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Macro-Prudential Policies: Asian Perspectives
Sponsored by the IMF, hosted by the People’s Bank of China
Shanghai, People’s Republic of China
October 18, 2010


The recent financial crisis has forced a revisiting of the prevailing macroeconomic policy paradigm. The critical message that has emerged is that macroeconomic policymakers need to take greater account of financial stability and correspondingly may need additional instruments to meet this new objective. The challenge, therefore, is to define more clearly which institutions should take on this new responsibility and to define the specific instruments that are needed.

This conference aims to further the debate on incorporating macro-prudential instruments into the broader macro-policy architecture. It first seeks to define the institutional contours of a new macro-prudential policy framework. Second, it discusses the range of macro-prudential tools that could be applied to mitigate systemic risk and procyclicality, including regulatory norms and taxes. Third, it discusses country experiences, including from within the Asian region, with a particular emphasis on the implications for macro-prudential policies of capital flows. Finally, it discusses the implications of a macroprudential approach for central bank policies.

Program

Shanghai, People’s Republic of China, October 18, 2010

8:30 am WELCOMING REMARKS
Zhou Xiaochuan, Governor, the People’s Bank of China

9:00 am SESSION I: THE MACRO-PRUDENTIAL FRAMEWORK

Panel Chair: William White, Chair of the Economic and Development Review Committee, OECD

Session introduction note
Session summary of presentations and discussions

10:30 am BREAK

11:00 am SESSION II: COMPONENTS OF MACRO-PRUDENTIAL REGULATION—SYSTEMIC RISK, TAXES, BANK CAPITAL POLICIES

Panel Chair: Hyun Song Shin, Senior Officer to the President for International Economy, Korea

Session introduction note
Session summary of presentations and discussions

12:30 pm LUNCHEON
2:00 pm SESSION III: MACRO-PRUDENTIAL MEASURES AND CAPITAL FLOWS

Panel Chair: Sir Andrew Large, Chairman, Senior Advisory Board, Oliver Wyman

Session introduction note
Session summary of presentations and discussions

3:30 pm BREAK

4:00 pm ROUND TABLE: THE CHANGING ROLE OF THE CENTRAL BANK

Panel Chair: José Viñals, Financial Counselor and Director of the Monetary and Capital Market Department, IMF

Session introduction note
Session summary of presentations and discussions

5:30 pm CLOSING REMARKS
Dominique Strauss-Kahn, Managing Director, IMF

6:00 pm JOINT PRESS CONFERENCE
John Lipsky, First Deputy Managing Director, IMF
Yi Gang, Deputy Governor, the People’s Bank of China