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

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

Research Event, Policy and Regulation

Monday, January 13, 2014 to Tuesday, January 14, 2014

India Habitat Centre, New Delhi, India

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.

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.

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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