The Third Asian Monetary Policy Forum Discusses Pertinent Regional Economic and Financial Issues
Singapore, 27 May 2016…The Asian Monetary Policy Forum (AMPF) convenes for the third year in Singapore today at the Shangri-La Hotel. Held in conjunction with the annual conference of the Asian Bureau of Finance and Economic Research (ABFER) taking place from 23–26 May 2016, the Forum is co-organised and funded by the University of Chicago Booth School of Business, the National University of Singapore (NUS) Business School and the Monetary Authority of Singapore (MAS).
2 The AMPF offers a valuable platform for globally prominent academics, financial practitioners and policymakers to discuss monetary policy issues in the Asian context. The conference allows participants to exchange views and share insights in their areas of expertise, with the aim of raising the level of intellectual discourse on economic and monetary challenges confronting Asian policymakers. The organisers have been very encouraged by the high-level participation at this Forum.
3 A joint ABFER/AMPF dinner last night marked the close of the annual ABFER conference, as well as the official opening of the AMPF. The dinner keynote speech on “Fissures in the Global Financial System” was delivered by Professor Kenneth Rogoff from Harvard University. His lecture placed current global growth in the historical perspective of past recoveries from financial crises, and also suggested a way to circumvent the constraint to monetary policy posed by the interest rate zero lower bound.
4 In his keynote address to the AMPF today, Dr. Zhu Min, Deputy Managing Director of the International Monetary Fund, will speak on “Monetary Policy Challenges: Asia in the World”. Dr. Zhu will describe the prevailing trends in the global economy, including the persistence of lower growth, falling inflation, higher market volatility, the adoption of negative interest rates and the impact of China’s economic rebalancing. He will also give an overview of the progress of regional monetary policy frameworks and emphasise the continued importance of globalisation to Asia, which remains the most dynamic region in the world.
5 Dr. Zhu’s address will be followed by the presentation of a commissioned paper by Professor Olivier Blanchard, the former Chief Economist of the IMF and currently C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, on “Currency Wars, Coordination and Capital Controls”. Professor Blanchard’s paper explores the channels through which the macroeconomic policies of the advanced economies impact emerging markets. In view of these spillover effects, Professor Blanchard considers both the scope for international policy coordination and the potential role of capital controls as macroeconomic and financial stability instruments. Professor Blanchard’s paper will be discussed by Professor Takatoshi Ito from Columbia University and Professor Stephen Cecchetti from the Brandeis University International Business School.
6 At lunch, Professor Steven Davis of the University of Chicago Booth School Of Business will engage Mr Tharman Shanmugaratnam, Deputy Prime Minister, Coordinating Minister for Economic and Social Policies and MAS Chairman in a dialogue on Singapore’s social and economic challenges.
7 The afternoon segment of the AMPF consists of a panel discussion on the latest economic challenges and policy issues confronting Asia, moderated by Mr David Marsh from the Official Monetary & Financial Institutions Forum (OMFIF). The invited panellists are outstanding policymakers and practitioners in their respective fields, including Mr Ravi Menon, Managing Director of Monetary Authority of Singapore, Professor Yu Yongding, Academic Advisor of Chinese Academy of Social Sciences, Dr. Eli Remolona, Chief Representative of the BIS Representative Office for Asia and the Pacific, and Dr. Frederic Neumann, Co-head of Asian Economics and Managing Director at the Hongkong and Shanghai Banking Corporation Limited.
8 Professor Steven Davis, William H. Abbott Professor of International Business and Economics from the University of Chicago Booth School Of Business remarked that “Chicago Booth is extremely pleased to join the NUS Business School, Asia Bureau of Finance and Economics Research, and the Monetary Authority of Singapore in sponsoring the Third Asian Monetary Policy Forum, which gathers an extraordinary group of scholars, policymakers, business leaders and market participants. This year’s Forum promises to throw new light on the long-term effects of financial crises, the scope for international policy coordination, and other key issues facing policymakers in Asia and around the world.”
9 Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor at NUS Business School, said: “Each year, AMPF brings together globally renowned scholars, practitioners, and policymakers to discuss important issues relevant to Asia's central bankers, as well as to the global monetary system and economy. ABFER and NUS Business School are pleased to collaborate with MAS and Chicago Booth to develop this meaningful Forum, which has become a highly respected platform for profound exchanges that benefit research, policymaking and management. Thanks to the speakers and participants, AMPF is truly a successful global event with an Asian focus.”
10 Mr Edward Robinson, Assistant Managing Director (Economic Policy) & Chief Economist, MAS, said: “MAS is delighted that this third year of the AMPF continues to attract a host of distinguished scholars and practitioners to provide insights on the pressing monetary and financial issues of our time. The invited speakers will shed light on topics as varied as the prospects for the global economy, the policy trade-offs faced by central bankers in the region, as well as the weighty question of how to strengthen the functioning of the international monetary system. I believe the coming together of some of the foremost thinkers and eminent commentators in these areas will result in an enriching experience for AMPF participants. The Forum has emerged as an important platform for surfacing economic and financial policy-relevant research and insights with a strong regional focus. We are pleased to be able to partner Chicago Booth, ABFER and NUS again for this Forum.”
About the ABFER
ABFER intends to create a virtual and independent network of high-quality academics akin to the National Bureau of Economic Research and Centre for Economic Policy Research, as well as hold conferences and workshops. Its objectives include:
- To promote Asia-Pacific oriented financial and economic research at local, regional and international levels;
- To connect globally prominent academic researchers, practitioners and public policy decision-makers on Asia-Pacific related financial and economic issues; and
- To enhance the research capabilities and development of strong clusters of finance and economic research groups in academic institutions and other institutions in Singapore and Asia-Pacific.
About the University of Chicago Booth School of Business
The University of Chicago Booth School of Business is consistently ranked among the top business schools in the world, having produced leaders who have shaped the world of business since 1898. Among Chicago Booth’s renowned faculty are seven Nobel Prize winners, and its graduates include dozens of notable business leaders across the U.S. and worldwide.
As part of the world-renowned University of Chicago, Chicago Booth shares the university’s core values that shape its distinctive intellectual culture. Its rigorous, discipline-based approach to business education transforms students into effective and respected business leaders who are prepared to meet the challenges of today’s business environment. For more information, please visit .
About NUS Business School
NUS Business School is known for providing management thought leadership from an Asian perspective, enabling its students and corporate partners to leverage global knowledge and Asian insights. The school has consistently received top rankings in the Asia-Pacific region by independent publications and agencies.
The school is accredited by AACSB International (Association to Advance Collegiate Schools of Business) and EQUIS (European Quality Improvement System), and is a member of the GMAC Council, Executive MBA Council, Partnership in Management (PIM) and CEMS (Community of European Management Schools) – endorsements and affiliation with organisations of high repute in the education circle that attest to the school’s highest standards for business education. For more information, please visit .
About Monetary Authority of Singapore (MAS)
As Singapore's central bank, 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, adopting a consistent and progressive regulatory and supervisory approach and framework to ensure a level playing field across all market segments, sectors and activities. With its mandate to foster a sound and progressive financial services sector, MAS also helps shape Singapore's financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. 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. For more information, please visit .