ABFER Welcome Dinner
Keynote Speech by Professor Darrell Duffie
Fragmentation Risks to the
Dollar-Dominated International Financial Order
Sustaining the benefits of the US dollar's unmatched position among global currencies has captured the attention of US policymakers. Geopolitical competitors and new payment system providers threaten fragmentation of the international financial system. The market for US Treasury securities, bulwark of the dollar as a reserve currency, has outgrown its ability to effectively intermediate crisis demands for liquidity. Heavy international reliance on dollar-based lending has also engendered crisis rollover risks to financial stability. How have policymakers been responding to these challenges and what more might they do?
Shangri-La Singapore, 22 Orange Grove Rd, Singapore 258350
"Fragmentation Risks to the Dollar-Dominated International Financial Order"
Professor Darrell DUFFIE
The Adams Distinguished Professor of Management and Professor of Finance, Stanford Graduate School of Business; Professor of Economics (by courtesy), School of Humanities and Sciences, Stanford University and Senior Fellow of ABFER
Darrell Duffie is The Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business. He is a fellow and member of the Council of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences. Duffie was the 2009 president of the American Finance Association. In 2014, he chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest rate benchmarks. Duffie’s recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).
Professor Bernard YEUNG
Stephen Riady Distinguished Professor in Finance and Strategic Management, NUS Business School, National University of Singapore and President of ABFER
Bernard Yeung is Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore Business School. He is also the President of the Asian Bureau of Finance and Economic Research. He was Dean of NUS Business School from June 2008 to May 2019. Before joining NUS, 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 won the Public Administration Silver Medal (2018) in Singapore, Irwin Outstanding Educator Award (2013) from the Academy of Management and is an elected Fellow of the Academy of International Business.
Professor Yeung was a member of the Economic Strategies Committee in Singapore (2009), a member of the Social Science Research Council (SSRC) in Singapore (2016-2018) and 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 the Advisory Committee of the Institute of Economics, Academia Sinica. Professor Yeung also serves as an independent Non-Executive Director of the Bank of China (BOC) Aviation Limited since 2016.
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.
30 minutes of keynote speech, 30 minutes of moderated discussion and 15 minutes for Q&A.