Workshop on

“Recent Developments and Future Prospects of the International Monetary System”

August 24-25, 2023, Hong Kong

Co-organized by
Hong Kong Institute for Monetary and Financial Research (HKIMR)
ASEAN+3 Macroeconomic Research Office (AMRO)
European Central Bank (ECB)
European Stability Mechanism (ESM)
Bank of Finland Institute for Emerging Economies (BOFIT)



Workshop summary can be downloaded here.

<Thursday, August 24, 2023>
8:30 a.m. – 9:00 a.m. Registration and Welcome Coffee

9:00 a.m. – 9:05 a.m. Opening Remarks
Enoch Fung, Chief Executive Officer, The Hong Kong Academy of Finance and Executive Director, HKIMR
9:05 a.m. – 9:15 a.m Welcoming Remarks
Eddie Yue, Chief Executive, Hong Kong Monetary Authority
9:15 a.m. – 11:15 a.m. Session 1 – Currency Usage for cross-border payments, bank loans and external balance sheets
Chair: Iikka Korhonen, BOFIT

“Currency Usage for Cross-Border Payments” [Paper]
Longmei Zhang, International Monetary Fund
Roshan Iyer, International Monetary Fund
Hector Perez-Saiz, International Monetary Fund

“Determinants of currency choice in cross-border bank loans” [Paper]
Peter McQuade, European Central Bank
Lorenz Emter, European Central Bank
Swapan-Kumar Pradhan, Bank for International Settlements
Martin Schmitz, European Central Bank

“Currencies of External Balance Sheets”[Slides]
Luciana Juvenal, International Monetary Fund
Cian Allen, International Monetary Fund
Deepali Gautam, International Monetary Fund

Discussion and Q&A
11:15 a.m. – 11:30 a.m. Coffee Break

11:30 a.m. – 1:30 p.m. Session 2 - Capital Flow, Exchange Rate and Invoicing Currency Concentration
Chair: Phakawa Jeasakul, International Monetary Fund

“Capital Flows and Exchange Rates: A Quantitative Assessment of the Dilemma Hypothesis” [Paper] [Slides]
Shangshang Li, University of Oxford
Ambrogio Cesa-Bianchi, Bank of England, CEPR, and CfM
Andrea Ferrero, University of Oxford, CEPR, and CfM

“Granular Banking Flows and Exchange-Rate Dynamics” [Paper] [Slides]
Balduin Bippus, University of Cambridge
Simon Lloyd, Bank of England and Centre for Macroeconomics
Daniel Ostry, Bank of England and Centre for Macroeconomics

“Invoicing Currency Concentration and Currency Risk Premia” [Slides]
Nick Sander, Bank of Canada
Julien Bengui, Bank of Canada and CEPR

Discussion and Q&A
1:30 p.m. – 2:30 p.m. In-house Lunch (By invitation)
2:30 p.m. – 4:30 p.m. Session 3 - International Use of Renminbi
Chair: Hans Genberg, Asia School of Business

“Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks” [Paper]
Longmei Zhang, International Monetary Fund
Hector Perez-Saiz, International Monetary Fund

“The RMB as a trade settlement currency: An exploratory analysis of economic vs institutional determinants” [Slides]
Alicia García-Herrero, Natixis
Alessia Amighini, ISPI
Haoxin Mu, Natixis

“Dual Approach for One Goal: The Internationalization of Renminbi during 2010-2021” [Slides]
Qing Liu, Tsinghua University
Wenlan Luo, Tsinghua University
Jiatong Niu, Tsinghua University

Discussion and Q&A
4:30 p.m. – 4:45 p.m. Coffee Break

4:45 p.m. – 6:30 p.m. Session 4 - International Roles of Euro and Dollar
Chair: Gergely Hudecz, European Stability Mechanism

“The EU’s Response to the COVID-19 Crisis: A Game Changer for the International Role of the Euro?” [Paper] [Slides]
Heliodoro Temprano Arroyo, European Commission

“Dollar trinity and the Global Financial Cycle” [Slides]
Georgios Georgiadis, European Central Bank
Gernot J. Müller, University of Tübingen and CEPR
Ben Schumann, Free University of Berlin

“Dollar Funding Shortage - A New Database and New Evidence” [Paper] [Slides]
Maylin H. Sun, American University, Washington DC

Discussion and Q&A
6:30pm Conference Dinner (By invitation)

<Friday, August 25, 2023>

9:00 a.m. – 10:00 a.m.
Policy Panel

Panel 1: How to Manage the International Monetary and Financial System in a More Fragmented Geo-Economic World?

Chair: Rolf Strauch, European Stability Mechanism

Linda Goldberg, Federal Reserve Bank of New York (Virtual) [Slides]
Fabio Natalucci, International Monetary Fund (Virtual)
Chengjun Zhou, The People’s Bank of China (Virtual)
Benoit Mojon, Bank for International Settlements

10:00 a.m. – 11:00 a.m. Panel 2: Policy Initiatives in a Changing International Monetary System

Chair: Arnaud Mehl, European Central Bank

Dong He, International Monetary Fund (Virtual) [Slides]
Kouqing Li, ASEAN+3 Macroeconomic Research Office [Slides]
Saleem Bahaj, UCL

11:00 a.m. – 11:15 a.m. Coffee Break

11:15 a.m. – 12:35 p.m. Session 5 - Crypto Assets and their Implications
Chair: Ilhyock Shim, Bank for International Settlements

“Crypto Currencies and Banking Sector Connectedness: Don’t Worry, Be Happy . . . for Now”
Jorge A. Chan-Lau, ASEAN+3 Macroeconomic Research Office
Toan Long Quach, ASEAN+3 Macroeconomic Research Office
Liyang Tang, ASEAN+3 Macroeconomic Research Office

“The Crypto Cycle and US Monetary Policy” [Paper] [Slides]
Alexander Copestake, International Monetary Fund
Natasha Che, International Monetary Fund
Davide Furceri, International Monetary Fund
Tammaro Terracciano, IESE Business School (Barcelona)

Discussion and Q&A

12:35 p.m. Adjourn
Conference Lunch (By invitation)