5th Asian Monetary Policy Forum, 2018
The 5th Asian Monetary Policy Forum (AMPF) will be held on 25 May 2018 at the Shangri-La Hotel, Singapore. The forum brings together an exclusive group of high-level central bankers, academics and private sector analysts to share perspectives on pressing monetary policy issues in Asia. AMPF is organized under the auspices of ABFER, with support from the University of Chicago Booth School of Business, NUS Business School, and Monetary Authority of Singapore (MAS). The AMPF will commence on 24 May 2018 with a joint dinner with ABFER.
Location: Jurong & Tanglin Ballroom
A Conversation with Mr Timothy F. Geithner
President of Warburg Pincus
“Lessons from the Financial Crisis”
Moderated by Sir Howard Davies
Chairman of Royal Bank of Scotland and Council Member of ABFER
Location: Tower B Ballroom
Dr Tao Zhang, Deputy Managing Director, International Monetary Fund (IMF)
Dr Hyun-Song Shin, Economic Adviser and Head of Research, Monetary and Economic Department, Bank for International Settlements (BIS)“Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics”
Stefan Avdjiev, Senior Economist and Deputy Head of International Banking and Financial Statistics, Bank for International Settlements (BIS)
Bat-el Berger, Statistical Analyst, Bank for International Settlements (BIS)
Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore and President of ABFER
Professor Markus K. Brunnermeier, Edwards S. Sanford Professor of Economics and Director of the Bendheim Center for Finance, Princeton University
“The Trilemma Then and Now”
“Trump Trade Policy: Exercise in Futility”
Professor Douglas A. Irwin, John French Professor of Economics, Dartmouth College Download Slides
Professor Alan M. Taylor, Professor of Economics and Finance, University of California, Davis Download Slides Chair:
Professor Andrew Rose, B.T. Rocca Jr. Professor, Haas School of Business, University of California, Berkeley, Exco Member and Senior Fellow of ABFER Download Slides
DPM Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore
Mr Timothy F. Geithner, President for Warburg Pincus
Lord Adair Turner, Chairman of the Governing Board, Institute for New Economic Thinking
Professor Steven Davis, William H. Abbott Distinguished Service Professor of International Business and Economics, University of Chicago Booth School of Business, Exco Member and Senior Fellow of ABFER
DPM Tharman Shanmugaratnam
Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore
DPM Tharman Shanmugaratnam is Deputy Prime Minister and Coordinating Minister for Economic and Social Policies in the Singapore Cabinet.
Tharman has spent his working life in public service, in roles related to education and economic policies.
Tharman chairs the Group of Thirty, an independent global council of leading economic and financial policy-makers, having succeeded Jean-Claude Trichet in Jan 2017. He also chairs the G20 Eminent Persons Group on Global Financial Governance, which was appointed in April 2017 to recommend reforms to the system of multilateral financial institutions. He earlier led the International Monetary and Financial Committee (IMFC), the key policy forum of the IMF, from 2011-2014; he was its first Asian chair.
He served as Minister for Finance for eight years (2007- 2015), and as Minister for Education for five years (2003-2008). He was appointed Deputy Prime Minister in 2011.
He is also Chairman of the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator. Tharman is in addition a board member of the Government of Singapore Investment Corporation (GIC) and chairs its Investment Strategies Committee.
Professor Tan Chorh Chuan
Inaugural Chief Health Scientist and Executive Director of Office for Healthcare Transformation in Singapore’s Ministry of Health, Chairman of ABFER
Professor Tan Chorh Chuan was appointed as the inaugural Chief Health Scientist and concurrently, Executive Director of the new Office for Healthcare Transformation in Singapore’s Ministry of Health with effect from 1 January 2018.
Prof Tan’s concurrent appointments include the Chairman of the Board of the National University Health System; member, Board of Directors of the Monetary Authority of Singapore; and member, Board of Directors of Mandai Park Development.
Prof Tan served as President of the National University of Singapore from 2008 to 2017. He held the positions of NUS Provost, then Senior Deputy President from 2004 to 2008. He was former Dean of the NUS Faculty of Medicine and served as the Director of Medical Services, Ministry of Health, from 2000 to 2004, in which capacity he was responsible for leading the public health response to the 2003 SARS epidemic. As the inaugural Chief Executive of the National University Health System in 2008, he brought the NUS Medical and Dental Schools and the National University Hospital under single governance.
Prof Tan is a key leader in Singapore's Biomedical Sciences Initiative since its inception in 2000, for which he was awarded the National Science and Technology Medal in 2008. He also received the Public Service Star in 2003 for outstanding contributions to overcoming SARS in Singapore; the Public Administration Gold Medal in 2004 for his work as Director of Medical Services in the Ministry of Health; and the Meritorious Service Medal in 2015. Other awards include the Dr. John Yu Medal from the George Institute for Global Health, Australia; the Albert Schweitzer Gold Medal from the Polish Academy of Medicine; Honorary Doctor of Medicine from King's College; Honorary Doctor of Science from Duke University; Honorary Doctor of Science from Loughborough University; Achievement Medal from the Singapore Society of Nephrology and the 1996 Singapore Youth Award. Prof Tan is the first Singaporean to be elected as an international member of the US National Academy of Medicine.
A renal physician, he obtained his medical training at NUS, and research training at the Institute of Molecular Medicine, Oxford.
Mr Timothy F. Geithner
President, Pincus Warburg
Timothy F. Geithner is currently President of Warburg Pincus, a global private equity firm. Mr. Geithner was the 75th Secretary of the Treasury for the first term of President Barack Obama’s administration. Between 2003 and 2009, Mr. Geithner served as President and Chief Executive Officer of the Federal Reserve Bank of New York. He first joined the Treasury Department as a civil servant in 1988 and held a number of positions in three administrations, including Undersecretary for International Affairs under Secretaries Robert Rubin and Lawrence Summers.
Mr. Geithner is Chair of the Program on Financial Stability at the Yale University School of Management, where he is also a visiting lecturer. He is Chairman of the Board of Overseers of the International Rescue Committee. He serves on the Board of Directors of the Council on Foreign Relations. He is a member of the Group of Thirty. He is the author of STRESS TEST: Reflections on Financial Crises. Mr. Geithner holds a B.A. in government and Asian studies from Dartmouth College and an M.A. in international economics and East Asian studies from Johns Hopkins School of Advanced International Studies.
Sir Howard Davies
Chairman of the Royal Bank of Scotland
Sir Howard Davies was appointed Chairman of the Royal Bank of Scotland on 1 September 2015. Previously, Howard was Chairman of the Phoenix Group between October 2012 and August 2015. He chaired the UK Airports Commission from 2012-15 and was the Director of the London School of Economics and Political Science from 2003 until May 2011. Prior to thatappointment Howard chaired the UK Financial Services Authority then the single regulator for the UK financial services sector, from 1997 to 2003.
Howard was the Deputy Governor of the Bank of England from 1995-97, after three years as the Director General of the Confederation of British Industry. Earlier in his career he worked in the Foreign and Commonwealth Office, including two years as Private Secretary to the British Ambassador in Paris, the Treasury, McKinsey and Co, and as Controller of the Audit Commission.
Howard has been a Professor of Practice at the French School of Political Science in Paris (Sciences Po) since 2011. He teaches courses in finance regulation and central banking to master’s students.
Howard also chairs the Risk Committee at Prudential plc, whose board he joined in 2010. He is a member of the Regulatory and Compliance Advisory Board of Millennium Management LLC, a New York-based hedge fund. He has been a member of the International Advisory Council of the China Banking Regulatory Commission since 2003 and in 2012, was appointed Chairman of the International Advisory Council of the China Securities Regulatory Commission. Previously Howard was an independent Director of Morgan Stanley Inc. for 11 years, from 2004 to 2015 and earlier in his career was a Non-Executive Director of GKN plc from 1989-95.
He was a Trustee of the Tate Gallery from 2002-2010 and Chair from 2009-10. He was a director of the Royal National Theatre from 2011 to 2015, when he left to chair the London Library. He is also the patron of Working Families, a charity which promotes family-friendly working practices.
Howard has published five books focused on the financial markets and regularly writes for The Financial Times, Times Higher Education, Project Syndicate and Management Today.
He was educated at Manchester Grammar School, Merton College, Oxford and Stanford Graduate School of Business.
Dr Tao Zhang
Deputy Managing Director, International Monetary Fund
Tao Zhang assumed the role of Deputy Managing Director at the IMF on August 22, 2016. He brings extensive international economic expertise and experience in policymaking, including with international financial institutions, from his previous appointments as the Deputy Governor of the People’s Bank of China and IMF’s Executive Director for China from 2011 to 2015. Prior to his position as the Deputy Governor, Mr. Zhang held a number of high-level positions in the People’s Bank of China: Director-General of the Legal Affairs Department; Director-General of the International Department; and, Director-General of Financial Survey and Statistics Department. Mr. Zhang also worked at the World Bank from 1995 to 1997 and at the Asian Development Bank from 1997 to 2004.
Mr. Zhang holds an M.A. and Ph.D. in International Economics from the University of California, Santa Cruz, as well as a B.S. in Electrical Engineering and an M.S. in Finance from Tsinghua University in Beijing.
Professor Hyun-Song Shin
Economic Adviser and Head of Research, Bank for International Settlements
Hyun Song Shin is the Economic Adviser and Head of Research, at the Bank for International Settlements. Before joining the BIS in 2014, Mr Shin was the Hughes-Rogers Professor of Economics at Princeton University. In 2010, on leave from Princeton, he served as Senior Adviser to the Korean president, taking a leading role in formulating financial stability policy in Korea and developing the agenda for the G20 during Korea's presidency. From 2000 to 2005, he was Professor of Finance at the London School of Economics. He holds a DPhil and MPhil in Economics from Oxford University (Nuffield College) and a BA in Philosophy, Politics and Economics from the same university. Mr Shin is author of numerous publications in the fields of monetary policy, banking, finance and issues related to financial stability.
Professor Bernard Yeung
Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore
President, Asian Bureau of Finance and Economic Research (ABFER)
Bernard Yeung is the Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management and President of the Asia Bureau of Finance and Economic Research at National University of Singapore (NUS) Business School. Before joining NUS in June 2008, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University (NYU) Stern School of Business. He has also served as the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.
Professor Yeung has published widely in academic journals covering topics in Finance, Economics, and Strategy; his writing also appears in top-tier media publications such as The Financial Times, Economist, and The Wall Street Journal.
He has also won several scholarly honours and awards for academic excellence, including the Irwin Outstanding Educator Award (2013) from the Business Policy and Strategy (BPS) division of the Academy of Management and Teaching Excellence Awards in NYU’s Stern School of Business and University of Michigan’s Ross School of Business. He is an elected Fellow of the Academy of International Business.
Professor Yeung is a member of the Social Science Research Council (SSRC) in Singapore. He was a member of the Economic Strategies Committee in Singapore (2009) and also a member of the Financial Research Council of the Monetary Authority of Singapore (2010 -2013).
Professor Yeung sits on the 3rd Advisory Board of the Antai College of Economics and Management at Shanghai Jiao Tong University, the Advisory Council of the Economics and Management School of Wuhan University, and an independent Non-executive Director of the Bank of China (BOC) Aviation Limited.
Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.
Professor Markus K. Brunnermeier
Edwards S. Sanford Professor of Economics and Director of the Bendheim Center for Finance, Princeton University
Markus K. Brunnermeier is the Edwards S. Sanford Professor at Princeton University. He is a faculty member of the Department of Economics and director of Princeton's Bendheim Center for Finance. He is also a research associate at NBER, CEPR, and CESifo and a member of the Bellagio Group on the International Economy. He is a Sloan Research Fellow, Fellow of the Econometric Society, Guggenheim Fellow and the recipient of the Bernácer Prize granted for outstanding contributions in the fields of macroeconomics and finance. He is/was a member of several advisory groups, including to the IMF, the Federal Reserve of New York, the European Systemic Risk Board, the Bundesbank and the U.S. Congressional Budget Office. Brunnermeier was awarded his Ph.D. by the London School of Economics (LSE).
His research focuses on international financial markets and the macroeconomy with special emphasis on bubbles, liquidity, financial and monetary price stability. To explore these topics, his models incorporate frictions as well as behavioral elements. He has been awarded several best paper prizes and served on the editorial boards of several leading economics and finance journals. He has tried to establish the concepts: liquidity spirals, CoVaR as co-risk measure, the Volatility Paradox, Paradox of Prudence, ESBies, financial dominance and the redistributive monetary policy. His recent book is titled "The Euro and the Battle of Ideas".
Dr Linda Goldberg
Senior Vice President, Federal Reserve Bank of New York
Linda Goldberg is a Senior Vice President at the Federal Reserve Bank of New York. Linda's main areas of expertise are in global banking, international capital flows, international macroeconomics and the international roles of currencies. Linda is the co-chair of the International Banking Research Network (IBRN), a BIS Central Bank Research Fellow, a Research Associate of the NBER, a board member of the Central Banking Economic Research Association, and on the Advisory Board of the Academic Female Finance Committee of the American Finance Association (AFFECT). Linda currently serves on the Editorial Boards of the Journal of Financial Intermediation and the Journal of Financial Services Research. Roles at the Federal Reserve Bank of New York have included head of Global Economic Analysis, Integrated Policy Analysis Group, Director of the Center for Global Banking Studies, and function head of International Research, Research and Statistics Group. From 2014 through 2016 Linda was chair and vice chair of the Council on Global Economic Imbalances of the World Economic Forum, previously participating in the WEF Council on the International Monetary System. Linda has a PhD in Economics from Princeton University, and a B.A. in Mathematics and Economics from Queens College, City University of New York, where she graduated with Honors of Phi Beta Kappa and Summa Cum Laude.
Professor Douglas A. Irwin
John French Professor of Economics, Dartmouth College
Douglas Irwin is John French Professor of Economics at Dartmouth College. He is a Research Associate of the National Bureau of Economic Research and a non-resident Senior Fellow at the Peterson Institute for International Economics. He has also served on the staff of the President's Council of Economic Advisers and the Board of Governors of the Federal Reserve System.
The Financial Times has called Irwin “one of the world’s foremost trade scholars” for his work on trade policy, past and present. He is author of Clashing over Commerce: A History of U.S. Trade Policy (University of Chicago Press, 2017), a comprehensive study of the politics and economics of U.S. trade policy that was selected by The Economist as one of its Books of the Year 2017. He is also author of Free Trade Under Fire (Princeton University Press, fourth edition 2015), Trade Policy Disaster: Lessons from the 1930s (MIT Press, 2012), Peddling Protectionism: Smoot-Hawley and the Great Depression (Princeton University Press, 2011), Against the Tide: An Intellectual History of Free Trade (Princeton University Press, 1996). In addition to many scholarly articles on trade, he has written for a broader audience as well, such as his article “The False Promise of Protectionism: Why Trump’s Trade Policy Could Backfire” for Foreign Affairs (May/June 2017).
Professor Alan M. Taylor
Professor of Economics and Finance at the University of California, Davis
Alan M. Taylor is a Professor of Economics and Finance at the University of California, Davis. He read mathematics at King’s College, Cambridge, and received his Ph.D. in economics from Harvard University. He read mathematics at King’s College, Cambridge, and received his Ph.D. in economics from Harvard University. His research spans several areas including international economics, finance, growth, development, and economic history.
He is a research associate of the National Bureau of Economic Research in Cambridge, Massachusetts, and a research fellow of the Center for Economic Policy Research in London. In 2004 he was awarded a John Simon Guggenheim Memorial Fellowship. In 2009–10 he was named a Houblon-Norman/George Fellow at the Bank of England.
His publications include numerous articles in economics journals, essays on policy and commentary, edited volumes and the books Global Capital Markets: Integration, Crisis and Growth published by Cambridge University Press (with Maurice Obstfeld), and Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935 published by The University of Chicago Press (with Gerardo della Paolera).
He has been a visitor/consultant/speaker at many public sector organizations including various Federal Reserve Banks, the IMF, World Bank, IDB, BIS, ECB, and the central banks of the UK, China, France, Netherlands, Italy, Switzerland, Austria, Korea, Croatia, Peru, and Argentina. In the private sector he has served as a Senior Advisor at Morgan Stanley and has been a visitor/consultant/speaker at various asset managers.
Professor Andrew K. Rose
B.T. Rocca Jr. Professor of International Business, Haas School of Business, University of California, Berkeley
Exco Member & Senior Fellow, Asian Bureau of Finance and Economic Research (ABFER)
Andrew K. Rose is the B.T. Rocca Jr. Professor of International Business in the Economic Analysis and Policy Group, Haas School of Business at the University of California, Berkeley. He is also a Research Associate of the National Bureau of Economic Research (based in Cambridge, MA), a Research Fellow of the Centre for Economic Policy Research (based inLondon, England), and a Senior Fellow of the Asian Bureau of Finance and Economic Research (based in Singapore). He received his Ph.D. from the Massachusetts Institute of Technology, his M.Phil. from Nuffield College, University of Oxford, and his B.A. from Trinity College, University of Toronto.
Rose has published over one hundred and fifty papers and over ninety articles in refereed economics journals, including the American Economic Review, the Quarterly Journal of Economics, the Review of Economic Studies, and the Journal of Finance. His research addresses issues in international trade, finance, and macroeconomics, and has received more than 40,000 citations. His teaching is in the areas of international macroeconomics; he has won two teaching awards.
Rose served as Associate Dean for Academic Affairs and Chair of the Faculty 2010-2016, and was the managing editor of The Journal of International Economics 1995-2001. He and the founding director of the Clausen Center for International Business and Policy at Haas and the Risk Management Institute at the National University of Singapore. He has organized over fifty academic conferences.
Rose is interested in the theory and practice of economic policy, and most of his work is applied and driven by "real world" international phenomena. A citizen of three countries, he has worked on six continents and at a number of international economic agencies, including: the International Monetary Fund, the World Bank, and the Asian Development Bank. He has also worked at a number of national agencies, including: the US Department of Treasury, HM Treasury (UK), the Canadian Department of Finance; and the central banks of: Australia, Canada, England, Europe, Hong Kong, Israel, Italy, Japan, Netherlands, New Zealand, Singapore, Spain, and the United States. He has visited a number of other universities, including Cape Town, EUI, FUB, INSEAD, London School of Economics, Melbourne, NUS, Princeton, SHUFE, SMU, Stockholm, Tel Aviv, Tsinghua, ULB, and Victoria.
Lord Adair Turner
Chair of the Institute for New Economic Thinking
Lord Turner has been Chair of the Institute for New Economic Thinking since 2015 and Chair of the Energy Transitions Commission since January 2016. He is also currently the Chair of the European subsidiary board of Chubb, the world’s largest property and casualty insurer and is a non-executive director of Prudential plc, a major global life insurer. He is the author of Between Debt and the Devel - Money, Credit and Fixing Global Finance (Princeton 2015) which has now been published in English, Chinese, Japanese, French and Portuguese, and will soon also be translated into Korean.
From September 2008 until 2013, Lord Turner chaired the UK’s Financial Services Authority, and played a leading role in the post crisis redesign of global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee. He was also during that time Chair of the UK Climate Change Committee, which is charged with ensuring that the UK achieves an 80% reduction in green house gas emissions by 2050.
Lord Turner’s career has spanned business, public policy and academia.
• He was at McKinsey&Co consultants from 1982-95, building McKinsey’s practice in East Europe and Russia in the early 1990s, and was Director General of the Confederation of British Industry from 1995-2000. He was Vice-Chairman of Merrill Lynch Europe (2000-06) and a Non-Executive Director of a number of companies, including Standard Charteredd plc (2006-08).
• He became a cross-bench member of the British House of Lords in 2005 and chaired a Commission on the future of UK pensions policy from 2003-06; he also chaired (2002-06) the Low Pay Commission, which sets Britain’s national minimum wage.
• He is Senior Fellow at the Centre for Financial Studies (Frankfurt); a visiting professor at the London School of Economics and at Cass Business School, London; a Visiting Fellow at the People’s Bank of China School of Finance, Tsinghua University (Beijing); and Visiting Professor at the International Center for Islamic Finance (INCEIF) in Kuala Lumpur. He is a frequent lecturer on global macro-economic, social and environmental developments, and writes a monthly column for Project Syndicate, which appears in multiple newspapers across the world.
Adair Turner has written two other books Just Capital- the liberal economy (Macmillan 2001) and Economics after the Crisis (MIT 2012) which has also been published in Chinese. He is an honorary fellow of The Royal Society UK Royal College of Physicians.
Professor Steven J. Davis
William H. Abbott Distinguished Service Professor of International Business and Economics, University of Chicago Booth School of Business, Exco Member & Senior Fellow, Asian Bureau of Finance and Economic Research (ABFER)
Steven J. Davis studies business dynamics, employment, labor market institutions, economic fluctuations, public policy and other topics. He is a former editor of the American Economic Journal: Macroeconomics and an elected fellow of the Society of Labor Economists. He is also a research associate of the National Bureau of Economic Research, senior academic fellow with the Asian Bureau of Finance and Economics Research, advisor to the U.S. Congressional Budget Office, and visiting scholar and consultant, respectively, with the Federal Reserve Banks of Atlanta and Chicago.
Davis is known for his influential work using longitudinal data on firms and establishments to explore job creation and destruction dynamics and their relationship to economic performance. He is also a co-creator of the Economic Policy Uncertainty Indices and the DHI Hiring Indicators, and he co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Davis has received research grants from the Alfred P. Sloan Foundation, Ewing Marion Kauffmann Foundation, John D. and Catherine T. MacArthur Foundation, and other organizations, including several grants from the U.S. National Science Foundation. In 2013, he received the Addington Prize in Measurement, awarded by the Fraser Institute for Public Policy, for his research on “Measuring Economic Policy Uncertainty.” His teaching experience includes Ph.D. courses in macroeconomics and labor economics at the University of Chicago, the Massachusetts Institute of Technology, and the University of Maryland; MBA courses in macroeconomics, money and banking, business strategy, and financial institutions for Chicago Booth; and executive MBA courses in macroeconomics for Chicago Booth in Barcelona, London, and Singapore. Davis has also taught undergraduate courses in microeconomics, econometrics, and money and banking at Brown University and the Massachusetts Institute of Technology. In addition to his scholarly publications, Davis has written for the Atlantic, Bloomberg View, Financial Times, Forbes, Wall Street Journal and other popular media and appeared on Channel News Asia, CNBC, CNN, Fox News, NBC Network News, and the U.S. Public Broadcasting System, among others.