Lessons from the Global Financial Crisis in the Age of COVID-19

 

November 23-25, 2020

The world is facing an unprecedented crisis. Pre-existing vulnerabilities in financial systems are intensifying in many economies, particularly for non-financial corporates, non-bank financial institutions and sovereign debt. We must prepare for post-pandemic financial reforms to secure financial stability. The IMF, together with The University of Tokyo, hosted the virtual conference “Lessons from the Global Financial Crisis in the Age of COVID-19” to bring together veteran and current policymakers and researchers from around the world to offer their insights on how best to manage financial risks during the current and future crises.

You can watch the videos on this website and the following IMF social media platforms:

Facebook for the English channel
IMF Asia Pacific Office (Day 1 / Day 2 / Day 3)

Twitter for Japanese interpretation 
@IMF_Tokyo (Day 1 / Day 2 / Day 3)

Details in Japanese are available at The University of Tokyo's website

 
 

Back to Top

Agenda

Session 1: Monday, November 23
Theme: Crisis Management Lessons

 Time  Program
9:00-9:10 pm
Japan time

Opening remarks:
Makoto Gonokami, President, The University of Tokyo

9:10-9:20 pm

Opening speech:
Kristalina Georgieva, Managing Director, International Monetary Fund (IMF)
Speech

9:20-10:50 pm

International crisis management during the GFC and lessons for the COVID-19 crisis

Moderator:
Gillian Tett, Chair Editorial Board and Editor-at-Large US, Financial Times

Panelists:
William Dudley, Senior Research Scholar, Griswold Center for Economic Policy Studies, Princeton University
Francesco Papadia, Senior Fellow of the Bruegel Institute
Presentation
Marianne Nessen, Senior Advisor to the Executive Board, Sveriges Riksbank
Hiroshi Nakaso, Project Professor, The University of Tokyo

Issues for discussion
International collaboration is critical for successful management and prevention of financial crises. This session will explore broad challenges and lessons for policymakers through drawing on experiences gained during the GFC, assessing policy responses during the current crisis and considering the challenges that lie ahead.

Session 2: Tuesday, November 24
Theme: International Cooperation; Risk Management

 Time  Program
9:00-9:10 pm
Japan time

Opening Remarks:
Haruhiko Kuroda, Governor, Bank of Japan
Speech (link to the Bank of Japan website)

9:15-9:30 pm

Navigating the Pandemic: Asia’s Multi-Speed Recovery
Jonathan D. Ostry, Acting Director, Asia and Pacific Department, IMF
Presentation

9:35-10:20 pm

International efforts to bolster cooperation and manage financial stability in the era of COVID-19

Moderator:
Takehiko Nakao, Chairman, Mizuho Research Institute

Panelists:
Ceyla Pazarbasioglu, Director, Strategy Policy and Review Department, IMF
Presentation
Masamichi Kono, Deputy Secretary-General, The Organisation for Economic Co-operation and Development (OECD)
Toshinori Doi, Director, ASEAN+3 Macroeconomic Research Office (AMRO)

Issues for discussion
Both global and regional cooperation are important to mitigate economic and financial risks during crises. This session will discuss how best to leverage such cooperation during the COVID-19 crisis to manage risks, including by drawing on lessons from the past.

10:25-11:10 pm

Adapting crisis tools to a changing financial landscape

Moderator:
Patricia Mosser, Professor, School of International and Public Affairs, Columbia University

Panelists:
Robin Brooks, Managing Director and Chief Economist, The Institute of International Finance (IIF)
Presentation
Shunsuke Shirakawa, Vice Commissioner for Strategy Development and Management, Financial Services Agency, Japan (JFSA)
Presentation
Kenichi Ueda, Associate Professor, The University of Tokyo
Presentation

Issues for discussion
Financial and economic risk emanate from both within and from outside the traditional core financial sector. This session will explore structural change and innovation driven through Fintech and similar channels, and the implications of this change for broader financial stability and the design of crisis-management tools. The session will also highlight the importance of good governance and efficient mechanisms in capital markets to help manage financial risk.

Session 3: Wednesday, November 25
Theme: Financial Regulation

 Time  Program
9:00-9:10 pm
Japan time

Opening Speech:
Ryozo Himino, Commissioner, JFSA

9:15-9:25 pm

Sustaining Financial Health during the COVID-19 Pandemic and on the Road to Recovery
Tobias Adrian, Director, Monetary and Capital Markets Department, IMF
Speech

9:30-11:00 pm

Financial regulatory measures during the GFC and lessons and measures for the COVID-19 crisis

Moderator:
Yoshihiro Kawai, Visiting Professor, The University of Tokyo

Panelists:
Stefan Ingves
, Governor, Sveriges Riksbank (by video)
Presentation | Short video | Full Presentation
Stijn Claessens, Head of Financial Stability Policy Department, Bank for International Settlements (BIS)
Nobuyuki Hirano, Chairman, Member of the Board of Directors, Mitsubishi UFJ Financial Group, Inc.
Takatoshi Ito, Professor, School of International and Public Affairs, Columbia University
Presentation

Financial regulation is a key component of managing financial risk and establishing good governance. This session will cover financial regulatory lessons from the GFC and how they can be applied to help manage financial risks. Specific issues include regulatory policies and their impact, resolution frameworks for the banking sector, solvency and liquidity management, and lessons from the GFC already applied during the current crisis.

11:00-11:10 pm

Closing remarks on public sessions:
Tsutomu Watanabe, Dean, Graduate School of Economics, The University of Tokyo

Back to Top

Speakers and Panelists

Session 1: Monday, November 23

Opening Remarks Opening Speech 

Makoto Gonokami
President, The University of Tokyo
Bio

IMF Managing Director Kristalina GeorgievaKristalina Georgieva
Managing Director, IMF
Bio

Moderator  

Ms. Gillian Tett, Chair Editorial Board and Editor-at-Large US, Financial TimesGillian Tett
Chair Editorial Board and Editor-at-Large US, Financial Times
Bio


Panelists  

William Dudley
Senior Research Scholar, Griswold Center for Economic Policy Studies, Princeton University
Bio

Francesco Papadia
Senior Fellow of the Bruegel Institute
Bio

 
 

Marianne Nessen
Senior Advisor to the Executive Board, Sveriges Riksbank
Bio

Hiroshi Nakaso
Project Professor, The University of Tokyo
Bio

Session 2: Tuesday, November 24

Opening Remarks  

Haruhiko Kuroda
Governor, Bank of Japan
Bio

Jonathan Ostry, Acting Director, Asia and Pacific Department, IMFJonathan D. Ostry
Acting Director, Asia and Pacific Department, IMF
Bio

Moderator  

Takehiko Nakao
Chairman, Mizuho Research Institute
Bio


Panelists  

Ceyla Pazarbasioglu, Director, Strategy, Policy, and Review Department, IMFCeyla Pazarbasioglu
Director, Strategy Policy and Review Department, IMF
Bio

Masamichi Kono
Deputy Secretary-General, OECD
Bio

Toshinori Doi
Director, AMRO
Bio


Moderator
 

Patricia Mosser
Professor, School of International and Public Affairs, Columbia University
Bio

 
Panelists
 

Robin Brooks
Managing Director and Chief Economist, IIF
Bio

Shunsuke Shirakawa
Vice Commissioner for Strategy Development and Management, JFSA
Bio

Associate Professor, The University of TokyoKenichi Ueda
Associate Professor, The University of Tokyo
Bio

 

Session 3: Wednesday, November 25

Opening Speech  

Ryozo Himino
Commissioner, JFSA
Bio

Tobias Adrian
Director, Monetary and Capital Markets Department, IMF
Bio

Moderator  

Yoshihiro Kawai
Visiting Professor, The University of Tokyo
Bio


Panelists  

Stefan Ingves
Governor, Sveriges Riksbank
Bio

Stijn Claessens
Head of Financial Stability Policy Department, BIS
Bio

Nobuyuki Hirano
Chairman, Member of the Board of Directors, Mitsubishi UFJ Financial Group, Inc.
Bio

Prof. Takatoshi ItoTakatoshi Ito
Professor, School of International and Public Affairs, Columbia University
Bio

Closing Remarks
 

Tsutomu Watanabe
Dean, Graduate School of Economics, The University of Tokyo
Bio