2010

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News & Updates
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About HKIMR
Monetary Research Programmes
Monetary Research Programmes
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Applied Research Programmes
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Seminars

10/12/2010

Hong Kong as an International Financial Centre for China and for the World

Hong Kong Institute for Monetary Research and Lingnan University

Hong Kong as an International Financial Centre for China and for the World

10 December 2010 (Friday)

2:30 – 2:40

Opening Remarks by Professor KC Chan, Secretary for Financial Services and the Treasury

2:40 – 3:05

Presentation by Professor Jesús Seade, Vice-President of Lingnan University, on behalf of team

3:05 – 3:40

Panel discussion

Moderator: Dong He, Executive Director (Research) of Hong Kong Monetary Authority and Director of Hong Kong Institute for Monetary Research

Panelists:

Michael Buchanan, Managing Director and Chief Economist of Goldman Sachs Asia

Professor Leonard Cheng, Dean of the Business School of Hong Kong University of Science and Technology

Matthew Harrison, Head of Research and Corporate Development of Hong Kong Exchanges and Clearing

3:40 – 4:00

Q&A session

18/11/2010

The Eighth HKIMR Conference on the Mainland Economy “The Role of Property Market in China's Macroeconomics Fluctuations”

Hong Kong Institute for Monetary Research

The Eighth HKIMR Conference on the Mainland Economy “The Role of Property Market in China's Macroeconomics Fluctuations”

18 November 2010 (Thursday)

08:30 – 09:00

Registration and coffee

09:00 – 09:10

Opening Remarks

by Dong He, Executive Director (Research) of Hong Kong Monetary Authority and Director of Hong Kong Institute for Monetary Research

09:10 – 09:50

Keynote speech by Jianhua Zhang, Director-General, Research Bureau of The People’s Bank of China

09:50 – 10:40

Monetary and Fiscal Stimuli, Ownership Structure and China’s Housing Market

by Jing Wu, National University of Singapore and Tsinghua University

Discussant: Xiaojing Su, China Banking Regulatory Commission

10:40 – 11:00

Coffee Break

11:00 – 11:50

Asset Prices Volatility and Macroeconomics Cycles in China

by Tianqi Sun, The People’s Bank of China

Discussant: Zhigang Li, The University of Hong Kong

11:50 – 12:40

What Drives Housing Prices in China?

by Xiaojing Zhang, Chinese Academy of Social Sciences

Discussant: Matthew Yiu, Hong Kong Monetary Authority

12:40 – 14:00

Lunch

14:00 – 14:50

Assessing housing affordability in China: A case study of Shanghai

by Jie Chen, Fudan University

Discussant: Siqi Zheng, Tsinghua University

14:50 – 15:40

Are China's property prices rising too fast?

by Wenlang Zhang, Hong Kong Monetary Authority

Discussant: Haibin Zhu, Bank for International Settlements

15:40 – 16:00

Coffee Break

Panel Discussion

Ting Lu, Bank of America Merrill Lynch

Jun Ma, Deutsche Bank

Mingchun Sun, Daiwa Capital Markets

Qing Wang, Morgan Stanley

End of Conference

18:30 – 20:30

Dinner hosted by Norman TL Chan, Chief Executive of Hong Kong Monetary Authority (By invitation only)

17/08/2010

Eighth HKIMR Summer Workshop: Recent Developments on Exchange Rate Economics

Hong Kong Institute for Monetary Research

Eighth HKIMR Summer Workshop: Recent Developments on Exchange Rate Economics

17 August 2010 (Tuesday)

08:30 - 09:00

Registration and Welcoming coffee

09:00 - 09:50

Global Interest Rates, Monetary Policy, and Currency Returns

by Charles Engel, University of Wisconsin

Discussant: David Cook, The Hong Kong University of Science and Technology

09:50 - 10:40

Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules

by Yin-Wong Cheung, UC Santa Cruz

Discussant: James Yetman, Bank for International Settlements

10:40 – 11:00

Coffee Break

11:00 - 11:50

Exchange Rate Policy and LDC Foreign Borrowing

by Vivian Zhanwei Yue, New York University

Discussant : Jenny Xu, The Hong Kong University of Science and Technology

11:50 – 12:40

Exchange Rate Dynamics, Expectations, and Monetary Policy Fundamentals

by Qianying Chen, Hong Kong Institute for Monetary Research

Discussant : Yu-chin Chen, University of Washington

05/07/2010 - 06/07/2010

Financial Stability: Towards a Macroprudential Approach

The Hong Kong Institute for Monetary Research (HKIMR) and the Bank for International Settlements (BIS)

Financial Stability: Towards a Macroprudential Approach

05 July 2010 (Monday) - 06 July 2010 (Tuesday)

Day one: Monday 5 July

08:30 - 08:45

Registration and coffee

08:45 – 09:00

Welcome remarks

Dong He (HKMA) and Frank Packer (BIS)

09:00 – 10:00

Keynote speech
“Fear of fire sales, illiquidity seeking, and credit freezes” by Douglas Diamond (University of Chicago)

con_paper_0_816_douglas-w-diamond_f.pdf

10:00 – 10:30

Coffee Break

Session 1

Systemic risk I

10:30 – 12:00

Chair: Frank Packer (BIS)

Paper 1:

Systemic risk: what defaults are telling us
by Kay Giesecke (Stanford University) and Baeho Kim (Korea University Business School)

Discussant: Mike So (HKUST)

con_paper_0_820_paper-1_baeho-kim_15_f.pdf

Paper 2:

Attributing systemic risk to individual institutions
by Nikola Tarashev (BIS), Claudio Borio (BIS) and Kostas Tsatsaronis (BIS)

Discussant: Seung-Hwan Lee (Bank of Korea)

12:00 – 13:30

Lunch

Session 2

Systemic risk II

13:30 – 15:00

Chair: Cho-Hoi Hui (HKMA)

Paper 3:

Regulatory capital charges for too-connected-to-fail institutions: a practical proposal
by Jorge A Chan-Lau (IMF)

Discussant: Haibin Zhu (BIS)

con_paper_0_827_paper-3_jorge-a-chan-lau_f.pdf

Paper 4:

Procyclicality of loan-loss provisioning and systemic risk in the Hong Kong banking system

by Eric Wong (HKMA), Tom Fong (HKMA) and Henry Choi (HKMA)

Discussant: Toyoichiou Shirota (BOJ)

Session 3

Boom-bust cycles

15:30 – 17:00

Chair: Haibin Zhu (BIS)

Paper 5:

The seeds of a crisis: a theory of bank liquidity and risk-taking over the business cycle
by Viral Acharya (New York University) and Hassan Naqvi (National University of Singapore)

Discussant: Charles Leung (City University of Hong Kong)

con_paper_0_833_paper-5_hassan-naqvi_f.pdf

Paper 6:

Asset-price boom-bust cycles and credit: what is the scope of macro-prudential regulation?
by Vladimir Borgy (Banque de France), Laurent Clerc (Bank de France) and Jean-Paul Renne (Bank de France)

Discussant: Zhongyan Zhu (CUHK)

con_paper_0_835_paper-6_laurent-clerc_13.pdf

18:00 – 21:00

Conference dinner

End of day one

Day two: Tuesday 6 July

09:00 – 10:00

Keynote speech
Implementing a macroprudential framework: balancing boldness and realism
by Claudio Borio (BIS)

con_paper_0_841_claudio-borio.pdf

10:00 – 10:30

Coffee break

Session 4

New framework of prudential regulation

10:30 – 12:00

Chair: Dong He (HKMA)

Paper 7:

Procyclicality of capital requirements in a general equilibrium model of liquidity dependence
by Francisco Covas (Federal Reserve Board) and Shigeru Fujita (Federal Reserve Bank of Philadelphia)

Discussant: Giorgio Valente (University of Leicester)

con_paper_0_845_paper-7_shigeru-fujita_f.pdf

Paper 8:

Grafting macroprudential policies in a macroeconomic framework choice of optimal instruments and interaction with monetary policy
by Paolo Angelini (Bank of Italy), Stefano Neri (Bank of Italy) and Fabio Panetta (Bank of Italy)

Discussant: Don Nakornthab (Bank of Thailand)

con_paper_0_847_paper-8_stefano-neri_115.pdf

12:00 – 12:10

Concluding remarks

12:15 – 14:00

Lunch

14:00 – 15:30

Panel discussion

Moderator: Eli Remolona (Chief Representative, BIS Representative Office for Asia and the Pacific)

Arthur Yuen, Deputy Chief Executive, HKMA

con_paper_0_852_9-panelist_arthur-yuen.pdf

Lex Hoogduin, Executive Director, De Nederlandsche Bank (DNB)

con_paper_0_855_10-panelist-lex-hoogduin.pdf

Elbert Pattijn, Chief Risk Officer, DBS Bank Ltd

con_paper_0_853_11-panelist_elbert-pattijn.pdf

Mark Lawrence, Managing Director, Mark Lawrence Group and Co-chairman, Institute of International Finance Risk Management Working Group

con_paper_0_854_12-mark-lawrence.pdf

15:30

End of the conference

30/06/2010 - 02/07/2010

Columbia –Tsinghua Conference: International Economics after the Crisis

The Chazen Institute of International Business at Columbia Business School; The National Institute for Fiscal Studies at the Tsinghua University (Sponsors: Asian Development Bank and Hong Kong Institute for Monetary Research)

Columbia –Tsinghua Conference: International Economics after the Crisis

30 June 2010 (Wednesday) - 02 July 2010 (Friday)

June 30, 2010

08:30 - 08:40

Opening remarks

08:40-10:40

Exchange Rates

International and Intra-national Real Exchange Rates: Theory and Evidence by Michael Devereux (UBC and NBER) and Viktoria Hnatkovska (UBC)

con_paper_0_859_1_michael-devereux-viktoria-hnatkovska.pdf

A Macro-Finance Approach to Exchange Rate Determination by Yu-chin Chen (U of Washington) and Kwok Ping Tsang (Virginia Tech)

Discussant: Qing Liu (Tsinghua University)

con_paper_0_860_2_yu-chin-chen-kwok-ping-tsang.pdf

10:40 - 11:00

Coffee/tea break

11:00

Keynote Speech

Kenneth West (Univ of Wisconsin, Madison and NBER): Exchange Rate Economics

12:10 - 13:30

Lunch

13:45 – 15:45

Current Account Adjustments
Labor Market Rigidity, Goods Trade, and Current Account Adjustment by Jiandong Ju (Tsinghua Univ and Univ of Oklahoma), Kang Shi (CUHK), and Shang-Jin Wei (Columbia Univ, Tsinghua Univ and NBER)

con_paper_0_865_4_jiandong-ju-kang-shi-shang-jin-wei.pdf

The Consequences of Current Account Reversals by Abdul Abiad, Daniel Leigh and Marco E. Terrones (all International Monetary Fund)

Discussant: Jon Steinsson (Columbia University and NBER)

15:45 – 16:15

Break

16:15 -18:15

Cross-national Interdependence
Understanding the Effect of Productivity Changes on International Relative Prices: the Role of News Shocks by Deokwoo Nam (CUHK) and Jian Wang (Dallas Fed)

con_paper_0_870_6_deokwoo-nam-jian-wang.pdf

Asia’s Business Cycles by Carol Wei Liao (HKIMR) and Dong He (HKMA and HKIMR)

Discussant: Akiko Tarada-Hagiwara (Asian Development Bank)

con_paper_0_871_7_dong_wei.pdf

19:00

Dinner

July 1, 2010

08:30 – 09:15

Optional Walk on Tsinghua Campus

09:15 – 09:30

Coffee/tea Break

09:30 - 11:30

Foreign Exchange Reserves and Real Exchange Rates

A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds by Christopher D. Carroll (Johns Hopkins University and NBER) and Olivier Jeanne (Johns Hopkins University and NBER)

Goods Market Frictions and Real Exchange Rate Puzzles by Qing Liu (Tsinghua University)

Discussant: Viktoria Hnatkovska (UBC)

con_paper_0_879_9_qing-liu.pdf

12:00 - 13:15

Lunch

13:30 – 15:00

Macroeconomics
Crises and Recoveries in an Empirical Model of Consumption Disasters by Emi Nakamura (Columbia Univ and NBER), Jon Steinsson (Columbia and NBER), Robert Barro (Harvard University and NBER), Jose Ursua (Harvard University)

Discussant: Kang Shi (CUHK)

con_paper_0_882_10_emi-nakamura-jon-steinsson-robert-barro-jose-ursua-.pdf

15:00 – 15:20

Coffee/tea Break

15:20 – 17:20

International Financial Market
International Commodity Price Shocks, Democracy, and External Debt by Rabah Arezki (IMF) and Markus Bruckner (Pompeu Fabra)

From Sovereign to Corporate Default Risks: Evidence from CDS Spreads around the World by Jennie Bai (NY Fed) and Shang-Jin Wei (Columbia University, Tsinghua Univ and NBER)

Discussant: TBA

con_paper_0_886_11_rabah-arezki-and-markus-bruckner.pdf

19:00

Dinner

July 2, 2010

08:30 - 10:30

International Trade and Crisis

How Do Different Exporters React to Exchange Rate Changes? Theory, Empirics, and Aggregate Implications

by Nicolas Berman (Graduate Institute of International and Development Studies), Philippe Martin*, (Sciences Po, Paris and CEPR), Thierry Mayer (Sciences Po, Paris, CEPII and CEPR)

Trade and the Global Recession by Jonathan Eaton (Penn State and NBER), Sam Kortum (U of Chicago and NBER), Brent Neiman (U of Chicago and NBER), and John Romalis (U of Chicago and NBER)

Discussant: Jenny Xu (HKUST)

10:30 – 10:50

Coffee/tea break

10:50 – 12:15

Policy Panel: The Chinese Currency in the World Economy

Jong-Wha Lee (Chief Economist, ADB): “Will the RMB Become an International Reserve

He Dong (Chief Economist, HKMA): “The Internationalization of the RMB”

Yingyi Qian (Dean and Professor, Tsinghua University, and UC Berkeley)

Official from the Chinese government

12:30-13:30

Lunch

13:45

Leave for the Great Wall (Simatai Section)

15/03/2010 - 19/03/2010

Macroeconomic Modelling Seminar

Hong Kong Institute for Monetary Research (HKIMR)

Macroeconomic Modelling Seminar

15 March 2010 (Monday) - 19 March 2010 (Friday)

Macroeconomic Modelling Seminar
General information

con_paper_0_813_mms_general-info.pdf

Monday, March 15

8:30 – 9:00 am

Registration

9:00 – 9:20 am

Opening remark by HE Dong, Executive Director (Research) of HKMA

9:20 am – 12:15 pm

GPM: Introduction to GPM

GIMF: Introduction and Theory

12:15 – 1:30 pm

Lunch Break

1:30 – 5:00 pm

GPM: Scenarios in SIRIUS

GIMF: TROLL and FAME Basics

Tuesday, March 16

8:30 – 9:00 am

Registration

9:00 – 12:00 noon

GPM: Scenarios in SIRIUS (Hands-On)

GIMF: Theory

12:00 – 1:30 pm

Lunch Break

1:30 – 5:00 pm

GPM: DYNARE Estimation

GIMF: GIMF in TROLL and FAME

Wednesday, March 17

8:30 – 9:00 am

Registration

9:00 – 12:00 noon

GPM: DYNARE Estimation (Hands-On)

GIMF: Fiscal Policy Shocks in GIMF

12:00 – 1:30 pm

Lunch Break

1:30 – 5:00 pm

GPM: DYNARE Estimation

GIMF: Fiscal Policy Shocks in GIMF (Hands-On)

Thursday, March 18

8:30 – 9:00 am

Registration

9:00 – 12:00 noon

GPM: DYNARE Estimation (Hands-On)

GIMF: Spillovers in GIMF

12:00 – 1:30 pm

Lunch Break

1:30 – 5:00 pm

GPM: DYNARE Estimation

GIMF: Spillovers in GIMF (Hands-On)

Friday, March 19

8:30 – 9:00 am

Registration

9:00 – 12:00 noon

GPM: Scenarios in SIRIUS (Hands-On)

GIMF: Hands-On Exercises

12:00 – 1:30 pm

Lunch Break

1:30 – 5:00 pm

GPM: Hands-On Exercises

GIMF: Hands-On Exercises

5:00 – 5:20 pm

Closing Remark by HE Dong, Executive Director (Research) of HKMA

25/02/2010 - 26/02/2010

20th Annual Asia-Pacific Futures Research Symposium

Dr. Mark Holder from Kent State University and Hong Kong Institute for Monetary Research

20th Annual Asia-Pacific Futures Research Symposium

25 February 2010 (Thursday) - 26 February 2010 (Friday)

Thursday, February 25 , 2010

8:00 am to 8:45 am

Registration - 4/F Harbour View Foyer, Four Seasons Hotel

8:45 am to 9:00 am

Opening Remarks - 4/F, Harbour View Ballroom 2 & 3

Mr. Patrick Catania, Asia West Group & Head of Int'l Relations, NCDEX
Dr. Dong He, Hong Kong Monetary Authority
Mr. Douglas Chan, eBroker Systems Ltd.
Dr. Stephen Cheung, Dean, School of Business, HKBU
Dr. Robert Webb, Editor, Journal of Futures Markets

Session 1

Commodity Market Information Flows

Moderator: Mr. Patrick Catania

4/F, Harbour View Ballroom 2 & 3

9:00 am to 9:25 am

Presentation 1: The Changing Patterns of Information Flows and Market Efficiency: Evidence from the Aluminum and Copper Futures Markets

Presenting Author: Qingfeng "Wilson" Liu

9:25 am to 9:45 am

Discussant: Eric Johnson

9:45 am to 10:10 am

Presentation 2: Measuring the Interdependence of Banks in Hong Kong

Presenting Author: Tom Pak-wing Fong

10:10 am to 10:30 am

Discussant: William Fung

10:30 am to 10:50 am

Morning Break - 4/F Harbour View Foyer

Session 2

New Derivative Products

Moderator: Dr. Joseph Fung

4/F, Harbour View Ballroom 2 & 3

10:50 am to 11:15 am

Presentation 3: Exchange Traded Contracts for Difference: Design, Pricing and Effects

Presenting Author: Kevin Davis

11:15 am to 11:35 am

Discussant: Yiuman Tse

11:35 am to 12:00 nn

Presentation 4: Weather, Inventory, and Common Jump Dynamics in Natural Gas Futures and Spot Markets

Presenting Author: George H.K. Wang

12:00 nn to 12:20 pm

Discussant: Cho-Hoi Hui

Luncheon

4/F, Harbour View Ballroom 1

12:30 pm to 2:00 pm

Speaker: Mr. Tae Yoo, Director, Head of Strategic Sales and Administration, Asia, CME Group

Panel Discussion: Research Directions in Derivatives

Moderator: Dr. Mark Holder

Panelists: Mr. Patrick Catania, Dr. William Fung, Dr. Charles Cao

Session 3: Derivatives Transaction Analysis and Incentives

Moderator: Dr. Carol Liao

4/F, Harbour View Ballroom 2 & 3

2:15 pm to 2:40 pm

Presentation 5: Rating Performance and Agency Incentives of Structured Finance Transactions

Presenting Author: Harald Scheule

2:40 pm to 3:00 pm

Discussant: Hans Genberg

3:00 pm to 3:25 pm

Presentation 6: An Analysis of Extreme Price Shocks and Illiquidity among Trend Followers

Presenting Author: Bernard Lee

3:25 pm to 3:45 pm

Discussant: James Cummings

3:45 pm to 4:00 pm

Afternoon Break - 4/F Harbour View Foyer

4:00 pm to 4:25 pm

Presentation 7: Crisis, Value at Risk, and Conditional Extreme Value Theory via GARCH-Jump Model

Author: Samuel Yau Man Ze-to

4:25 pm to 4:45 pm

Discussant: Philip Yu

4:45 pm to 5:10 pm

Presentation 8: A Modified Static Hedging Method for Continuous Barrier Options

Presenting Author: Wei-Che Tsai

5:10 pm to 5:30 pm

Discussant: Paul Dawson

Cocktail Reception

Peak Suite, 45/F

5:45 pm

Speaker: Mr. Chris Hehmeyer,Chairman of Penson GHCo
Speaker: Mr. Thomas McMahon,CEO, Singapore Mercantile Exchange

Friday, February 26, 2010

8:30 am to 9:00 am

Registration - 4/F Harbour View Foyer

Session 4

Econometric Research and Options

Moderator: Dr. Sooyoung Song

4/F, Harbour View Ballroom 2

9:00 am to 9:25 am

Presentation 9: Forecasting Volatility Role of High-Frequency Data and Forecasting Horizon

Presenting Author: Xin Cheng

9:25 am to 9:45

Discussant: Jayaram Muthuswamy

9:45 am to 10:15 am

Presentation 10: The Economic Value of Introducing CBOE Variance Futures

Author: Yueh-Neng Nicole Lin

10:15 am to 10:35 am

Discussant: Tom Pak-wing Fong

10:35 am to 10:55 am

Morning Break - 4/F Harbour View Foyer

10:55 am to 11:20 am

Presentation 11: On the Number of State Variables in Options Pricing

Presenting Author: Gang Li

11:20 am to 11:40 am

Discussant: Charles Cao

11:40 am to 11:55 am

By Special Invitation: "Incremental Information and Forecast Horizon: Platinum versus Gold"

Author: Michael Chng

11:55 am to 12:10 pm

Special Guest Speaker: Mr. Douglas Chan, Chairman, eBroker Systems Ltd.

12:10 pm to 12:20 pm

Closing Remarks

Dr. Mark Holder, Kent State University

20th Anniversary Celebratory Lunch

4/F, Harbour View Ballroom 3

12:30 pm to 1:45 pm

Special Guest Presentation: Hong Kong Market Developments

14/01/2010 - 15/01/2010

Global and Regional Financial Market Integration

The Asian Development Bank (ADB) and the Hong Kong Institute for Monetary Research (HKIMR)

Global and Regional Financial Market Integration

14 January 2010 (Thursday) - 15 January 2010 (Friday)

Day 1: Thursday, 14 January 2010

8:15 – 9:00 a.m.

Registration and Breakfast

9:00 – 9:30

Welcome Remarks

Dong He, Director, Hong Kong Institute for Monetary Research (HKIMR)
Srinivasa Madhur, Senior Director, Office of Regional Economic Integration (OREI), Asian Development Bank (ADB)

Session 1

Moderator: Srinivasa Madhur

9:30 – 9:50

Evolution of Regional and Global Risk Sharing of Asian Countries

Pierfederico Asdrubali, John Cabot University

9:50 – 10:00

Comments

Philippe Martin, Sciences-Po

10:00 – 10:15

Open Forum

10:15 – 10:30

Tea Break

10:30 – 10:50

Regional and Global Short-Term Financial Market Integration: Evidence from the Interbank Markets of Tokyo, Singapore, and Hong Kong

Shin-ichi Fukuda, University of Tokyo

10:50 – 11:00

Comments

Ilhyock Shim, Senior Economist, Bank for International Settlements (BIS) Asian Pacific Representative Office

11:00 – 11:15

Open Forum

11:15 – 11:35

International Capital Mobility of East Asian Countries: Global vs. Regional

Soyoung Kim, Seoul National University

11:35 – 11:45

Comments

Zhiwei Zhang, Hong Kong Monetary Authority (HKMA)

11:45 – 12:00

Open Forum

12:00 – 1:30

Lunch

Session 2

Moderator: Eli Remolona, Chief Representative, BIS Asian Pacific Representative Office

1:30 – 1:50

Regional and Global Drivers of the Portfolio Holdings of Asian Investors

Philip R. Lane, Trinity College of Dublin

1:50 – 2:00

Comments

Jean M. Imbs, HEC Lausanne

2:00 – 2:15

Open Forum

2:15 – 2:35

Regional and Global Financial Integration: An Analytical Framework

Philippe Martin

2:35 – 2:45

Comments

Chen Qianying, HKIMR

2:45 – 3:00

Open Forum

3:00 – 3:15

Tea Break

3:15 – 3:35

What Happened to the ASEAN Business Cycle?

Jean M. Imbs

3:35 – 3:45

Comments

Soyoung Kim

3:45 – 4:00

Open Forum

Session 3

Moderator: Yiping Huang, Professor, Peking University

4:00 – 4:20

Financial Accelerator Integration

David E. Cook, Hong Kong University of Science and Technology

4:20 – 4:30

Comments

Shin-ichi Fukuda

4:30 – 4:45

Open Forum

4:45 - 5:05

Stock Market Integration and Financial Contagion

Kee-Hong Bae, York University

5:05 – 5:15

Comments

Alicia García-Herrero, Chief Economist for Emerging Markets, Banco Bilbao Vizcaya Argentaria

5:15 – 5:30

Open Forum

Day 2: Friday, 15 January 2010

8:30 – 9:00 a.m.

Breakfast

Session 4

Moderator: Hans Genberg, Visiting Adviser, BIS Asian Pacific Representative Office

9:00 – 9:20

Stock Market Integration: Emerging Asia's Experience

Cyn-Young Park, Principal Economist, OREI, ADB

9:20 – 9:30

Comments

Kee-Hong Bae

9:30 – 9:45

Open Forum

9:45 – 10:05

Financial Contagion and Vulnerability of Asian Financial Markets

Michael B. Devereux, University of British Columbia

10:05 – 10:15

Comments

David E. Cook

10:15 – 10:30

Open Forum

10:30 – 10:45

Tea Break

10:45– 11:05

Not All Financial Integration is Created Equal: Revisiting the Composition Effect

Shang-Jin Wei, Columbia University

11:05 – 11:15

Comments

Pierfederico Asdrubali

11:15 – 11:30

Open Forum

Session 5

Moderator: Dong He

11:30 – 12:20

Panel Discussion: Policy Implications of Global and Regional Financial Market Integration

Panelists:
Michael B. Devereux
Philip R. Lane
Soyoung Kim
Cyn-Young Park
Shang-Jin Wei

12:20 – 12:35

Closing Remarks

Jong-Wha Lee, Chief Economist, concurrently Head of OREI, ADB

12:35 – 2:00

Lunch

11/01/2010 - 12/01/2010

First Annual International Conference on the Chinese Economy : "China and the Global Economy: Macro, Trade and Financial Linkages"

Hong Kong Institute for Monetary Research (HKIMR)

First Annual International Conference on the Chinese Economy : "China and the Global Economy: Macro, Trade and Financial Linkages"

11 January 2010 (Monday) - 12 January 2010 (Tuesday)

Monday 11 January

8:30 - 9:00

Registration

Session 1

Chair: Dong He (HKMA and HKIMR)

9:00 - 9:30

Opening Remarks by Professor Robert Mundell

9:30 – 10:20

Life Cycle Earnings and the Household Saving Puzzle in a Fast-Growing Economy
by Zheng Michael Song from Fudan University and Dennis Tao Yang from The Chinese University of Hong Kong

con_paper_0_651_p1-_-dennis-michael.pdf

10:20 – 10:50

Coffee Break

10:50 – 11:40

Income Inequality, Social Status, and Household Saving and Consumption in China

11:40 – 13:40

Keynote Speech: Some Myths about the Chinese Economy
by Professor Lawrence J. Lau from The Chinese University of Hong Kong

con_paper_0_654_4-laurance-lau.pdf

Session 2

Chair: Li Cui (HKMA)

13:40 - 14:30

Asia’s Vertical Trade Integration, Exchange Rate, and China's Export Dynamics
by Zhiwei Zhang from Hong Kong Monetary Authority

con_paper_0_658_p4-_-zhiwei-zhang.pdf

14:30 - 15:20

Are Chinese Exports Sensitive to Changes in the Exchange Rate?
by Shaghil Ahmed from Board of Governors of the Federal Reserve System

con_paper_0_661_p5-_-shaghil-ahme.pdf

15:20 - 15:50

Coffee Break

15:50 - 16:40

Real Exchange Rate Undervaluation: Static Losses, Dynamic Gains

by Anton Korinek from University of Maryland

Tuesday 12 January

Session 3

Chair: Hongyi Chen (HKIMR)

9:00 – 9:50

The Sexual Foundations of Economic Growth: Evidence from China
by Shang-Jin Wei from Columbia University

con_paper_0_665_p6_shang-jin-weiupdate.pdf

9:50 - 10:20

Coffee Break

10:20 – 11:10

Productivity Spillovers from Foreign Direct Investment: Evidence from Firm-Level Data in China
by Yu Sheng from Australia National University

con_paper_0_667_p7_yu-sheng.pdf

11:10 – 12:00

Intra-national Consumption Risk Sharing in China
by Wai-Yip Alex Ho from Hong Kong Monetary Authority

con_paper_0_668_p8_hkma_alex_cityrs_text.pdf

12:00 – 14:00

Luncheon Speech: The Chinese Approach to Capital Account Liberalization: What Do We Learn from Renminbi Banking in Hong Kong?
by Dong He from HKMA and HKIMR

con_paper_0_669_11-dong-he-_-for-circulation.pdf

Session 4

Chair: Shang-Jin Wei (Columbia University)

14:00 – 14:50

China’s Industrial Structure and its Changes in Recent Years: An Analysis of the 1997–2005 Input-Output Tables
by Satoko Ueyama from Bank of Japan

con_paper_0_671_p9_satoko-ueyama.pdf

14:50 – 16:20

Panel Discussion: How Should We Think About the Chinese Economy?

Panelists:
Andrew Filardo from Bank for International Settlements
Louis Kuijs from World Bank
Wensheng Peng from Barclays Capital
Eswar Prasad from Cornell University and Brookings Institution

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