2015

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15/10/2015 - 16/10/2015

Conference on “Diverging Monetary Policies, Global Capital Flows and Financial Stability"

Hong Kong Monetary Authority, Board of Governors of the Federal Reserve System, European Central Bank and Federal Reserve Bank of Dallas

Conference on “Diverging Monetary Policies, Global Capital Flows and Financial Stability"

15 October 2015 (Thursday) - 16 October 2015 (Friday)

Harbour Room, 56/F, Two International Finance Centre, Central, Hong Kong

Programme

Thursday, 15 October

8:30a.m. – 9:00a.m.

Registration and Welcome Coffee

9:00a.m. – 9:15a.m.

Opening Remarks (Peter Pang, Hong Kong Monetary Authority)

deputy-chief-executive-peter-pang-speech_final.pdf

9:15a.m. – 10:00a.m.

Keynote Speech (Vítor Constâncio, European Central Bank)

20151015_vckeynote_hkma_fed_ecb_dallas-conference_hong-kong_final.pdf

10:00a.m. – 10:30a.m.

Coffee Break

Session 1

Capital flows

Session Chair: Lillian Cheung, Hong Kong Monetary Authority

10:30a.m. – 11.30a.m.

“The Two Components of International Portfolio Flows”
(Updated paper can be found in : http://faculty.darden.virginia.edu/warnockf/IntlPortFlowsTwoComponentsACWZdraft.pdf )

Francis E. Warnock (University of Virginia)

Discussant: James Yetman (Bank for International Settlements)

paper-1.zip

11.30a.m. – 12.30p.m.

“Capital Flows and Domestic Financial Market Structure”
Signe Krogstrup (Swiss National Bank)

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

paper-2.zip

12.30p.m. – 2:00p.m.

In-house Luncheon (Luncheon Speech Speaker: Stephen Cecchetti, Brandeis University)

luncheon_stephen-cecchetti-hk-lunch-talk-updated-.pdf

Session 2

Global Liquidity

Session Chair: John Rogers, Board of Governors of Federal Reserve System

2:00p.m. – 3:00p.m.

“Asynchronous Monetary Policies and International Dollar Credit”
Eric Wong (Hong Kong Monetary Authority)

Discussant: Eric Young (University of Virginia)

paper-3.zip

3:00p.m. – 4:00p.m.

“Offshore EME Bond Issuance and the Transmission Channels of Global Liquidity”
Soyoung Kim (Seoul National University)

Discussant: Woon Gyu Choi (Bank of Korea)

paper-4.zip

4:00p.m. – 4:30p.m.

Coffee Break

Session 3

Spillovers

Session Chair: Luca Dedola, European Central Bank

4:30p.m. – 5:30p.m.

“Capital Controls and Monetary Policy Autonomy in a Small Open Economy”
Scott Davis (Federal Reserve Bank of Dallas)

Discussant: Martin Bodenstein (National University of Singapore)

paper-5.zip

5:30p.m. – 6:30p.m.

“International Capital Flows and Unconventional Monetary Policy”
Stephanie Curcuru (Board of Governors of the Federal Reserve System)

Discussant: Ine van Robays (European Central Bank)

paper-6.zip

6.30 p.m.

Dinner
[By Invitation]

Friday, 16 October

8:30a.m. – 9:00a.m.

Registration and Coffee

Session 4

Channels of Transmission and the Trilemma

Session Chair: Mark Wynne, Federal Reserve Bank of Dallas

9:00a.m. – 10:00a.m.

“Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market”
Viktors Stebunovs (Board of Governors of the Federal Reserve System)

Discussant: Mico Loretan (Swiss National Bank)

paper-7.zip

10:00a.m. – 10:30a.m.

Coffee Break

10:30a.m. – 11:30a.m.

“International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?”
Andrei Zlate (Federal Reserve Bank of Boston)

Discussant: Ji Zhang (Tsinghua University)

paper-8.zip

11:30a.m. – 12:30p.m.

“Trilemma, not Dilemma: Financial Globalization and Monetary Policy Effectiveness”
Georgios Georgiadis (European Central Bank)

Discussant: Hans Genberg (The SEACEN Centre)

paper-9.zip

12:30p.m. – 1:00p.m.

Closing Remarks

- End -

14/09/2015

第十三屆中國內地經濟研討會：中國財政改革與地方政府融資研討會

香港金融研究中心及財政部財政科學研究所

第十三屆中國內地經濟研討會：中國財政改革與地方政府融資研討會

14 September 2015 (Monday)

香港中環金融街 8 號國際金融中心二期 56 樓 5601 會議室

會議議程

8:30

早茶

8:50

歡迎致辭 (張麗玲，香港金融管理局助理總裁、香港金融研究中心主任)

會議第一部分： (主持人：陳紅一，香港金融研究中心高級經理）

9:00

主題演講：中國內地財政改革的總體思路與方向
演講嘉賓：財政部財政科學研究所劉尚希所長

0_-rev-_-.pdf

9:30

專題討論一：中國內地債券市場
1. 發言題目：中國內地債券市場的發展
演講嘉賓：中銀香港發展規劃部副總經理鄂志寰（30分鐘）

提問及討論（15分鐘）

2. 發言題目：中國內地地方債市場最新發展
演講嘉賓：財政部財政科學研究所金融研究中心主任趙全厚（30分鐘）

提問及討論（15分鐘）

section-1.zip

11:00-11:30

茶歇

11:30

專題討論二：中國地方財政：困難與挑戰
3. 發言題目：地方財政的困難與出路
演講嘉賓：財政部財政科學研究所副所長王朝才（30分鐘）

提問及討論（15分鐘）

4. 發言題目：地方政府融資平台的運作
演講嘉賓：穆迪大中華區信用分析研究部高級副總裁鍾汶權（30分鐘）

提問及討論（15分鐘）

section-2.zip

13:00-14:15

午餐時間

會議第二部分： (主持人：王朝才，財政部財政科學研究所副所長）

14:15

專題討論三：從銀行與投資者角度看地方債置換
5. 發言題目：從銀行的角度看地方債置換
演講嘉賓：興業銀行首席經濟學家魯政委（30分鐘）

提問及討論（15分鐘）

6. 發言題目：從投資者的角度看地方債置換
演講嘉賓：南方東英資產管理固定收益基金經理孟小寧（30分鐘）

提問及討論（15分鐘）

section-3.zip

15:45-16:15

茶歇

16:15

專題討論四：地方債風險與地方債置換案例分析
7. 發言題目：地方債務違約風險分析
演講嘉賓：中誠信國際信用評級有限責任公司總裁馬力（30分鐘）

提問及討論（15分鐘）

8. 發言題目：地方債置換案例分析
演講嘉賓：中國人民大學財政金融學院副院長及
金融與証券研究所副所長趙錫軍（30分鐘）

提問及討論（15分鐘）

8.pdf

17:45

會議閉幕總結

18/08/2015

The 13th HKIMR Summer Workshop

Hong Kong Institute for Monetary Research

The 13th HKIMR Summer Workshop

18 August 2015 (Tuesday)

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

Programme

18 August 2015

8:40 - 9:00

Registration and Coffee

Chair: Lillian Cheung (HKMA and HKIMR)

9:00 – 9:55

Financial Crises, Monetary Policy, and Exchange Rate Dynamics
Eric Young (University of Virginia)

Discussant: Kang Shi (Chinese University of Hong Kong)

eric-young-and-kang-sh.zip

9:55 – 10:50

Financial Crisis, US Unconventional Monetary Policy and International Spillovers?
Feng Zhu (Bank for International Settlements)

feng-zhu.zip

10:50 – 11:10

Coffee Break

11:10 – 12:05

Trade Liberalization and Engagement in Global Value Chains
Susan Zhu (Michigan State University)

Discussant: Vikas Kakkar (City University of Hong Kong)

susan-zhu-and-vikas-kakkar.zip

12:05 – 1:00

Intermediate Input Imports and Innovation: Evidence from Chinese Firms
Larry Qiu (University of Hong Kong)

Discussant: Tommy Wu (Hong Kong Monetary Authority)

larry-qiu-and-tommy-wu.zip

- End -

22/05/2015

HKIMR-HKU International Conference on Finance, Institutions and Economic Growth

Hong Kong Institute for Monetary Research

Centre for Financial Innovation and Risk Management, Faculty of Business & Economics, University of Hong Kong

Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong

RGC Theme-based Research Scheme Project: Enhancing Hong Kong’s Future as a Leading International Financial Centre

22 May 2015 (Friday)

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

8:45am - 9:15am

Registration and Welcoming Coffee

9:15am - 9:25am

Opening Remarks

Lillian Cheung (Director of HKIMR, Executive Director of Hong Kong Monetary Authority)

9:25am - 10:55am

Theme 1: Banking and Monetary Policy

Bank Competition and Opacity
Ross Levine (Willis H. Booth Chair in Banking and Finance, UC Berkeley)
Q&A

paper-1.zip

Chinese Lessons on Monetary Policy

Randall Morck (Stephen A. Jarislowsky Distinguished Chair in Finance and University Professor, University of Alberta)
Q&A

10:55am - 11:25am

Coffee Break

11:25am - 12:55pm

Theme 2: International Financing and Cross Border Mergers and Acquisitions

Currency Appreciation, Labor Regulations and Cross Border Mergers and Acquisitions
Chen Lin (Stelux Professor in Finance, University of Hong Kong)
Q&A

paper-3.zip

Capital Market Financing, Firm Growth, Firm Size Distribution
Sergio L. Schmukler (Lead Economist, The World Bank)
Q&A

paper-4.zip

12:55pm - 2:00pm

In-house Lunch

2:00pm - 3:30pm

Theme 3: The Design of Financial Regulation

How Do Differences in State Regulations Affect the Payday Lending Industry
James Barth (Lowder Eminent Scholar in Finance, Auburn University)
Q&A

paper-5.zip

The Political Origins of Banking Fragility
Stephen Haber (A.A. and Jeanne Welch Milligan Professor, Stanford University)
Q&A

paper-6.zip

3:30pm - 4:00pm

Coffee Break

4:00pm - 5:30pm

Theme 4: Macro Economic Environment and Capital Markets

Domestic Bond Markets and Inflation
Andrew Rose (Bernard T. Rocca, Jr. Chair in International Business & Trade, UC Berkeley)
Q&A

paper-7.zip

Capital Market Reactions to the Anti-Corruption Act in China
Bernard Yeung (Dean, NUS Business School, National University of Singapore)
Q&A

8_corruption-may-15-2015-hkma.pptx

5:30pm - 5:45pm

Closing Remarks

Douglas W. Arner (Professor of Law, University of Hong Kong)

~ End ~

15/01/2015 - 16/01/2015

Sixth Annual International Conference on the Chinese Economy

Hong Kong Institute for Monetary Research

Sixth Annual International Conference on the Chinese Economy

"Leverage and Financial System Efficiency and Stability: Chinese and International Experiences"

15 January 2015 (Thursday) - 16 January 2015 (Friday)

Room 5608, 56/F, Two International Finance Centre, 8 Finance Street, Central

Programme

15 Jan 2015

8:30 - 9:00

Registration and Coffee

9:00 - 9:10

Opening Remarks

Hongyi Chen (Senior Manager, Hong Kong Institute for Monetary Research)

Morning Session Chair: Edward Chen (University of Hong Kong)

Session 1

Monetary Policy and Financial Stability

9:10 – 10:00

Betting the House
Oscar Jorda (Federal Reserve Bank of San Francisco)
Moritz Schularick* (University of Bonn)
Alan M. Taylor (University of California, Davis)

Discussant: Feng Zhu (Bank for International Settlements)

paper-1.zip

10:00 – 10:50

Asset Allocation and Monetary Policy: Evidence from the Eurozone
Harald Hau* (University of Geneva and Swiss Finance Institute)
Sandy Lai (University of Hong Kong)

Discussant: James Yetman (Bank for International Settlements)

paper-2.zip

10:50 – 11:20

Coffee Break

Session 2

Corporate Leverage in China

11:20 – 12:10

Why did Corporate Leverage Increase Fast in China and Where do the Risks Lie?
Wenlang Zhang* (HKMA)
Gaofeng Han (HKMA)
Brian Ng (HKMA)
Steven Chan (HKMA)

Discussant: W. Raphael Lam (IMF)

paper-3.zip

12:10 – 13:00

Corporate Default Risks in China
Shaun K. Roache* (IMF)
Daniel Law (IMF)

Discussant: Dragon Tang (University of Hong Kong)

paper-4.zip

13:00 – 14:00

Lunch

Afternoon Session Chair: Hongyi Chen (HKIMR)

Session 3

Banking Regulation and Credit Supply

14:00 - 14:50

How Does Macroprudential Regulation Change Bank Credit Supply?
Anil K. Kashyap (University of Chicago)
Dimitrios P. Tsomocos* (University of Oxford)
Alexandros P. Vardoulakis (Board of Governors of the Federal Reserve System)

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

paper-5.zip

14:50 – 15:40

How Capital Regulation and Other Factors Drive the Role of Shadow Banking in Funding Short-Term Business Credit
John V. Duca* (Federal Reserve Bank of Dallas)

Discussant: Torsten Ehlers (Bank for International Settlements)

paper-6.zip

15:40 – 16:10

Coffee Break

Session 4

China’s Credit Boom and Business Cycle

16:10 – 17:00

SOE and Chinese Real Business Cycle
Daoju Peng (Chinese University of Hong Kong)
Kang Shi* (Chinese University of Hong Kong)
Juanyi Xu (Hong Kong University of Science and Technology)

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

paper-7.zip

17:00 – 17:50

Will China’s Credit Boom End in a Bust?
Scott Davis* (Federal Reserve Bank of Dallas)
Adrienne Mack (Federal Reserve Bank of Dallas)
Wesley Phoa (The Capital Group Companies)
Anne Vandenabeele (The Capital Group Companies)

Discussant: Charles Yu (HKIMR)

paper-8.zip

18:30 – 20:00

Conference Dinner (By invitation only)

16 Jan 2015

8:30 – 9:00

Registration and Coffee

Morning Session Chair: Cho-Hoi Hui (HKMA)

Session 5

Banking Competition and Financial Stability

9:00 – 9:50

International Evidence on Bank Funding Profiles and Performance: Are Banks “Overbanked”?
Jose A. Lopez (Federal Reserve Bank of San Francisco)
Mark M. Spiegel* (Federal Reserve Bank of San Francisco)

Discussant: Eric Wong (HKMA)

paper-9.zip

9:50 – 10:40

Collateral, Market Structure and Relationship Lending — Identification through IPO
Bing Xu (Unviersity of Carlos III in Madrid)
Honglin Wang* (HKIMR)
Adrian Van Rixtel (Bank for International Settlements)

Discussant: Yue Ma (City University of Hong Kong)

paper-10.zip

10:40 – 11:10

Coffee Break

11:10 – 12:00

Banking Competition and Stability: The Role of Leverage
Xavier Freixas (Universitat Pompeu Fabra)
Kebin Ma* (The University of Warwick)

Discussant: Frank Song (The University of Hong Kong)

paper-11.zip

12:00 – 13:00

Sandwich Lunch

- End of Conference -

* : presenter

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