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MACROECONOMIC REBALANCING FOR SUSTAINABLE GROWTH

Jointly organized by the Bank of Korea and the IMF Regional Office for Asia and the Pacific
Seoul, Korea

November 20–21, 2014


The global economy is currently in transition, recovering gradually from the Great Recession. In order to ensure that the growth path is sustainable, a better balance of global demand and domestic sources of growth is crucial. Economies in which exports have led growth need to shift gears in their growth strategies toward domestic demand-driven growth. In other economies, high debt levels should be corrected and competitiveness enhanced. This rebalancing process will take time, and it is posing challenges to macro policy. This seminar, jointly organized by the Bank of Korea and by the IMF Regional Office for Asia and the Pacific (OAP), brings together leading academics and policy makers to seek to address some crucial questions related to the rebalancing process, including: What is the optimal path of rebalancing, and how is it affected by demographic change and other structural characteristics of the global economy? Should monetary policy contribute to rebalancing and is this compatible with its main goal of ensuring price stability? What will be the effects of the normalization of monetary policy in advanced economies on the rebalancing process in the global economy as a whole? What role should other policies, e.g. fiscal, structural and financial sector reform, play in the rebalancing process?

Wednesday, 19 November 2014

19:00–21:00

Welcome Reception

Thursday, 20 November 2014

9:00–9:30

Conference Registration

9:30–9:40

Opening Address

Juyeol Lee, Governor, Bank of Korea
Speech

Session 1

Monetary Policy, Fiscal Sustainability and Macroeconomic Rebalancing

Chair: Woosik Moon, Monetary Policy Committee Member, Bank of Korea

9:45–11:00

Can Rebalancing Help in Attaining Sustainable Growth?

Speaker: Il Houng Lee, President, Korea Institute for International Economic Policy

Discussants: Giovanni Ganelli, Senior Economist, Regional Office for Asia and the Pacific, International Monetary Fund

Chuin Hwei Ng, Senior Specialist, ASEAN+3 Macroeconomic Research Office

11:00–11:15

Coffee Break

11:15–12:30

Overcoming the Public Debt Overhang – Strategies for the Eurozone

Speaker: Beatrice Weder di Mauro , Professor of Economics, Johannes Gutenberg University of Mainz

Discussants: Gerwin Bell , Chief Economist for Asia, Prudential Financial

Frank Moss, Director General, International and European Relations, European Central Bank

12:30–13:45

Luncheon

13:45–14:15

Keynote Address

Speaker: John Lipsky, Senior Fellow, Foreign Policy Institute, Johns Hopkins University

Session 2

Policy Response to Crises and Macroeconomic Rebalancing

Chair: Young Kyung Suh, Deputy Governor, Bank of Korea

14:15–15:30

Why Did Latin America and Developing Countries Perform Better in the Global Financial Crisis than in the Asian Crisis?

Speaker: José De Gregorio, Professor, Universidad de Chile

Discussants: Jong-Wha Lee, Professor, Korea University

Jae-Ha Park, Deputy Dean, Asian Development Bank Institute

15:30–15:45

Coffee Break

15:45–17:00

External Rebalancing After the Global Crisis

Speaker: Gian Maria Milesi-Ferretti, Deputy Director, Research Department, International Monetary Fund

Discussants: Yuko Kinoshita , Deputy Head of Office, Regional Office for Asia and the Pacific, International Monetary Fund

Junhan Kim, Director, Macroeconomic Modeling Division, Bank of Korea

18:00–21:00

Dinner

Friday, 21 November 2014

8:45–9:00

Coffee

Session 3

Structural Reforms and Macroeconomic Rebalancing

Chair: Jean-Luc Schneider, Deputy Director of Policy Studies, Economics Department, OECD

9:00–10:15

China’s Economic Transition Syndrome

Speaker: Zhang Bin , Senior Fellow, Institute of World Economics and Politics, Chinese Academy of Social Sciences

Discussants: Frank Packer, Head of Economics and Financial Markets, Representative Office for Asia and the Pacific, Bank for International Settlements

Sungwook Park, Director, Macroeconomic & International Finance Division, Korea Institute of Finance

10:15–10:30

Coffee Break

10:30–12:00

Panel Discussion

Moderator: Jun Il Kim , Deputy Governor, Bank of Korea

Panellist: Frank Moss, Director General, International and European Relations, European Central Bank

Panellist: Bandid Nijathaworn , Visiting Professor, Hitotsubashi University

Panellist: Cyn-Young Park, Assistant Chief Economist, Asian Development Bank

Panellist: John C. Williams, President and Chief Executive Officer, Federal Reserve Bank of San Francisco

12:00–12:15

Closing Remarks

Odd Per Brekk, Director, Regional Office for Asia and the Pacific, International Monetary Fund

12:15–13:30

Farewell Luncheon