Media Releases
Published Date: 28 June 2013

Distinguished financial economist Professor Darrell Duffie appointed as MAS Term Professor at NUS

Monetary Authority of Singapore            National University of Singapore

Singapore, 28 June 2013 – The National University of Singapore (NUS) and the Monetary Authority of Singapore (MAS) have jointly appointed Professor Darrell Duffie, Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, as MAS Term Professor in Economics and Finance from 30 June to 6 July 2013. Professor Duffie will be hosted by the NUS Faculty of Arts and Social Sciences’ Department of Economics, the NUS Business School, and the Economic Policy Group at the MAS during the term of the Professorship.

2   Professor Duffie is a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York, a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, and a Fellow of the American Academy of Arts and Sciences. Professor Duffie was the 2009 president of the American Finance Association. His recent work has focused on how the behaviour of financial intermediaries impacts the re-allocation of capital from one segment of asset markets to another, and the implications of imperfect trading opportunities for asset price behaviour, especially in over-the-counter markets. Professor Duffie’s recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

3   Mr Ong Chong Tee, Deputy Managing Director, MAS, welcomed Professor Duffie’s appointment as the sixth MAS Term Professor.  "Professor Duffie is the leading expert in his field, and his research has helped provide deep insights into financial market behaviour and guide policy formulation for the financial sector.  His visit is most timely, and MAS is honoured to have this opportunity to engage Professor Duffie on the current issues facing the financial industry,” said Mr Ong. 

4   Professor Brenda Yeoh, Dean, NUS Faculty of Arts and Social Sciences, said, “Professor Duffie is one of the most influential financial economists of this era and we are very pleased to welcome him to NUS. In addition to his strong academic background, Professor Duffie also has a wealth of practical knowledge from his time advising officials in the US Treasury, the Federal Reserve and other US federal agencies. We look forward to the dialogue with him in the coming days.”

5   Professor Duffie will deliver a public lecture at NUS on 4 July 2013 where he will discuss the appropriate regulatory boundaries of the banking system in the light of the financial crisis of 2007-2009, recently enacted laws, and proposed new regulations. He will also meet with NUS students, faculty members and government officials from various agencies during his time here.

6   The MAS Term Professorship was established in 2009 to help strengthen Singapore's financial and economic research infrastructure and contribute to a vibrant research community and culture at local universities.

About National University of Singapore (NUS)

A leading global university centred in Asia, the National University of Singapore (NUS) is Singapore’s flagship university which offers a global approach to education and research, with a focus on Asian perspectives and expertise.
NUS has 16 faculties and schools across three campuses. Its transformative education includes a broad-based curriculum underscored by multi-disciplinary courses and cross-faculty enrichment. Over 37,000 students from 100 countries enrich the community with their diverse social and cultural perspectives.
NUS has three Research Centres of Excellence (RCE) and 23 university-level research institutes and centres. It is also a partner in Singapore’s 5th RCE. NUS shares a close affiliation with 16 national-level research institutes and centres. Research activities are strategic and robust, and NUS is well-known for its research strengths in engineering, life sciences and biomedicine, social sciences and natural sciences. It also strives to create a supportive and innovative environment to promote creative enterprise within its community.  
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About Monetary Authority of Singapore

As Singapore's central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore's exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore -- banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. Being an integrated supervisor allows the MAS to adopt a consistent and progressive regulatory and supervisory approach and framework, thereby ensuring a level playing field across all market segments, sectors and activities. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore's financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore's financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

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