2013

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19/11/2013 - 21/11/2013

PAFTAD36: Financial Development and Cooperation in Asia and the Pacific

Hong Kong Institute for Monetary Research (HKIMR) and PAFTAD

PAFTAD36: Financial Development and Cooperation in Asia and the Pacific

19 November 2013 (Tuesday) - 21 November 2013 (Thursday)

Room 5601, 56/F, Two International Finance Centre, 8 Finance Street, Central

Programme

Day 1

19 Nov 2013

8:10am

Depart Kowloon Hotel lobby (shuttle bus provided)

8:30am

Registration

HKMA, Harbour Room, 56th Floor, Two International Financial Centre, 8 Finance St

9:00–9:25am

OPENING SESSION

9:00-9:05 Moderator: Edward Chen (University of Hong Kong)
9:05-9:15 Welcome Remarks: Norman Chan (Hong Kong Monetary Authority)
9:15-9:25 Opening Remarks: Wendy Dobson (University of Toronto)

9:30 – 11:15am

SESSION 1: Financial System and Economic Development

Against the background of the literature on financial system and economic development, what has been the experience of financial reform and liberalization of the economies in Asia and the Pacific? What lessons have been learned from the Asian financial crisis and the recent global financial crisis? What should be the direction and pace of financial reform for achieving faster growth in Asia and the Pacific?

Chair: Edward Chen (University of Hong Kong)

Paperwriter: Barry Eichengreen (UC Berkeley)

Discussants: Thorsten Beck (Tilburg University), Chen Lin (University of Hong Kong)

11:15 – 11:45am

Coffee Break and Group Photo

11:45 – 1:30pm

SESSION 2: Prudential Regulation and Supervision in Asia and the Pacific

What are the implications of Basel III implementation for the cost and efficiency of financial intermediation in the region? Do we need to go beyond Basel III in the design of macro prudential policies, particularly in light of the risks associated with volatile capital flows in the region?

Chair: Hugh Patrick (Columbia University)

Paperwriter: Robert McCauley (Bank for International Settlements)

Discussants: Timo Henckel (The Australian National University), Maria Socorro Gochoco-Bautista (Asian Development Bank)

1:30 – 2:30pm

Lunch

Venue: HKMA, International Financial Centre

2:30 – 4:15pm

SESSION 3: Capital Market Development in Asia and Pacific Region

What are the challenges in developing local capital markets? Is there a close relationship between banking system and capital market development? What is the role of capital market in promoting financial stability?

Chair: Peter Drysdale (The Australian National University)

Paperwriter: Andrew Sheng (Tsinghua University & University of Malaya)

Discussants: David Nellor (Australia Indonesia Partnership for Economic Governance), Ying Xu (The Australian National University)

5:00 – 8:30pm

PUBLIC EVENT: Financial Development in China and Implications for the Global Economy

Venue: Chancellor Room, Level 4, Hong Kong Convention and Exhibition Centre

Hosted by China Daily (AsiaPacific) in Association with HKIMR and PAFTAD

5:00 –5:30pm Tea Reception
5:30 –6:00pm Keynote Speech:The Hon. C Y Leung, Chief Executive of HKSAR
6:00 –7:15pm Panel Discussion

Moderator/Panelist: Wendy Dobson (University of Toronto)

Panelists:

He Dong (Hong Kong Monetary Authority)
Benjamin Hung (The Standard Chartered Bank, Hong Kong)
Narongchai Akrasanee (Thailand Fiscal Policy Research Institute)

7:15 –8:30pm Reception (food provided)

Day 2

20 Nov 2013

8:20am

Depart Kowloon Hotel lobby (shuttle bus provided)

9:00 – 10:45am

SESSION 4: Monetary Policy Framework in the Asia and Pacific Region

In light of the experience of global financial crisis, what are the considerations and challenges in refining the monetary policy framework in the region? How to take into consideration financial stability in monetary policy framework? Do different exchange rate regimes matter? How to deal with the spill-over effects of monetary policy decisions of major central banks such as U.S. Fed and ECB?

Chair: Narongchai Akrasanee (Thailand Fiscal Policy Research Institute)

Paperwriter: Hiro Ito (Portland State University)

Discussants: Chow Hwee Kwan (Singapore Management University), David Cook (The Hong Kong University of Science and Technology)

10:45 – 11:00am

Coffee Break

11:00 – 12:45pm

SESSION 5: Regional Financial Cooperation and Policy Coordination

Is there a case for explicit coordination of macroeconomic and macro prudential policies in the region? What are the roles of regional initiatives such as reserve pooling, central bank swap lines in ensuring regional financial stability? Is there a case for an Asian Monetary Fund?

Chair: Akira Kohsaka (Kwansei Gakuin University)

Paperwriters: Reza Siregar (ASEAN +3 Macroeconomic Research Office) & Keita Miyaki (Johns Hopkins School of Advanced International Studies)

Discussants: Kanit Sangsubhan (Thailand Fiscal Policy Research Institute), Sheng-Cheng Hu (Academia Sinica)

12:45 – 1:45pm

Lunch

Venue: HKMA, International Financial Centre

1:45 – 3:30pm

SESSION 6: Financial Development and the Spillovers to the Corporate Sector

What have been the effects of Asia’s financial development on the financing and growth of corporations? How inclusive has the financial development in Asia been? How do the trends in Asia compare with those in advanced and emerging economies? How has the large expansion in the financial sector of China and India impacted the private sector?

Chair: Juan Palacios (University of Guadalajara)

Paperwriters: Tatiana Didier & Sergio Schmukler (The World Bank)

Discussants: Shekhar Shah (NCAER), Francis Hutchinson (ISEAS)

3:30 – 3:45pm

Coffee Break

3:45 – 5:30pm

SESSION 7: Capital Account Liberalisation in China and its Implications for the Region

What are the prospects of China fully liberalizing its capital account in the decade ahead? What are the implications of capital account liberalization for the patterns of FDI and portfolio investment in the region? Does such capital flows have policy implications?

Chair: Peter Petri (Brandeis University)

Paperwriter: Yu Yongding (Chinese Academy of Social Sciences); presented by Wang Daili (Peking University)

Discussants: Yiping Huang (Peking University & The Australian National University), Yung Chul Park (Korea University)

6:30 – 8:30pm

PAFTAD International Steering Committee Private Dinner

Venue: Loong Yat Heen, Dragon I, 2nd Floor, Kowloon Hotel

No Scheduled event for Non-ISC Members

Day 3

21 Nov 2013

8:20am

Depart Kowloon Hotel lobby (shuttle bus provided)

9:00 –10:45am

SESSION 8: Currency Internationalization

What is the prospect of RMB becoming an international currency? What are the lessons for RMB internationalization from the historical experience of yen internationalization? What are the implications of RMB internationalization for regional trade and finance?

Chair: Vo Tri Thanh (Central Institute for Economic Management)

Paperwriters: Il Huong Lee (KIEP) & Yung Chul Park (Korea University)

Discussants: Wendy Dobson (University of Toronto), Yi (David) Wang (University of International Business and Economics)

10:45 –11:00am

Coffee Break

11:00 –12:30pm

PANEL: Global Financial Issues and Outlook

Chair: Wendy Dobson (University of Toronto)

Panellists:
Yung Chul Park (Korea University)
Yiping Huang (Peking University & The Australian National University)
Barry Eichengreen (UC Berkeley)

27/09/2013

第十一屆中國內地經濟研討會

香港金融研究中心，博源基金會，香港金融發展局

第十一屆中國內地經濟研討會

香港離岸人民幣市場的擴展與深化

(會議工作語言：普通話)

27 September 2013 (Friday)

香港中環金融街 8 號國際金融中心二期 56 樓 5608 會議室

會議議程

9:00 – 9:15

歡迎致辭

何東，香港金融管理局助理總裁、香港金融研究中心主任
秦曉，博源基金會理事長、香港金發局內地機遇小組負責人

9:15 – 10:15

第一節：CNH人民幣外匯與貨幣市場
演講嘉賓：
林華斌，滙豐銀行大中華區外匯交易主管
李克亞，瑞銀投資銀行執行董事
劉健恆，渣打銀行環球研究部亞洲區高級經濟師

問答與討論

section1.zip

10:15 – 11:15

第二節：點心債市場
演講嘉賓：
劉潔，渣打銀行高級利率策略師
鄧梅君，滙豐銀行董事總經理, 債務資本市場部大中華區主管
劉立男，德意志銀行全球市場研究部策略師

問答與討論

section2.zip

11:15 – 11:45

茶歇

11:45 – 12:45

第三節：人民幣投資和理財產品
演講嘉賓：
談世銘，花旗銀行環球人民幣產品總監
庫三七，工銀瑞信副總經理
章宜斌，海通國際資產管理有限公司董事總經理

問答與討論

section3.zip

12:45 – 14:00

午餐

14:00 – 14:45

第四節：人民幣清算與交割系統
演講嘉賓：
李樹培/梁靈智，香港金融管理局主管/高級經理
孫怡，中銀香港營運部副總經理

問答與討論

section4.zip

14:45 – 15:15

茶歇

15:15 – 16:00

第五節：為跨境貿易和投資提供人民幣銀行服務
演講嘉賓：
馮孝忠，恆生銀行執行董事兼環球銀行及資本市場業務主管
李海英，中銀香港企業銀行、金融機構及產品管理副總經理

問答與討論

section5.zip

16:00 – 17:00

總結發言

邢毓靜，人民銀行貨幣政策委員會秘書長
余偉文，香港金融管理局副總裁

問答與討論

-- 完 --

16/08/2013

The 11th HKIMR Summer Workshop

Hong Kong Institute for Monetary Research (HKIMR) and The Chinese University of Hong Kong (CUHK)

The 11th HKIMR Summer Workshop

CHRER-HKIMR Joint Conference on Property Markets

16 August 2013 (Friday)

Harbour Room, 56/F, Two International Finance Centre, 8 Finance Street, Central

Programme

8:30 – 9:00 a.m.

Registration and Coffee

9:00 – 9:10 a.m.

Welcome and Opening Remark

Dong He, Hong Kong Monetary Authority (HKMA)

9:10 – 9:50 a.m.

Taming the Real Estate Beast: The Effects of Monetary and Macroprudential Policies on Housing Prices and Credit
By Kenneth Kuttner and Ilhyock Shim* (BIS)

Discussant: Eric Wong (HKMA)

9:50 – 10:30 a.m.

Rental Rate under Housing Price Uncertainty: A Real-Options Approach
By Honglin Wang* (HKIMR), Fan Yu (CMC and SAIF) and Yinggang Zhou* (CUHK)

Discussant: Wenlan Qian (NUS)

paper-2.zip

10:30 – 11:00 a.m.

Coffee Break

11:00 – 11:40 a.m.

Speculative Investors and Tobin’s Tax in the Housing Market
By Yuming Fu (NUS), Wenlan Qian* (NUS) and Bernard Yin Yeung (NUS)

Discussant: Tin Cheuk Leung (CUHK)

paper-3.zip

11:40 – 12:20 p.m.

Bunching in the Hong Kong Housing Market
By Charles Ka Yui Leung (CityUHK), Tin Cheuk Leung* (CUHK), and Kwok Ping Tsang (Virginia Tech)

Discussant: Shiyuan Chen (BBVA)

paper-4.zip

12:30 –13:30 p.m.

Lunch (By Invitation)

~ End ~

* Presenter

02/07/2013 - 03/07/2013

The HKIMR/HKUST Joint Conference on Macroeconomics and International Finance

Hong Kong Institute for Monetary Research (HKIMR), The Hong Kong University of Science & Technology (HKUST)

The HKIMR/HKUST Joint Conference on Macroeconomics and International Finance

Day 1: Harbour Room, 56/F, Two International Finance Centre, Central

Day 2: Room 6602, 6th Floor, Annex, Academic Building, HKUST (Lifts 31-32)

02 July 2013 (Tuesday) - 03 July 2013 (Wednesday)

Programme

Day 1

Morning Session at HKIMR

9:20- 9:50

Welcome Reception

9:50-10:00

Opening Remarks by He Dong (HKIMR)

Moderator: Larry Qiu (HKU)

10:00-10:50

“The Great Recession: A Self-Fulfilling Global Panic”
Philippe Bacchetta (HEC-Lausanne)

Discussant: Tao Zhu (HKUST)

bacchetta.zip

10:50-11:40

“A bargaining theory of trade invoicing and prices”
Cedric Tille (HEID-Geneva)

Discussant: Tommy Wu (HKMA)

tille.zip

11:40-12:10

Coffee Break

12:10-13:00

“Services and the Dynamics of Female Labor Supply”

Joseph Kaboski (University of Notre Dame)

Discussant: Yong Wang (HKUST)

13:00-14:30

Lunch (By Invitation)

Day 1

Afternoon Session at HKIMR

Moderator: Jianjun Miao (Boston University)

14:30-15:20

“A Microfounded Model of Chinese Capital Account Liberalization”
Paul Luk (HKIMR)

Discussant: Huanhuan Zheng (CUHK)

luk.zip

15:20-15:50

Coffee Break

15:50-16:40

“Lemons with Naïveté”

Hui Tong (IMF)

Discussant: Paul Luk (HKIMR)

16:40-17:30

“Housing Bubbles and the U.S. Macroeconomy”
Pengfei Wang (HKUST)

Discussant: Shenghao Zhu (NUS)

wang.zip

18:00

Dinner (By Invitation)

Day 2

Morning Session at HKUST

8:00

Breakfast at Bistro

8:50-9:00

Opening Remark by Francis Lui (HKUST)

Moderator: Jenny Xu (HKUST)

9:00-9:50

"Risky Investment with Limited Enforcement"
Vincenzo Quadrin (University of Southern California)

Discussant: Danyang Xie (HKUST)

quadrini-ripa.pdf

9:50-10:00

Coffee Break

10:00-10:50

“The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?”
Davide Furceri (IMF)

Discussant: Lifang Xu (HKUST)

furcerizdzienicka_.pdf

10:50-11:40

“A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles”
Jianjun Miao (Boston University)

Discussant: Gewei Wang (CUHK)

miao-bubbledsge26.pdf

11:40-14:00

Lunch (By Invitation)

Day 2

Afternoon Session at HKUST

Moderator: Danyang Xie (HKUST)

14:00-14:50

“Making Sense of China’s Economic Policy”

Jim Riedel (Johns Hopkins University)

Discussant: Pengfei Wang (HKUST)

14:50-15:40

“Eurosclerosis and International Business Cycles”
Jenny Xu (HKUST)

Discussant: Attilio Zanetti (SNB)

jenny.pdf

15:40-16:00

Coffee Break

16:00-16:50

“Capital Controls and Currency Wars”
Anton Korinek (Johns Hopkins University and IMF)

Discussant: Zhiwei Xu (HKUST)

korinek.pdf

16:50-17:40

“Asset Allocation and Monetary Policy”
Harald Hau (University of Geneva)

Discussant: Yi Huang (HEID-Geneva)

hau-monetary_policy_v67_full.pdf

18:30

Depart for Dinner from HKUST (By Invitation)

07/06/2013

HKMA 20th Anniversary Research Workshop

Hong Kong Institute for Monetary Research (HKIMR)

HKMA 20th Anniversary Research Workshop

07 June 2013 (Friday)

Harbour Room, 56/F, Two International Finance Centre, 8 Finance Street, Central

Programme

9:00am

Welcoming Remarks

9:05am - 10:35am

Recent Performance of the Hong Kong Dollar Foreign Exchange Market and the Linked Exchange Rate System

Cho-hoi Hui and Tom Fong (Hong Kong Monetary Authority)
Discussant: David Cook (Hong Kong University of Science and Technology)

Current Account Deterioration in Hong Kong: An Emerging Sign of Macroeconomic Vulnerability?

Lillian Cheung, Raymond Yuen, and Simon Chan (Hong Kong Monetary Authority)
Discussant: Yin-Wong Cheung (City University of Hong Kong)

10:35am - 11:00am

Coffee break

11:00am - 12:30pm

Transmitting Global Liquidity to East Asia: Dollar Credit in Mainland China and Hong Kong

Dong He (Hong Kong Monetary Authority) and Robert N McCauley (Bank for International Settlements)
Discussant: Jonathan Batten (Hong Kong University of Science and Technology)

Rising Mainland Exposure of Hong Kong Banks: Finding the Optimum Level and Assessing the Systemic Risk

David Leung, Tom Fong, Jim Wong and Kelvin Ho (Hong Kong Monetary Authority)
Discussant: Charles Leung (City University of Hong Kong)

12:30pm - 13:30pm

Lunch

13:30pm - 15:00pm

Rental Adjustment and Housing Prices: Evidence from Hong Kong

Honglin Wang (Hong Kong Monetary Authority), Chu Zhang (Hong Kong University of Science and Technology) and Weihang Dai (Chinese University of Hong Kong)
Discussant: Yinggang Zhou (Chinese University of Hong Kong)

The Demand for and Supply of Mortgage Loans in Hong Kong: The Role of Loan-to-Value Ratio Policy

Eric Wong, Andrew Tsang and Steven Kong (Hong Kong Monetary Authority)
Discussant: Ilhyock Shim (Bank for International Settlements)

15:00pm - 15:30pm

Coffee break

15:30pm - 16:15pm

The Development of the RMB Market in Hong Kong : Assessing Onshore-Offshore Market Integration

Sean R Craig, Changchun Hua (International Monetary Fund), Philip Ng and Raymond Yuen (Hong Kong Monetary Authority)
Discussant: Cho-hoi Hui (Hong Kong Monetary Authority)

16:15pm - 17:30pm

Panel Discussion: The Implications of Capital Account Liberalisation in Mainland China for Hong Kong as an International Financial Centre

Moderator : Dong He (Hong Kong Monetary Authority)

Panellists :
Julia Leung (Financial Services and the Treasury Bureau)
Andre Meier (International Monetary Fund)
Eddie Yue (Hong Kong Monetary Authority)

30/05/2013

HKMA Symposium on Financial Stability

Hong Kong Monetary Authority

HKMA Symposium on Financial Stability

30 May 2013 (Thursday)

Auditorium, 56/F, Two International Finance Centre, 8 Finance Street, Central

Programme

8:55am - 9:00am

Welcoming Remarks
Norman TL Chan, Chief Executive, HKMA

9:00am -10:30am

The Interactions of Micro- and Macro-Prudential Policies

• How different are macro- from micro-prudential policies?
• What are the borders of macro-prudential policies? How do they interact with micro-prudential policies?

Moderator:

Arthur Yuen (Deputy Chief Executive, HKMA)

Panellists:

Wayne Byres (Secretary-General, Basel Committee on Banking Supervision)
Malcolm Edey (Assistant Governor, Reserve Bank of Australia)
Liu Mingkang (Former Chairman, China Banking Regulatory Commission)

10:30am -11:00am

Coffee break

11:00am -12:30pm

Governance for Financial Stability

• What is the role of rule and discretion in financial stability policy making?
• What would be efficient and effective governance arrangements for financial stability policies? What are the pros and cons of different institutional arrangements?

Moderator:

Dong He (Executive Director, HKMA)

Panellists:

Lord John Eatwell (Professor, University of Cambridge)
Masamichi Kono (Vice Commissioner, Financial Services Authority, Japan)
Teo Swee Lian (Deputy Managing Director, Monetary Authority of Singapore)

12:30pm -12:40pm

Closing Remarks
Norman TL Chan, Chief Executive, HKMA

10/01/2013 - 11/01/2013

Fourth Annual International Conference on the Chinese Economy

Hong Kong Institute for Monetary Research

Fourth Annual International Conference on the Chinese Economy

“The Role of Financial System Reforms in Rebalancing the Chinese Economy”

10 January 2013 (Thursday) - 11 January 2013 (Friday)

Harbour Room, 56/F, Two International Finance Centre, 8 Finance Street, Central

Programme

10 January 2013

Thursday

8:45 - 9:15

Registration and Coffee

9:15 - 9:30

Opening Remarks

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

9:30 – 10:20

Keynote Speech : Understanding China's Growth: Past, Present, and Future
Xiaodong Zhu (University of Toronto)

zhu.zip

Session 1

Chair: Edward Chen (The University of Hong Kong)

10:20 – 11:10

Political Influence and Incentive: The Lending Behavior of a State-owned Bank in the Global Financial Crisis
Chun-Yu Ho (Shanghai Jiao Tong University)
Dan Li* (Fudan University)
Suhua Tian (Fudan University)

Discussant: Dragon Tang (The University of Hong Kong)

l.zip

11:10 – 11:40

Coffee Break

11:40 – 12:30

China's Secondary Privatization: Perspectives from the Split-Share Structure Reform
Li Liao (Tsinghua University)
Bibo Liu (Tsinghua University)
Hao Wang* (Tsinghua University)

Discussant: Chu Zhang (The Hong Kong University of Science and Technology)

wang.zip

12:30 - 13:20

De-monopolization Toward Long-Term Prosperity in China
Ashvin Ahuja* (International Monetary Fund)

Discussant: Chong Kee Yip (The Chinese University of Hong Kong)

ahuja.zip

13:20 – 14:30

Lunch (By invitation only)

Session 2

Chair: David Cook (The Hong Kong University of Science and Technology)

14:30 – 15:20

Financial System Reforms and China’s Monetary Policy Framework: A DSGE-Based Assessment of Initiatives and Proposals
Michael Funke* (Hamburg University)
Michael Paetz (Hamburg University)

Discussant: Paul SK Luk (HKIMR)

funke.zip

15:20 – 16:10

Monetary Policy and Bank Lending in China--Evidence from Loan Level Data

Dong He (Hong Kong Monetary Authority / HKIMR)
Honglin Wang* (HKIMR)

Discussant: André Meier (International Monetary Fund)

16:10 – 16:40

Coffee Break

16:40 – 17:30

Monetary Policy in a DSGE Model with “Chinese Characteristics”
Mark M. Spiegel* (Federal Reserve Bank of San Francisco)
Chun Chang (Shanghai Advanced Institute of Finance)
Zheng Liu (Federal Reserve Bank of San Francisco)

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

spiegel.zip

18:30 – 20:30

Conference Dinner (By invitation only)

11 January 2013

Friday

8:45 – 9:15

Registration and Coffee

Session 3

Chair: Yin-Wong Cheung (City University of Hong Kong)

9:15 – 10:05

Monetary Policy, Credit Constraints, and Firm Exports: Evidence from China
Shu Lin* (Fudan University)
Jiandong Ju (Tsinghua University and University of Oklahoma)
Shang-Jin Wei (Columbia University)

Discussant: Chang Shu (Bank for International Settlements)

lin.zip

10:05 – 10:55

The Potential of the RMB to be a Major Invoicing Currency in the Asia-Pacific Region

Edwin Lai* (The Hong Kong University of Science and Technology)
Jing Zhou (The Hong Kong University of Science and Technology)

Discussant: Charles Yu (HKIMR)

10:55 – 11:30

Coffee Break

11:30 – 12:20

A Provincial View of Global Imbalances: Regional External Adjustment in China
Mathias Hoffmann* (University of Zurich)
Samuel Cudre (University of Zurich)

Discussant: Iikka Korhonen (Bank of Finland)

hoffmann.zip

12:20 – 13:10

Impact of Labour Market Development on Wages in China
Wenlang Zhang* (Hong Kong Monetary Authority)
Gaofeng Han (Hong Kong Monetary Authority)

Discussant: Junsen Zhang (The Chinese University of Hong Kong)

zhang.zip

13:10 – 14:30

Lunch (By invitation only)

14:30 – 16:00

Panel Discussion: Growth Slowdown in China: Cyclical or Trend?
Chair: Dong He (Hong Kong Monetary Authority / HKIMR)

Panellists: Louis Kuijs (The Royal Bank of Scotland)
Ting Lu (Bank of America Merrill Lynch)
Haibin Zhu (JPMorgan Chase Bank)
Xiaodong Zhu (University of Toronto)

- End of Conference -

panel-discussion-slides.zip

* : presenter

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