8 - 9 December 2020
Online
Time of event
Day 1: 16:30–19:35 Tokyo time
Day 2: 16:30–20:00 Tokyo time
Summary
The impact of COVID-19 and related containment measures continue to weigh on economic growth in Asia, while trade and geopolitical tensions undermine prospects for a rapid recovery. At the same time, slower global economic activity and ultra-loose monetary policies could lead to corporate financial instability and a wave of corporate defaults.
Digitalization could help strengthen Asian capital markets in the current climate, though there are related risks. For example, Big Tech’s development of financial services and other sophisticated offerings based on social media user data and brand loyalty could accelerate growth within the sector, but also threatens to destabilize the financial system.
Co-hosted by ADBI and the Organisation for Economic Co-operation and Development (OECD), the 20th Roundtable on Capital Market and Financial Reform in Asia explored emerging policy challenges and opportunities for enhancing capital flows and financial markets in the region amid the COVID-19 crisis.
The focus was on the growing vulnerabilities caused by unprecedented monetary policy accommodation and fiscal stimulus, as well as increasing household and corporate debt. Other topics included novel financial services and regulation; the impacts of legal tender alternatives such as cryptocurrency and stable currency; and regulatory approaches to environmental, social and governance investment.
Objectives
- Provide recommendations for addressing the COVID-19 pandemic and challenges it poses to Asian capital markets, financial reform, and economic recovery
- Share broad perspectives and policy experiences related to capital market development and financial technologies
- Better equip Asian policy makers to manage capital and financial markets in the face of COVID-19
Participants
- Senior government officials from Asian Development Bank (ADB) member economies, including experts from the Bank of Japan and the Financial Services Agency and Ministry of Finance of Japan
- Experts from ADBI, ADB, the OECD, and other international organizations and academic institutions
Output
- Identification of strategies and policies for improving capital market and financial governance and resilience in Asia
- Enhanced dialogue and networking among policy makers and experts on promoting COVID-19 recovery-boosting capital and financial market development
- Presentations delivered during the conference and a summary of the proceedings will be made available on the ADBI and OECD websites
Partners
- Organisation for Economic Co-operation and Development
- Financial Services Agency, Japan
- Ministry of Finance, Japan