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Events Programme

Programme Schedule

Timing Topic
07.30 p.m. – 09.30 p.m.

Welcome Dinner hosted by ADB at Gateway Room of Taj

Timing Topic
09.00 a.m. - 09.30 am

Registration and Tea

09.30 a.m. – 11.00 a.m.

Inaugural Session

09.30 a.m. – 09.50 a.m

Welcome Remarks, Mr. Deepak Mohanty, Executive Director, RBI

09.50 a.m. – 10.10 a.m.

Opening Address, Mr. Xiaoyu Zhao, Vice President, ADB

10.10 a.m. – 11.00 a.m.

Keynote Address, Dr. Subir Gokarn, Deputy Governor, RBI

11.00 a.m. – 11.15 a.m.

Tea/Coffee Break

11.15 a.m. – 12.45 p.m.

Session I – Compositional Shift and Volatility of Capital Flows

Chair: Mr. Hun Kim, ADB

11.15 a.m. – 11.45 a.m.

Paper 1: Title: Capital Flow Composition and Contagion: A Focus on Asia

Speaker – Prof. Kristin Forbes , MIT (20 minutes)

Discussant: Mr. Thomas Moser, AMGB, SNB (10 Minutes)

11.45 a.m. – 12.15 a.m.

Paper 2: Title: All Currencies Are Reserve Currencies

Speaker – Prof. Joseph E. Gagnon, PIIE (20 minutes)

Discussant: Mr. Anil Bisen, GoI (10 Minutes)

12.15 a.m. – 12.45 p.m.

Question and Answers: (20 minutes)

Chairman’s Summing up (10 Minutes)

12.45 p.m. – 02.00 p.m.

Lunch

02.00 p.m. – 03.30 p.m.

Session II – Challenges of Capital Account Management

Chair: Mr. H. R. Khan, DG, RBI

02.00 p.m. – 02.30 p.m

Paper 3: Title: Capital Controls and Exchange Rate Management

Speaker – Prof. Michael Klein, Fletcher School, Tufts (20 minutes)

Discussant: Dr. Matias Vernengo, BCRA(10 Minutes)

02.30 p.m. – 03.00 p.m.

Paper 4: Title: Multilateral Aspects of Managing the Capital Account

Speaker – Dr. Jonathan Ostry, IMF (20 minutes)

Discussant: Mr. Deepak Mohanty, RBI (10 Minutes)

03.00 p.m. – 03.30 p.m.

Question and Answers: (20 minutes)

Chairman’s Summing up (10 Minutes)

03.30 p.m. – 03.45 p.m.

Tea/Coffee Break

03.45 p.m. – 05.45 p.m.

Session III – Select Country Experiences – Objectives of Capital Flows Management, Instruments and their Effectiveness

Chair: Dr. Ashok Lahiri, Executive Director (India), ADB

03.45 p.m. – 04.15 p.m

Country Paper 1: India. Speaker – Dr. Subir Gokarn, RBI (20 minutes)

Discussant: Prof. Sugata Marjit, CSSS (10 Minutes)

04.15 p.m. – 04.45 p.m.

Country Paper 2: Brazil. Speaker – Dr. Luiz Pereira (BCB) (20 minutes)

Discussant: Prof. Errol D’Souza, IIM (10 Minutes)

04.45 p.m. – 05.15 p.m.

Country Paper 3: Indonesia. Speaker – Dr. H. A. Sarwono (BI) (20 minutes)

Discussant: Mr. Hiranya Mukhopadhyay, ADB(10 Minutes)

05.15 p.m. – 05.45 p.m

Question and Answers: (20 minutes)

Chairman’s Summing up (10 Minutes)

07.30 p.m. – 09.30 p.m.

Conference Dinner hosted by Dr. Subir Gokarn, DG, RBI at Rooftop Rendezvous of Taj

Timing Topic
09.30 a.m. – 12.45 p.m

Session IV: Panel Discussion

Panel I

Chairman/Moderator: Prof. Shankar Acharya

Panelists: (i) Dr. Subir Gokarn, DG, RBI, (ii) Mr. Luiz A. Pereira da Silva, DG, BCB, (iii) Ms. Wilhelmina C. Maňalac, MD, BSP, and (iv) Dr. Sangdai Ryoo, Director General of International Dept., BoK

09.30 a.m. – 10.30 a.m

Questions

1. Whether capital controls minimise volatility? If so, which should be more focused as a policy tool, strategic control or tactical control?

2. What additional instruments central banks need to deal with capital flows?

3. How do we distinguish between macro-prudential and capital controls? Can there be a definite framework for macro-prudential tools?

4. Should CFMs be taken only in recipient EMEs or countries of their origin too? How to coordinate the policies?

10.30 a.m. – 10.50 a.m.

Question and Answers

10.50 a.m.– 11.00 a.m

Chairman/Moderator’s Summing Up

11.00 a.m.– 11.15 a.m.

Tea/Coffee Break

11.15 a.m. – 12.15 p.m

Panel II

Chairman/Moderator: Prof. Shankar Acharya

Panelists: (i) Mr. H R Khan, DG, RBI, (ii) Mr. Thomas Moser, AMGB, SNB, (iii) Mr. Manuel Marfán L., DG, BCC, Chile, and (iv) Dr. Choy K. Meng, Principal Economist, MAS

Questions:

1. What is the adequate level of reserves in the backdrop of volatile capital flows to ensure external sector stability?

2. Does the approach to Capital Account Liberalisation need a change? How should institutions like IMF view capital account opening up in the evolving situation? Given the volatility in capital flows, can liberalisation of capital account be bound in a framework?

3. What changes are required in the international financial architecture to manage the volatility in capital flows? Are the reforms in IMF surveillance sufficient to handle the dynamics of capital flows?

4. Do regional financial arrangements like swaps help during periods of capital flow volatility?

12.15 p.m. – 12.35 p.m

Questions and Answers

12.35 p.m. –12.45 p.m

Chairman’s/Moderator’s Summing Up

12.45 p.m. – 01.05 p.m.

Concluding Session

12.45 p.m. – 01.05 p.m.

Summing up and Closing Remarks: Mr Bruno Carrasco, ADB

01.05 p.m.–02.30p .m. Concluding Lunch

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