Today marks the first Asian Monetary Policy Forum (AMPF), a new platform for the analysis and discussion of monetary issues confronting Asian policymakers. Chicago Booth is co-sponsoring the event in Singapore, in cooperation with the National University of Singapore Business School and the Monetary Authority of Singapore, under the auspices of the Asian Bureau of Finance and Economic Research. AMPF participants include leading central bankers, prominent academic researchers, and dozens of global and regional financial institutions.
The morning session of APMF focuses on a commissioned paper by Professor Maury Obstfeld, titled "Trilemmas and Tradeoffs: Living with Financial Globalization." Obstfeld is one of the world's foremost international economists. In his paper, he considers the capacity of emerging market economies to moderate the domestic effects of global financial forces through monetary policy and macro-prudential tools. I will have more to say about the paper and the reaction to it in future posts.
Lunch features a discussion among three former central bank governors: Dr. Alan Bollard of New Zealand, Mr. Masaaki Shirakawa of Japan, and Dr. Duvvuri Subbarao of India. Two afternoon sessions consider, first, monetary policy spillovers across countries and currencies and, second, latent financial risks in Asia. Professor John Taylor, who served as Under Secretary for International Economic Affairs at the US Treasury from 2001 to 2005, delivers the dinner keynote speech, titled "International Monetary Coordination: Lessons for the Future from the Past and Present." The full program is available here.
The inaugural AMPF promised to be an insightful and engaging event. Chicago Booth is extremely pleased to work with the NUS Business School and the Monetary Authority of Singapore in establishing the AMPF, and I am excited to participate.
Steven J. Davis is William H. Abbott Professor of International Business and Economics and deputy dean of the faculty at the University of Chicago Booth School of Business. Together with Edward Robinson, Chief Economist at the Monetary Authority of Singapore, and Bernard Yeung, Dean of the National University of Singapore Business School, he co-organized the first Asian Monetary Policy Forum.