The Asian Monetary Policy Forum (AMPF) convenes today for the sixth consecutive year. The highlights of the Forum include presentations and discussions on the dominant role of the US dollar and its implications for monetary policy, as well as challenges posed by digital currencies.
A joint Asian Bureau of Finance and Economic Research (ABFER)/AMPF dinner last night marked the close of the ABFER annual conference, as well as the official opening of the AMPF. The dinner’s highlight was a speech by Sir Paul Tucker, Chair of the Systemic Risk Council and Senior Fellow at Harvard University’s Center for European Studies, on “The International Monetary and Financial System in the Face of Shifting Geopolitics”.
As in past AMPFs, this year’s programme features a policy dialogue with Mr Tharman Shanmugaratnam, Senior Minister of Singapore, Coordinating Minister for Social Policies and Chairman of the Monetary Authority of Singapore (MAS). Professor Steven J. Davis, William H. Abbott Distinguished Service Professor of International Business and Economics at the University of Chicago Booth School of Business and Senior Fellow at the Hoover Institution, will moderate the dialogue focusing on the contemporaneous challenges faced by central banks as well as labour market dynamics and policies.
The AMPF programme today will begin with an opening address by Dr Philipp Hildebrand, Vice Chairman of BlackRock, who will take stock of where the global economy is headed, amid the current conjuncture of a growth slowdown and rising trade tensions.
This will be followed by the presentation of the commissioned paper titled “The Dollar Hegemon? Evidence and Implications for Policy Makers” by Professor Pierre-Olivier Gourinchas, Professor of Economics at the University of California, Berkeley and S.K. and Angela Chan Professor of Global Management at the Haas School of Business. As one of the world’s leading researchers in international macroeconomics and finance, Professor Gourinchas will draw out the implications of the dominance of the US dollar for both real and financial transactions, highlighting the risks posed by a diminishing supply of US dollar safe assets. These issues will be taken up further by the paper’s two discussants, Professor Ricardo Caballero, Ford International Professor of Economics at the Massachusetts Institute of Technology, and Dr Gian Maria Milesi-Ferretti, Deputy Director of the Research Department at the International Monetary Fund.
The final session is devoted to policy-oriented presentations and discussions on digital currencies. Moderated by Professor Andrew Levin, Professor of Economics at Dartmouth College, the two speakers will examine the implications of private and public cryptocurrencies. Professor Darrell Duffie, Dean Witter Distinguished Professor of Finance at the Graduate School of Business will present on “Digital Currencies and Fast Payment Systems: Disruption is Coming”. Professor Beatrice Weder di Mauro, Distinguished Fellow-in-Residence, Emerging Markets Institute of INSEAD Singapore and Professor of Economics and Chair of Economic Policy and International Macroeconomics at the University of Mainz, Germany, will discuss “Cryptocurrencies’ Challenge to Central Banks”.
Professor Davis remarked, “Chicago Booth is extremely pleased to again join the NUS Business School, ABFER, and the MAS in sponsoring the Asian Monetary Policy Forum. The 2019 AMPF promises to deliver thought-provoking perspectives on dollar dominance, the disruptive nature of digital currencies, challenges facing the international monetary system, and the future of jobs.”
Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor at the National University of Singapore (NUS) Business School, said, “The discussions held at AMPF are evermore essential as we seek ways to balance the disruptions and traditional hierarchy of the global economy. The honest and informative dialogue between industry leaders and policymakers ensures prudent and informed decision-making. ABFER is grateful for the partnership with Chicago Booth, MAS and NUS Business School.”
Mr Edward Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, said, “AMPF 2019 continues the tradition established by past fora of promoting discourse on pertinent issues facing the international monetary system. We are encouraged by the high-level participation at this Forum and the great interest it has garnered over the years. This year we have commissioned an in-depth study on global reserve currencies and the supply of safe financial assets, which complement previous years’ deliberations on capital flows. I look forward to the different perspectives from our speakers on the implications of digital currencies for monetary and financial stability. Together with Chicago Booth, ABFER and NUS, MAS is pleased to co-organise AMPF 2019 to advance policy research for central banks and the financial industry.”
Held in conjunction with the annual conference of ABFER that took place from 27–30 May 2019, the Forum is co-organised and funded by the University of Chicago Booth School of Business, NUS Business School and MAS.
The AMPF offers a valuable platform for participants to exchange views and share insights in their areas of expertise, with the aim of raising the level of intellectual discourse on economic and monetary challenges confronting Asian policymakers.
More information on AMPF and conference details can be found at http://www.abfer.org/events/abfer-events/asian-monetary-policy-forum/133.
