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Global Shocks and the New Global and Regional Financial Architecture

Event | 23 - 24 August 2016 Singapore

Purpose

This conference will bring together well-known scholars and experts on the international financial system and actively promote a discussion on relevant issues, which will contribute to the theoretical and empirical literature and regional policy dialogue. The conference will examine the reforms and innovations needed to reform the global financial architecture to develop regional financial architecture and to increase cooperation between global and regional institutions. This will help promote financial stability and sustainable economic growth for emerging Asian economies.

Background

The global financial crisis and its aftermath, including volatile capital outflows and the effects of unconventional monetary policies in advanced countries, have led to much debate about the shortcomings of the global financial architecture and possible reforms. Other recent global shocks with implications for financial stability include the slowdown in the People’s Republic of China (PRC) and the sharp drop in oil prices. Meanwhile, a regional financial architecture has begun to emerge in Asia as well, including the Chiang Mai Initiative Multilateralization (CMIM) and the ASEAN+3 Macroeconomic Research Office (AMRO).

ADBI has been involved in several research activities on reform of the international financial system and interactions between global and regional institutions related to financial stability. These include conferences such as International Cooperation in Times of Global Crisis Views from G20 Countries in New Delhi in 2010, Reform of International Monetary System: Asia Perspective in Tokyo in 2010, Reform of the International Monetary System in Tokyo in 2011, and The Evolving Global Architecture: From a Centralized to Decentralized System in Singapore in 2012. ADBI has also participated in various initiatives and presented policy recommendations at the G20 Leaders Summits.

However, there have been numerous developments since. The experience of the Troika (European Commission, European Central Bank [ECB], and the International Monetary Fund [IMF]) in managing the European sovereign debt crisis can provide valuable lessons for cooperation between multilateral and regional institutions in Asia. Regional institutions such as the CMIM have been strengthened significantly. The emergence of new shocks such as US monetary policy tightening; the adoption of negative-interest-rate policies by the ECB, the Bank of Japan, and three other central banks; the slowdown of the PRC; and the sharp drop in oil prices have highlighted the region’s continued vulnerability to volatile capital flows.

This conference will focus on the ongoing reform of the global financial architecture, including issues related to multilateral entities such as the IMF and the Financial Stability Board, their relations with regional counterparts, and recent developments in the regional financial architecture. These will be addressed in the context of the need to maintain national, regional, and global financial stability in the face of various global shocks, including monetary policy shifts in advanced countries, the slowdown in the PRC, and commodity price swings.

Objectives

The event will produce 14 research papers, which will be considered for publication as ADBI policy briefs or working papers, as well as in a special journal issue or as book chapters.

Participants

60 participants.

Output

  • Analysis of regional vulnerabilities in Asia to global monetary and real shocks
  • Capital flow management in response to global shocks
  • Developments in national financial regulation and supervision
  • Global and regional financial regulation and supervision
  • Regional and national support for financial stability, development, and integration
  • Financial safety nets, crisis prevention, and crisis management

How to register

By invitation only.

Language

English

Partners

S. Rajaratnam School of International Studies, Nanyang Technical University (RSIS), Singapore

Time of event

Day 1: 09:00 - 18:00 Day 2: 09:00 - 15:45