Asian Monetary Policy Forum (AMPF) 2017

The Asian Monetary Policy Forum (AMPF) was held for the fourth time in Singapore on 26 May 2017.  As in past years, this flagship event offered a valuable platform for globally prominent academics, policymakers and financial practitioners to exchange views and share insights on the pertinent economic, financial and monetary policy issues confronting Asia.

Joint Dinner for ABFER and AMPF

A joint ABFER/AMPF dinner on 25 May 2017 marked the close of the annual ABFER 4-day conference, and the official opening of the AMPF. The dinner featured a keynote speech by Professor Raghuram G. Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance from the University of Chicago Booth School of Business. Professor Rajan explained why advanced countries’ central banks had embarked on unconventional monetary policies, what the effects have been and what the consequences of exit might be. Finally, he addressed the issue of whether central banks had become politically vulnerable as a result of their existing mandate, and whether there was a need for some international “rules of the game” to limit undue monetary policy spillovers.

Keynote Address by Dr. Willem Buiter, Chief Economist of Citigroup

Dr. Willem Buiter took stock of recent developments in the world economy and shared his views on the pickup in global growth momentum. He also highlighted risks that appeared to be underweighted by markets, such as a possible increase in trade protectionism, the rise of anti-immigration sentiment, structural reform challenges and geopolitical uncertainties. 
 
Commissioned Paper and Discussions

Professor Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth at Harvard University’s Kennedy School of Government presented the commissioned paper on “Systematic Managed Floating”. He revisited his earlier research spanning the last few decades on different exchange rate regimes and defined an intermediate system called “systematic managed floating”, whereby the central bank absorbs pressures on the currency through a combination of exchange rate flexibility and foreign exchange market intervention. He also empirically examined the issue of whether the choice of exchange rate regime made a difference and found that systematic managed floating allowed the exchange rate to serve as a buffer to external shocks. The commissioned paper was discussed by Professor Andrew Rose, Bernard T. Rocca Jr. Professor at the Haas School of Business, University of California, Berkeley and Professor Assaf Razin, Professor Emeritus at Tel Aviv University. 

Panel Dialogue

The afternoon segment of the AMPF consisted of a panel dialogue, moderated by Professor Steven Davis, between three distinguished policymakers and economists: Mr Tharman Shanmugaratnam, Deputy Prime Minister of Singapore, Coordinating Minister for Economic and Social Policies and Chairman of MAS; Dr. Jacob A. Frenkel, Chairman of JP Morgan Chase International; and Professor Raghuram G. Rajan. The panelists discussed the challenges confronting the global economy as well as the deeper reforms to the international monetary and financial architecture needed to secure long-term stability.

 

Last Modified on 02/06/2017