HKIMR - IMF Conference

"Managing Procyclicality of the Financial System: Experiences in Asia and Policy Options"


21 November 2004 (Sunday) - 22 November 2004 (Monday)



November 21, 2004 (Sunday)
7:00 p.m. - 9:00 p.m.
Welcoming dinner hosted by Joseph Yam, Chairman, Hong Kong Institute for Monetary Research

Venue: The Golden Leaf private room, Conrad International Hotel (Pacific Place, 88 Queensway, Hong Kong)

November 22, 2004 (Monday)
9:30 a.m. - 10:00 a.m. Registration and Coffee/Tea

10:00 a.m. - 10:15 a.m. Opening Remarks

10:15 a.m. - 12:15 p.m. Module 1. "Financial System Procyclicality: Where Do We Stand?"
This module will provide a "theoretical roadmap" of the current debate on financial sector procyclicality. What are the main issues? What are the areas of agreement and disagreement? Which issues remain unresolved or in need of further research?

Presenter : Professor Charles Goodhart, Professor of Economics, London School of Economics
Chair : Joseph Yam, Chairman, Hong Kong Institute for Monetary Research
Panellists : José Viñals, Director General, International Affairs, Banco de España
David Burton, Director, Asia and Pacific Department, International Monetary Fund
William Ryback, Deputy Chief Executive, Hong Kong Monetary Authority

12:15 p.m. - 2:00 p.m. Lunch hosted by Agustín Carstens, Deputy Managing Director, International Monetary Fund

Venue: American Club, Columbia Room (47/F, Two Exchange Square, Central, Hong Kong)

2:00 p.m. - 4:00 p.m. Module 2. "Financial System Procyclicality: Asian Issues and Experiences"
This module will focus on issues and experiences in Asia. How can the extent of procyclicality in Asia be assessed? What factors have contributed to procyclicality of the financial system in Asian economies? What actions have country authorities taken to address procyclicality and how successful have these been?

Presenter : Stefan Ingves, Director, Monetary and Financial Systems Department, International Monetary Fund
Chair : Park Yung-Chul, Professor, College of Political Science and Economics, Korea University
Panellists : Tarisa Watanagase, Deputy Governor, Bank of Thailand
Ooi Sang Kuang, Deputy Governor, Bank Negara Malaysia
Han Mingzhi, Director-General, International Department, China Banking Regulatory Commission

4:00 p.m. - 4:15 p.m. Coffee/Tea

4:15 p.m. - 6:15 p.m. Module 3. "Financial System Procyclicality in Asia: Policy Options"
The final module will be forward looking, and seek to discuss policy options for addressing procyclicality in the Asian context. Are there possible policy strategies that have not yet been explored? Is the conventional wisdom with respect to the ways in which policy makers can deal with these issues correct? How do we move forward?

Presenters : Glenn Stevens, Deputy Governor, Reserve Bank of Australia
Chair : Agustín Carstens, Deputy Managing Director, International Monetary Fund
Panellists : Andrew Sheng, Chairman, Hong Kong Securities and Futures Commission
Eiji Hirano, Assistant Governor, Bank of Japan
Már Gudmundsson, Deputy Head, Monetary and Economic Department, Bank for International Settlements

6:15 p.m. Concluding Remarks