Media Releases
Published Date: 12 June 2020

Seventh Asian Monetary Policy Forum to Discuss Impact of COVID-19 on Global Economy

 

Singapore, 12 June 2020… The Asian Monetary Policy Forum (AMPF) is taking place for the seventh year today. The Forum will focus on the COVID-19 global pandemic, as well as the role of global safe assets in promoting macroeconomic and financial stability. Due to the COVID-19 outbreak, the Forum will be hosted online. Distinguished speakers from the International Monetary Fund (IMF), Peterson Institute for International Economics (PIIE) and Princeton University will share their views and insights via pre-recorded video presentations.

2     The AMPF is an annual flagship event co-organised and co-funded by Asian Bureau of Financial and Economics Research (ABFER), University of Chicago Booth School of Business, the National University of Singapore (NUS) Business School and Monetary Authority of Singapore (MAS). Since its inception in 2014, the AMPF has steadily acquired a profile as a valuable platform for eminent academics and participants to discuss the evolving monetary policy challenges confronting Asian policymakers, with the aim of raising the level of intellectual discourse.

3     This year’s programme begins with an opening address by Dr. Gita Gopinath, Economic Counsellor of the IMF and Director of its Research Department, and concurrently John Zwaanstra Professor of International Studies and of Economics at Harvard University. Dr. Gopinath will present the IMF’s assessment of the impact of COVID-19 on the global economy, with a special focus on the Asian region.

4     The keynote speech for AMPF 2020 is delivered by Dr. Adam S. Posen, President of the PIIE, and an internationally recognised expert on global economic and financial issues. Dr. Posen is well-qualified to share his views on what can be realistically expected in the global coordination efforts to contain the COVID-19 pandemic and mitigate its economic effects.

5     In line with the practice of previous years, the AMPF Commissioned Paper will address a pressing issue in the international monetary and financial system—the global scarcity of safe assets. Eminent monetary and financial economist, Professor Markus K. Brunnermeier, Edwards S. Sanford Professor of Economics and Director of the Bendheim Center for Finance at Princeton University will provide a discourse on this topic. Professor Brunnermeier’s paper is titled “A Safe Asset Perspective for an Integrated Policy Framework” and in his talk, he reviews the role of global safe assets as an essential component in policy frameworks to maintain macroeconomic and financial stability.

6     These issues are taken up further in a recorded discussion with Professor Bernard Yeung, Stephen Riady Distinguished Professor in Finance and Strategic Management at NUS Business School. The session will be facilitated by written comments, posted online, from the Commissioned Paper’s two discussants, Professor Frank R. Smets, Director General of the Directorate General Research of the European Central Bank and Professor of International Economics, Centre for Economic Studies, KU Leuven; and Professor Viral V. Acharya, C.V. Starr Professor of Economics, New York University Stern School of Business and former Deputy Governor of the Reserve Bank of India.

7     Professor Steven J. Davis, William H. Abbott Distinguished Service Professor of International Business and Economics at the University of Chicago Booth School of Business who sums up the proceedings remarked, “Chicago Booth is delighted to again support this thought-provoking forum in partnership with NUS Business School, ABFER and MAS. This year’s event brings together renowned economic experts to discuss the impact of the COVID-19 pandemic, the role of safe financial assets, and the implications for policy makers in Asia and beyond. We look forward to their insights and the opportunity to reflect on their policy recommendations in these extraordinary and challenging times.”

8     Professor Bernard Yeung, President of ABFER, said, “Utilising virtual technology, this year's AMPF features renowned experts' penetrating insights on the impact of the pandemic, viable international policy cooperation, and the role of safe assets in monetary-financial systems relevant to Asia.  There will be greatly stimulating learning amidst this challenging time. We are extremely thankful to the experts and participants for their contribution.  ABFER is most grateful to Chicago Booth, MAS, and NUS Business School for their partnership.”

9     Professor Andrew K. Rose, Distinguished Professor and Dean, NUS Business School said, “NUS Business School is pleased and honoured to be associated with the Asian Monetary Policy Forum. In a time of considerable peril for the global economy, it is heartening to know that the AMPF can bring together such eminent international experts so that all of Asia – and indeed, the entire world – can benefit from their insights.  That is especially true now, during a period of heart-stopping deglobalisation, when a global public health crisis has dramatically reduced international interactions while also causing the sharpest economic downturn in a century.”

10    Mr. Edward S. Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, who provides the introductory remarks to the Forum, said, “Despite the current global situation, I am pleased that we are able to continue with the Forum virtually for an engaging discourse on the particular properties of Covid-19’s economic impact. This year’s commissioned paper, an in-depth study on the role of specific financial assets as safe harbours to hedge risks, will be useful to policymakers in open economies striving for economic-financial stability using available instruments in an integrated way. Together with Chicago Booth, ABFER and NUS, MAS is pleased to advance the policy research agenda in AMPF2020.”

11    More information on AMPF and conference details can be found at http://www.abfer.org/events/abfer-events/asian-monetary-policy-forum/187:e-ampf2020

***

About the ABFER

ABFER aims 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.

For more information, please visit http://abfer.org .

About The University of Chicago Booth School of Business

Founded in 1898, The University of Chicago Booth School of Business is the second-oldest business school in the United States. With campuses in Chicago, London and Hong Kong, our mission is to create knowledge with enduring impact, and educate current and future leaders. The school is steadfast in its commitment to global engagement, leveraging the power of diverse perspectives to generate new ideas and create new opportunities for research and education. Chicago Booth has distinguished itself with nine Nobel laureates, and is proud to claim more than 54,000 alumni known throughout the business world as leaders who bring people together, solve problems, and drive meaningful change.

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 http://bschool.nus.edu.sg .

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 http://www.mas.gov.sg .