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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 program 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 labor market dynamics and policies.

The AMPF program 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-organize 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-organized 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

About the ABFER

ABFER intends to create a virtual and independent network of high-quality academics akin to the National Bureau of Economic Research and Centre for Economic Policy Research, as well as hold conferences and workshops. Its objectives include:

  • To promote Asia-Pacific oriented financial and economic research at local, regional and international levels;
  • To connect globally prominent academic researchers, practitioners and public policy decision-makers on Asia-Pacific related financial and economic issues; and
  • To enhance the research capabilities and development of strong clusters of finance and economic research groups in academic institutions and other institutions in Singapore and Asia-Pacific.

For more information, please visit

About the University of Chicago Booth School of Business

The University of Chicago Booth School of Business is consistently ranked among the top business schools in the world, having produced leaders who have shaped the world of business since 1898. Among Chicago Booth’s renowned faculty are nine Nobel Prize winners, three of whom currently teach at Booth. Its graduates include dozens of notable business leaders across the U.S. and worldwide.

As part of the world-renowned University of Chicago, Chicago Booth shares the university’s core values that shape its distinctive intellectual culture. Its rigorous, discipline-based approach to business education transforms students into effective and respected business leaders who are prepared to meet the challenges of today’s business environment. For more information, please visit

About NUS Business School

The National University of Singapore (NUS) Business School is known for providing management thought leadership from an Asian perspective, enabling its students and corporate partners to leverage global knowledge and Asian insights.

The school has consistently received top rankings in the Asia-Pacific region by independent publications and agencies, such as The Financial Times, Economist Intelligence Unit, and QS Top MBA, in recognition of the quality of its programs, faculty research and graduates.

The school is accredited by AACSB International (Association to Advance Collegiate Schools of Business) and EQUIS (European Quality Improvement System), endorsements that the school has met the highest standards for business education. The school is also a member of the GMA (Graduate Management Admission) Council, Executive MBA Council, Partnership in Management (PIM) and CEMS (Community of European Management Schools).

For more information, please visit, or go to the Think Business portal, which showcases the School’s research.

About Monetary Authority of Singapore (MAS)

As Singapore's central bank, MAS promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore's exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore, adopting a consistent and progressive regulatory and supervisory approach and framework to ensure a level playing field across all market segments, sectors and activities. With its mandate to foster a sound and progressive financial services sector, MAS also helps shape Singapore's financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. MAS ensures that Singapore's financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial center. For more information, please visit

Contact Booth Media Relations

Marielle Sainvilus
Director of Public Relations and Communications
Phone: 773.531.2894

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