Media Releases
Published Date: 26 May 2021

Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference on “Macro-Financial Stability Policy in a Globalised World: Lessons from International Experience”


Singapore, 26 May 2021… The Asian Monetary Policy Forum (AMPF) convenes today for the eighth year.  MAS and the Bank for International Settlements (BIS) have organised a conference for the Special Edition of the AMPF and MAS-BIS Conference on “Macro-Financial Stability Policy in a Globalised World:  Lessons from International Experience”. The Forum will focus on macro-financial stability frameworks and feature advanced and emerging market economies’ experiences with monetary, macroprudential, exchange rate and capital flow management policies.

2   This year’s AMPF gathers central bank governors, senior officials and leading academics, to discuss macroprudential policies that safeguard financial stability and complement monetary policy in the context of international spillovers. Due to COVID-19-related travel restrictions, the Forum will be held virtually from 26 to 28 May 2021. 

3   The Forum will commence with opening remarks by Mr Ravi Menon, Managing Director of the MAS, and Mr Agustín Carstens, General Manager of the BIS. The keynote speech will be delivered by Professor Anil K. Kashyap, Stevens Distinguished Service Professor of Economics and Finance, University of Chicago Booth School of Business. Professor Kashyap will highlight that financial stability risks that are unattended in one jurisdiction tend to spread beyond their point of origin, reflecting the interconnected nature of the global financial system in the regulatory domain.

4   The subsequent sessions of the Forum will consider the experiences of different groups of economies in the practice of macro-financial stability policies. The aim is to identify the specific characteristics associated with their unique approaches. In addition, there will be four thematic chapters that draw out generalised lessons and principles on the approach of macro-financial policies and to lay the foundations of a formalised, analytical framework. 

5   Mr Claudio Borio, Head of the Monetary and Economic Department, BIS, said “It is very timely for the MAS and the BIS to co-organise this conference, considering active discussions on integrated policy frameworks in international fora and challenges posed by the Covid-19 pandemic. This joint conference will serve well the global central bank community in designing macro-financial stability frameworks to achieve macroeconomic, financial and external stability objectives.”

6   Mr Hyun Song Shin, Economic Adviser and Head of Research, BIS, said, “We appreciate the contributions by current and former senior central bankers and leading academics to the conference. Their state-of-the-art research in this field helps us understand the transmission channels of macro-financial risks and the effectiveness of different policy tools. Such research will also guide us in establishing holistic macro-financial stability frameworks.”

7   Professor Bernard Yeung, President of the Asian Bureau of Finance and Economic Research (ABFER) and Stephen Riady Distinguished Professor in Finance and Strategic Management at NUS Business School and Professor Steven J. Davis, William H. Abbott Distinguished Service Professor of International Business and Economics at The University of Chicago Booth School of Business welcomed this year’s Special Edition of the AMPF. “We are most delighted that the MAS and BIS are organising this year’s Special Edition of the AMPF, with support from the ABFER and Chicago Booth. The global economy faces many challenges. This virtual forum brings together eminent experts from advanced and emerging markets to share their valuable insights and experiences on using monetary and macroprudential policies to maintain macro and financial stability. The sharing is particularly essential in this time of significant uncertainties facing the international financial markets.”

8   Mr. Edward S. Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, said, “I am pleased that AMPF is able to continue for the eighth year. We are honoured to have the BIS as our conference partner to advance the discourse on consistent macro-financial stability policy frameworks in today’s highly complex global financial system.  In the tradition of past AMPFs, the discussions will draw on the collective insights of participants, bringing together the analytical and country experiences perspectives on this most pertinent issue facing open economies. I would also like to thank our AMPF partners Chicago Booth, ABFER and NUS for their ongoing support as we advance the international finance policy research agenda through AMPF 2021.”

9   More information on AMPF and conference details can be found at .


About the AMPF

The AMPF is an annual flagship event co-organised and co-funded by the 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 policymakers, eminent academics and industry participants to discuss the evolving monetary policy challenges confronting Asia and the rest of the world, with the aim of raising the level of intellectual discourse in the region. It is co-organised by Professor Bernard Yeung, President of ABFER Stephen Riady Distinguished Professor in Finance and Strategic Management at NUS Business School and Professor Steven J. Davis, William H. Abbott Distinguished Service Professor of International Business and Economics at The University of Chicago Booth School of Business.

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 .

About the Bank for International Settlements (BIS)

Established in 1930, the Bank for International Settlements is the oldest international financial institution. It is owned by 63 central banks, representing countries from around the world that together account for 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in Hong Kong SAR and in Mexico City, as well as Innovation Hub Centres around the world.

The BIS’ mission is to support central banks’ pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks. To do so, the BIS provides central banks with:

  • A forum for dialogue and broad international cooperation
  • A platform for responsible innovation and knowledge-sharing
  • In-depth analysis and insights on core policy issues
  • Sound and competitive financial services

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 .

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 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.