Event Details

CAFRAL-IPD Conference on “Capital Account Management and Macro-Prudential Regulation for Financial Stability and Growth”
Learning, Policy and Regulation

Monday, January 13, 2014 to Tuesday, January 14, 2014
India Habitat Centre, New Delhi, India

The Centre for Advanced Financial Research and Learning (CAFRAL), in collaboration with the Initiative for Policy Dialogue (IPD) at Columbia University, held a two day international conference in New Delhi on "Capital Account Management and Macro-Prudential Regulation for Financial Stability and Growth" during 13-14 January 2014.

The objective of the conference was to discuss how systemic risk can build up in the financial sector and ways to prevent it from rising excessively.

The conference drew participation from policy makers, central bankers, multilateral institutions, policy think tanks and academia from several countries including India.

  • The conference recognised cross border financial flows and excessive leverage as key sources of systemic risk and emphasised the need for policy makers to ensure that they had in their tool kit sufficient number of instruments encompassing fiscal, monetary, exchange rate, macro prudential and capital flow measures to address such a risk.
  • The conference also emphasised the need for central banks and the governments to work together, especially at times of stress.
  • The conference noted that to the extent managing systemic risk has become an important objective, some pre-crisis notions such as central bank autonomy, inflation targeting and freer capital flows need to be revisited.
  • There was also consensus that monetary policies of advanced economies have significant spillover impact on EDEs imposing macroeconomic costs on them and that advanced economies have to be sensitive to these spill overs and share the burden of adjustment.
The participants include financial sector regulators, researchers, financial sector practitioners and stakeholders, industry and trade representatives, government officials, media and those interested in public policy.

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Schedule

DAY 1 – 13th January 2014

9:30 - 9:50 AM

Registration

9:50 - 10:00 AM

Welcome and Opening Remarks

Usha Thorat
CAFRAL

Stephany Griffith-Jones
Initiative for Policy Dialogue

10:00 – 10:40 AM

Inaugural Address 

P Chidambaram
Minister of Finance, Govt. of India
 

10:40 – 11:15 AM

Keynote Speech 

Joseph Stiglitz
Co-President, Initiative for Policy Dialogue

11:15 – 11:30 AM

Tea/Coffee Break
 

11:30 AM – 1:30 PM

Session 1: Macro-Prudential Regulations: Linkages with macro–economic policies for promoting financial stability

Chair: Jose Antonio Ocampo
Vice President, Initiative for Policy Dialogue

Andrew Sheng
President, Fung Global Institute

Sir John Gieve
Former Deputy Governor, Bank of England 

Jan Kregel
Levy Institute

Stephany Griffith Jones
Initiative for Policy Dialogue

Panel Discussion



 

1:30 – 2:30 PM

Lunch Break
 

2:30 – 4:30 PM

Session 2: Capital Flows Management Measures and Systemic Risk

Chair: Stephany Griffith Jones
Initiative for Policy Dialogue 

Paulo Nogueira Batista
Executive Director Brazil, International Monetary Fund 

Jose Antonio Ocampo
Vice President, Initiative for Policy Dialogue

Yu Yong Ding  
China Society of World Economics 

Kevin Gallagher
Boston University

Panel Discussion
 


 

4:30 – 5:00 PM

Tea/Coffee Break
 

6.00 – 7.30 PM

Session 3: Political Economy of Financial Stability and Equitable Growth

Lessons in Capital Flows from the best in business

 Chair: Joseph Stiglitz
Initiative for Policy Dialogue 

Adair Lord Turner
Former Chairman, UK Financial Services Authority

Montek Singh Ahluwalia
Deputy Chairman, Planning Commission, India

Nemat Shafik  
Deputy Managing Director, International Monetary Fund

Panel Discussion
 

DAY 2 – 14th January 2014

9:30 – 11:30 AM

Session 1: Global Liquidity and Financial Contagion

Chair: Usha Thorat
CAFRAL

Sukhdave Singh
Deputy Governor, Bank Negara Malaysia

Louis Kasekende  
Deputy Governor, Bank of Uganda

Deepak Mohanty  
Executive Director, Reserve Bank of India

Manuel Agosin  
Dean, Dept of Finance, Universidad de Chile

Amar Bhattacharya  
Director of the Secretariat, Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development

Panel Discussion
 


 

11:30 – 11:45 AM

Tea/Coffee Break

11:45 AM – 1:30 PM

Session 2: RBI Governors Panel   

RBI exchange: An unconventional chat between ex-governors

Inflation and RBI: Jalan, Subbarao, Reddy defend steps

 

C. Rangarajan

Bimal Jalan

Y.V.Reddy

D. Subbarao – Anchor
 

1:30 –1:45 PM

Concluding Remarks

 

Legends: Video Stream Edited Transcript of Speech Presentation Paper Questions & Answers Economic Times Article Livemint Article

 

Other related links:
Money printing futile; US needs fiscal stimulus: Stiglitz
Fed to taper; continuity to depend on subsequent data 
The inescapable trilemma by Ananth Nageswaran; full article on Livemint

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