The Asian Monetary Policy Forum (AMPF) convenes today for the eighth year. MAS and the Bank for International Settlements (BIS) have organised a conference for the Special Edition of the AMPF and MAS-BIS Conference on “Macro-Financial Stability Policy in a Globalised World: Lessons from International Experience”. The Forum will focus on macro-financial stability frameworks and feature advanced and emerging market economies’ experiences with monetary, macroprudential, exchange rate and capital flow management policies.
2 This year’s AMPF gathers central bank governors, senior officials and leading academics, to discuss macroprudential policies that safeguard financial stability and complement monetary policy in the context of international spillovers. Due to COVID-19-related travel restrictions, the Forum will be held virtually from 26 to 28 May 2021.
3 The Forum will commence with opening remarks by Mr Ravi Menon, Managing Director of the MAS, and Mr Agustín Carstens, General Manager of the BIS. The keynote speech will be delivered by Professor Anil K. Kashyap, Stevens Distinguished Service Professor of Economics and Finance, University of Chicago Booth School of Business. Professor Kashyap will highlight that financial stability risks that are unattended in one jurisdiction tend to spread beyond their point of origin, reflecting the interconnected nature of the global financial system in the regulatory domain.
4 The subsequent sessions of the Forum will consider the experiences of different groups of economies in the practice of macro-financial stability policies. The aim is to identify the specific characteristics associated with their unique approaches. In addition, there will be four thematic chapters that draw out generalised lessons and principles on the approach of macro-financial policies and to lay the foundations of a formalised, analytical framework.
5 Mr Claudio Borio, Head of the Monetary and Economic Department, BIS, said “It is very timely for the MAS and the BIS to co-organise this conference, considering active discussions on integrated policy frameworks in international fora and challenges posed by the Covid-19 pandemic. This joint conference will serve well the global central bank community in designing macro-financial stability frameworks to achieve macroeconomic, financial and external stability objectives.”
6 Mr Hyun Song Shin, Economic Adviser and Head of Research, BIS, said, “We appreciate the contributions by current and former senior central bankers and leading academics to the conference. Their state-of-the-art research in this field helps us understand the transmission channels of macro-financial risks and the effectiveness of different policy tools. Such research will also guide us in establishing holistic macro-financial stability frameworks.”
7 Professor Bernard Yeung, President of the Asian Bureau of Finance and Economic Research (ABFER) and Stephen Riady Distinguished Professor in Finance and Strategic Management at NUS Business School and Professor Steven J. Davis, William H. Abbott Distinguished Service Professor of International Business and Economics at The University of Chicago Booth School of Business welcomed this year’s Special Edition of the AMPF. “We are most delighted that the MAS and BIS are organising this year’s Special Edition of the AMPF, with support from the ABFER and Chicago Booth. The global economy faces many challenges. This virtual forum brings together eminent experts from advanced and emerging markets to share their valuable insights and experiences on using monetary and macroprudential policies to maintain macro and financial stability. The sharing is particularly essential in this time of significant uncertainties facing the international financial markets.”
8 Mr. Edward S. Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, said, “I am pleased that AMPF is able to continue for the eighth year. We are honoured to have the BIS as our conference partner to advance the discourse on consistent macro-financial stability policy frameworks in today’s highly complex global financial system. In the tradition of past AMPFs, the discussions will draw on the collective insights of participants, bringing together the analytical and country experiences perspectives on this most pertinent issue facing open economies. I would also like to thank our AMPF partners Chicago Booth, ABFER and NUS for their ongoing support as we advance the international finance policy research agenda through AMPF 2021.”
9 More information on AMPF and conference details can be found at https://abfer.org/events/abfer-events/asian-monetary-policy-forum/221:ampf2021 .