The Asian Monetary Policy Forum 2014-2020
Insights for Central Bankers
Published on 3. June 2021
Book
Hardback
300 pages
978-981-12-3861-1 (ISBN)
Description
Increased integration of financial markets has led to many tangible economic benefits in Asia and around the world; yet, greater financial globalization has also exposed emerging economies to the vagaries of international capital flows. Harnessing the benefits of financial globalization while mitigating the risks posed by procyclical financial flows is a major preoccupation that has required central bankers in Asia and around the world to extend their focus beyond price and exchange rate stability to include the stability and efficiency of the financial system. This expanded domain of concern for central bankers has brought new, often complex, policy challenges.
Since 2014, the Monetary Authority of Singapore, Asian Bureau of Finance and Economic Research, University of Chicago Booth Business School, and National University of Singapore Business School have organised the Asian Monetary Policy Forum (AMPF) annually, bringing together prominent academics, policymakers and private sector economists to deliberate pressing monetary policy issues particularly relevant for Asian countries. The aim is to draw lessons from experience for the benefit of policymakers in the region and beyond. This volume includes selected AMPF speeches and commissioned papers from 2014 to 2020. Based on the latest academic research in economics and finance and written for a more general audience, the chapters cover a range of topics that have assumed central importance in the global monetary and financial system over the past twenty years. These include the efficacy of traditional monetary policy frameworks against the backdrop of synchronised global financial flows, the challenges presented by the US dollar dominance in the international trade and monetary systems, and the optimality of central banks' use of a wider set of policy instruments within an integrated policy framework to attain price and financial stability.
Since 2014, the Monetary Authority of Singapore, Asian Bureau of Finance and Economic Research, University of Chicago Booth Business School, and National University of Singapore Business School have organised the Asian Monetary Policy Forum (AMPF) annually, bringing together prominent academics, policymakers and private sector economists to deliberate pressing monetary policy issues particularly relevant for Asian countries. The aim is to draw lessons from experience for the benefit of policymakers in the region and beyond. This volume includes selected AMPF speeches and commissioned papers from 2014 to 2020. Based on the latest academic research in economics and finance and written for a more general audience, the chapters cover a range of topics that have assumed central importance in the global monetary and financial system over the past twenty years. These include the efficacy of traditional monetary policy frameworks against the backdrop of synchronised global financial flows, the challenges presented by the US dollar dominance in the international trade and monetary systems, and the optimality of central banks' use of a wider set of policy instruments within an integrated policy framework to attain price and financial stability.
More details
Language
English
Place of publication
Singapore
Singapore
Target group
Professional and scholarly
Product notice
sewn/stitched
Cloth over boards
Dimensions
Height: 231 mm
Width: 155 mm
Thickness: 28 mm
Weight
739 gr
ISBN-13
978-981-12-3861-1 (9789811238611)
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Schweitzer Classification
Persons
Edward Surendran Robinson is the Deputy Managing Director of the Economic Policy Group, which is responsible for the formulation of the Monetary Authority of Singapore's (MAS) monetary policy and macro prudential surveillance. He has been with the MAS since 1992. Edward has a particular interest in macro econometric modeling and heads the team responsible for continuing developmental work for the suite of MAS models, which are used for policy analysis. He has also been involved in other areas of economic policy work including in various inter-agency work groups which looked at the structural challenges facing the Singapore economy. He served on the Board of the Singapore Competition Commission between 2005 and 2007. He studied economics and applied econometrics at Monash University and the University of Melbourne.
Steven J Davis studies business dynamics, hiring practices, job loss, the effects of economic uncertainty and other topics. His research appears in the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics and other leading scholarly journals. He is a senior fellow at the Hoover Institution, research associate of the National Bureau of Economic Research, senior academic fellow with the Asian Bureau of Finance and Economic Research, advisor to the US Congressional Budget Office, visiting scholar at the Federal Reserve Bank of Atlanta, senior adviser to the Brookings Papers on Economic Activity, and past editor of the American Economic Journal: Macroeconomics. He is also an elected fellow of the Society of Labor Economists.
Bernard Yeung is Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore (NUS) Business School. He is also the President of the Asian Bureau of Finance and Economic Research. He was Dean of NUS Business School from 2008 to 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 and the Director of the NYU China House. 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 top tier academic journals covering topics in Finance, Economics, and Strategy. 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. He graduated from the University of Chicago in 1984.
Steven J Davis studies business dynamics, hiring practices, job loss, the effects of economic uncertainty and other topics. His research appears in the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics and other leading scholarly journals. He is a senior fellow at the Hoover Institution, research associate of the National Bureau of Economic Research, senior academic fellow with the Asian Bureau of Finance and Economic Research, advisor to the US Congressional Budget Office, visiting scholar at the Federal Reserve Bank of Atlanta, senior adviser to the Brookings Papers on Economic Activity, and past editor of the American Economic Journal: Macroeconomics. He is also an elected fellow of the Society of Labor Economists.
Bernard Yeung is Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore (NUS) Business School. He is also the President of the Asian Bureau of Finance and Economic Research. He was Dean of NUS Business School from 2008 to 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 and the Director of the NYU China House. 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 top tier academic journals covering topics in Finance, Economics, and Strategy. 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. He graduated from the University of Chicago in 1984.
Content
Introduction to Asian Monetary Policy Forum, 2014-2020: Insights for Central Bankers (Steven J Davis, Edward S Robinson & Bernard Yeung); Getting in All the Cracks or Targeting the Cracks? Securing Financial Stability in the Post-Crisis Era (Ravi Menon); Trilemmas and Tradeoffs (Maurice Obstfeld); Financial Development in Asia: The Role of Policy and Institutions, with Special Reference to China (Barry Eichengreen, George C Pardee and Helen N Pardee ); Currency Wars, Coordination, and Capital Controls (Olivier Blanchard); Systematic Managed Floating (Jeffrey Frankel, James W Harpel); Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics (Hyun-Song Shin, Stefan Avdjiev & Bat-el Berger); The Dollar Hegemon? Implications for Policy Makers(Pierre-Olivier Gourinchas, S K and Angela Chan); Integrated Policy Framework: A Safe Asset Perspective(Markus K Brunnermeier, Edwards S Sanford, Sebastian Merkel & Yuliy Sannikov);