review Department, IMF)

  • 09:15 - 10:45
    [Session 1] Where Does Asia Stand in the current Leverage Cycle?

    This session looks into the Asian economy through the lens of leverage. Bank credit provisions or debt issuance diverging from economic fundamentals such as savings are prone to undermine financial soundness. The leverage cycle will have a multifaceted nature which depends on the source of the expanded credit(financial loosening by central banks or financial intermediaries) and its use(spending by household, corporate firms, or governments). Related shifts in the Asian financial landscape can entail increases in cross-border balance sheet integration and offshore dollar credit

  • Moderator

    Joon-Ho Hahm (MPB Member, BOK)

  • Speakers

    Ding Ding Senior Economist, Asia and Pacific Department, IMF
    Leverage in Asia: Stylized Facts and New Risks
    Giovanni Dell’Ariccia Deputy Director, Research Department, IMF
    Identifying Excessive Credit Growth and Leverage:
    Historical Experience and Application to Asia

    Discussants

    Patrick McGuire Head of the International Data Hub, Monetary and Economic Department, BIS
    Giovanni Dell’Ariccia Deputy Director, Research Department, IMF
    Identifying Excessive Credit Growth and Leverage:
    Historical Experience and Application to Asia

    Piti Disyatat Executive Director, Bank of Thailand

    Jong Ku Kang Head and Principle Economist, Economic Research Institute, BOK

  • 10:45 - 11:00

    Coffee Break

    11:00 - 12:30
    [Session 2] What New Risks Are Looming?

    Integral to coping with new risks is diagnosing potential risks on the financial front—for example, excesses in shadow banking and credit, currency and maturity mismatches, and possible sudden stops in capital flows to economies with fragility. A rising concern pertains to the manifestation of G2 risk on leverage and default-risk premium for emerging-market economies via, for example, heightened exchange rate volatility and contraction in trade. Repercussions from the divergent monetary policies of major central banks may unfold uneven terrain for emerging-market economies. Given that asset prices are associated with the leverage cycle, this session introduces disaggregated data analysis on the effects of macro-prudential measures on house prices and housing-market transactions.

  • Moderator

    Woon Gyu Choi (Deputy Governor and Director General, Economic Research Institute, BOK)

    Speakers

    Alfred Schipke Senior Resident Representative, Asia and pacific Department, IMF
    How Worried Should We Beabout Asia’s Shadow Banking?

    Jieun LeeEconomist, Economic Research Institute, BOK
    The Effects of Macro-prudential Policies on House Prices Using Real Transaction Data: Evidence from Korea

    Discussants

    Yiping Huang (Professor, Peking university)

    Dongchul Cho (Chief Economist, Korea Development Institute)

  • 12:40 - 14:10

    Luncheon [Belle-Vue Suite, 36F, Lotte Hotel Seoul]

    Luncheon Address

    Hyun Song Shin (Economic Adviser and Head of Research, BIS)

  • 14:30 - 16:00
    [Session 3] Potential Roles for Policy

    This session seeks preemptive and proactive roles for monetary and macro-prudential policies. Designing policy responses in a new scope may involve managing capital flows in the face of divergent monetary policies in major countries, dealing with debt overhangs in the wake of global interest rate normalization, and adopting different policy prescriptions to different types of debt. Policymakers may want to check if they have sufficient policy space and access to other sources of resort.

    Moderator

    Kalpana Kochhar (Deputy Director, Asia and Pacific Department, IMF)

    Speakers

    Varapat Chensavasdijai Senior Resident Representative, Asia and pacific Department, IMF
    Managing Capital Flows: Some Considerations Based on the Fund’s Institutional View

    Hoe Jeong KimDirector General, International Financial Cooperation Bureau, MOSF
    Corporate Foreign Debt and Policy Responses in EMEs

    Discussants

    Kwanho Shin (Professor, Korea University)

    Brahima Coulibaly (Chief, Division of International Finance, Federal Reserve Board)

  • 16:00 - 16:15

    Coffee Break

  • 16:15 - 17:45
    [Session 4] Panel Discussion- What Can Be the Next Black Swan and What Can We Do about It?

    Against the backdrop of the previous sessions, the panel discussion could assess G2 risks and associated tail risks to procure broad policy options for making Asia immune to fall outs from the leverage cycle. Can the next black swan emerge from vulnerability to the confluence of dollar credit shocks and heightened illiquidity in financial and commodity markets following global interest rate normalization? Policymakers will also try to fend off the next black swan through enhancing their policy coordination and financial safety nets of regional / global scope, as well as deploying preemptive policy strikes.

    Moderator

    Hyun Song Shin (Economic Adviser and Head of Research, BIS)

    Panelists

    Il Houng Lee (President, Korea Institute for International Economic Policy)

    Kalpana Kochhar (Deputy Director, Asia and Pacific Department, IMF)

    Timothy Lane (Deputy Governor, Bank of Canada)

  • 18:30 - 20:30

    Farewell Dinner [Belle-Vue Suite, 36F, Lotte Hotel]
    * Invitees Only

    Dinner SpeechBarry Sterland(Executive Director, IMF)

*Download the full version of the conference brochure.

BOK-IMF Conference Program Book(FULL).pdf(click!)

2014년

BOK-IMF Joint Conference 2014

Future of Asian Finance:
Financial Integration and Implications for
Macroeconomic Performance in the Region

Sunday, November 2, 2014

  • 19:00 - 21:00

    Welcome Reception [Garnet Suite, 37F, Lotte Hotel Seoul]

Monday, November 3, 2014

  • 08:30 - 09:00

    Registration and Coffee

  • 09:00 - 09:07

    Welcome Address

    Sharmini Coorey (Director, Institute for Capacity Development, IMF)

  • 09:07 - 09:15

    Opening Address

    Juyeol Lee (Governor, BOK)

  • 09:15 - 10:00

    Keynote Speech

    Michael Devereux (Professor, University of British Columbia)

  • 10:00 - 12:40
    [Session 1] Setting the Stage: Financial Integration in Asia - Recent Developments, Influencing Factors, and their Importance

    This session will examine the recent developments in the Asian region along various fronts of financial integration— such as cross-border financial-, bond-, and equity-market integration; changing patterns of cross-border banking networks; and the balance sheet integration of central or commercial banks. This session will also explore key factors facilitating or hindering financial integration. 
    (Presentations 60 min, Coffee Break 30 min, Discussion and Q&A 70 min)

    Moderator

    Woon Gyu Choi (Deputy Governor and Director General, Economic Research Institute, BOK)

    Speakers

    Cheng Hoon Lim  Assistant Director, Monetary and Capital Markets Department, IMF

    Masahiro Kawai Professor, University of Tokyo

    Discussants

    Jong-Wha Lee Professor, Korea University

    Will Oswald Head, FICC Research, Standard Chartered Bank

    Kiatipong Ariyapruchya Director, Capital Market Research Institute, Stock Exchange of Thailand

  • 12:50 - 14:20

    Luncheon

    [Garnet Suite, 37F, Lotte Hotel Seoul]
  • 14:30 - 17:10
    [Session 2] Financial Integration: Implications for Growth and Stability?

    This session will explore the evidence about the relationship between macroeconomic performance and regional financial integration. Is regional financial integration conducive to economic growth? Does regional financial integration foster the resilience of a country or region to macro-financial shocks or make them more vulnerable? This session will also discuss potential risks associated with cross-border shadow banking, regionalization of funding sources, and transmission channels of the potential risks within the region.
    (Presentations 60 min, Coffee Break 30 min, Discussion and Q&A: 70 min)

    Moderator

    James Morsink Assistant Director, Monetary and Capital Markets Department, IMF

    Speakers

    Ayhan Kose Director, Global Economic Prospects, World Bank

    Iwan Azis Head, Office of Regional Economic Integration, ADB

    Discussants

    Kwanho Shin (Professor, Korea University)

    James Yetman (Senior Economist, Monetary and Economic Department, BIS)

    Taesu Kang (Economist, Economic Research Institute, BOK)

  • 18:00 - 20:00

    Conference Dinner

    [Belle-Vue Suite, 36F, Lotte Hotel Seoul]

Tuesday, November 4, 2014

  • 08:30 - 09:00

    Coffee and Pastry

  • 09:00 - 09:30

    Summary of Day 1

    Laura Kodres (Assistant Director, Institute for Capacity Development, IMF)

  • 09:30 - 12:00
    [Session 3] Panel Discussion - Asian Financial Integration: Challenges and Policy

    The panel discussion will cover the role played by traditional monetary and fiscal policies as well as macro-prudential, micro-prudential, and structural policies to address challenges posed by financial integration in the region. Existing institutional frameworks and ongoing changes to them are also factors influencing the effectiveness of policies. The session will also discuss whether regional financial integration provides the same benefits or risks as global financial integration and any relevant policy implications. Against the backdrop of previous sessions, panelists will address policy options and cooperative arrangements that could influence financial integration in ways that enhance the economic efficiency and resilience of the region.  (Coffee Break 30 min)

    Moderator

    Laura Kodres ( Assistant Director, Institute for Capacity Development, IMF)

    Panelists

    Luci Ellis  Head, Financial Stability Department, Reserve Bank of Australia (RBA)

    Woon Gyu Choi Deputy Governor and Director General, Economic Research Institute, BOK

    Chikahisa Sumi Assistant Director, Asia and Pacific Department, IMF

    Michael Spencer Chief Economist and Head of Research, Asia Pacific, Deutsche Bank

    Robert McCauleySenior Adviser, Monetary and Economic Department, BIS

  • 12:10 - 13:40

    Luncheon

    [Garnet Suite, 37F, Lotte Hotel Seoul]

*Download the full version of the conference brochure.

BOK-IMF Conference Program Book(FULL).pdf(click!)

Go to Top