Fresh thinking on growth and development in Asia and the Pacific

Distinguished Speaker Seminar: Carry Trades, Interest Differentials, and International Monetary Reform

Event | 7 May 2012 ADBI, Tokyo, Japan


ADBI's Distinguished Speaker Seminar series brings eminent persons to ADBI to encourage debate among policymakers, researchers, academics, think tanks and other audiences interested in economic development challenges in Asia and the Pacific. In this seminar, Dr. Ronald McKinnon will discuss the topic, "Carry Trades, Interest Differentials, and International Monetary Reform."


Wide interest rate differentials across currencies make the world monetary system much more fragile whatever the exchange rate regime. Reform efforts should focus on international monetary harmonization that limits interest differentials while accepting the need for exchange rate buffers, such as capital controls, to limit hot money flows. In this seminar, Dr. McKinnon will focus on reform of the international monetary system, and the impact of carry trades and interest differentials, particularly from the viewpoint of emerging markets.

Dr. McKinnon is the William D. Eberle Professor of International Economics at Stanford University, where he has taught since 1961. He has been a consultant to central banks and finance ministries the world over, including international agencies such as the World Bank and International Monetary Fund. His fields of specialization are international economics and development finance. His most recent research and consulting interest has been on China.

Dr. McKinnon obtained a BA from the University of Alberta in 1956 and a PhD in economics from the University of Minnesota in 1961.


Policymakers, academics, media, and the general public.