Joint Dinner for ABFER & AMPF
Keynote Speech by Professor Viral Acharya
Fed Normalization and the Emerging Markets: Is This Time (Really) Different?
The unprecedented monetary intervention post the pandemic is now being unwound in the Advanced Economies (AEs), notably by the Federal Reserve in the United States. The asynchronous nature of growth recovery between AEs and Emerging Market economies (EMs), partly due to differences in fiscal capacity, makes the Fed normalization an important phase of the global financial cycle. How are the EMs prepared for this normalization relative to the "taper tantrum" shock of 2013? What are the strengths? Where are the weaknesses? Will the Fed be in a position to entertain global spillovers given the high levels of the post-pandemic US inflation? Will this time be different in terms of capital outflows and currency depreciation spirals that typically affect EMs in this phase of the global financial cycle, or is it deja vu? These are some of the questions Prof Acharya will shed light on during his talk.
Shangri-La Rasa Sentosa, 101 Siloso Road, Sentosa, Singapore 098970
"Fed Normalization and the Emerging Markets: Is This Time (Really) Different?"
Updated on 22 Apr 2022
Professor Viral Acharya
C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia and Former RBI’s Deputy Governor, 2017-2019
Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia. He was a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. He is a Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, a Research Affiliate at the Center for Economic Policy Research (CEPR), and Research Associate of the European Corporate Governance Institute (ECGI).
His primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector, its regulation and its genesis in government-induced distortions, an inquiry that cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences.
Professor Andrew ROSE
Dean and Distinguished Professor, NUS Business School, National University of Singapore, Exco Member and Senior Fellow of ABFER
Professor Andrew K Rose is Dean of NUS Business School. 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 in London, England), and a Senior Fellow of the Asian Bureau of Finance and Economic Research (based in Singapore). He received his PhD from the Massachusetts Institute of Technology, his MPhil from Nuffield College, University of Oxford, and his BA from Trinity College, University of Toronto.
Professor Rose has published over 150 papers and over 90 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.
Prior to joining NUS, Professor Rose served as Associate Dean for Academic Affairs and Chair of the Faculty 2010-2016 at Berkeley’s Haas School of Business, and was the managing editor of the Journal of International Economics 1995-2001. He was 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 organised over 50 academic conferences.
Professor 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. 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, central banks and universities, including Australia, Canada, England, Europe, Hong Kong, Singapore, and the United States.