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Bank Negara Malaysia’s Conference on “Monetary Policy in the New Normal”, Sasana Kijang, 10-11 June 2013

On 10th and 11th June 2013, Bank Negara Malaysia organised its inaugural monetary policy conference. The conference, titled “Monetary Policy in the New Normal”. The objective of the conference is to generate an active discourse on current issues and concerns surrounding monetary policy and its effectiveness in this challenging environment. The event was attended by 62 officials from central banks, multilateral institutions, the private sector and academics.

Deputy Governor Dr. Sukhdave Singh delivered the keynote address, challenging participants to push the boundaries in rethinking the core tenets of macroeconomic policies. Throughout the conference, relevant topics were discussed, including the conduct of monetary policy amidst an environment of high financial volatility, persistent supply shocks and high public debt. Other discussions revolved around managing imbalances and rising indebtedness in a low interest rate environment, as well as managing capital flows from the emerging market perspective. The conference concluded with a panel discussion on the overburdening of monetary policy and the extent of its capacity to support economic recovery.

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Keynote address: Dr. Sukhdave Singh, Deputy Governor, Bank Negara Malaysia  [Transcript]

Session 1: Monetary Policy in an Era of High Financial Market Volatility

Chair:

David Fernandez, JP Morgan

Presenter:

Monetary Policy in an Era of High Financial Market Volatility: On the Challenges Facing Emerging Markets
Joshua Aizenman, University of Southern California [Paper] [Slides]

Discussant:

Martin Bodenstein, National University of Singapore [Slides]

Presenter:

Frameworks and Policies in an Era of High Volatility: Latin America and Emerging Asia Perspective
Pablo Garcia-Silva, Executive Director, International Monetary Fund [Paper][Slides]

Discussant:

Mathee Supapongse, Bank of Thailand

 

Session 2: Managing Imbalances and Rising Indebtedness under a Low Interest Rate Environment

Chair:

Marzunisham Omar, Assistant Governor, Bank Negara Malaysia

Presenter:

Capital Flows: Real and Monetary Determinants and Policy Options
Alex Mourmouras, International Monetary Fund [Paper] [Slides]

Discussant:

Frank Warnock, University of Virginia [Slides]

Country presentation:

What Would Extended Period of Aggressive Monetary Easing by Major Central Banks Mean for Financial Stability in Asia?
Lillian Cheung, Hong Kong Monetary Authority [Slides]

 

Session 3: Global Monetary Easing and the Search for Returns - Perspectives in Managing Capital Flows

Chair:

Reza Siregar, Asean+3 Macroeconomic Research Office (AMRO)

Presenter:

Portfolio Flows to Emerging Market Economies
Frank Warnock, University of Virginia [Paper] [Slides]

Discussant:

Joshua Aizenman, University of Southern California [Slides]

Presenter:

Global Monetary Easing: Spillovers and Lines of Defence
Norhana Endut, Bank Negara Malaysia [Paper] [Slides]

Discussant:

Endy Dwi Tjahjono, Bank Indonesia [Slides]

 

Session 4: Monetary Policy in an Environment of Supply Shocks

Chair:

Christopher Kent, Assistant Governor, Reserve Bank of Australia

Presenter:

Reassessing the Gains from Monetary Policy Cooperation
Martin Bodenstein, National University of Singapore [Paper] [Slides]

Discussant:

Steve Keen, former professor, University of Western Sydney

Country presentation:

Supply Shocks, Inflation and Monetary Policy: Philippine Experience
Maria Almasara Cyd N. Tuano-Amador, Assistant Governor, Bangko Sentral Ng Pilipinas [Slides]

 

Session 5: Monetary Policy in Times of High Public Debt

Chair:

Mathee Supapongse, Bank of Thailand

Presenter:

Including Banks Debt and Money in Macroeconomics
Steve Keen, former professor, University of Western Sydney [Paper] [Slides]

Discussant:

Frederic Neumann, HSBC

Presenter:

Monetary Policy Considerations in a World of High Debt       
Andrew Filardo, Head of Monetary Policy, Bank for International Settlements [Paper] [Slides]

Discussant:

Reza Siregar, Asean+3 Macroeconomic Research Office (AMRO) [Slides]

 

Panel discussion: The Overburdening of Monetary Policy - How Far Can it Go?

Chair:

Edward Robinson, Assistant Managing Director, Monetary Authority of Singapore

Panelists:

Marzunisham Omar, Assistant Governor, Bank Negara Malaysia

 

Andrew Filardo, Head of Monetary Policy, Bank for International Settlements

 

Pablo Garcia-Silva, Executive Director, International Monetary Fund

 

David Fernandez, JP Morgan


Bank Negara Malaysia’s Conference on “Monetary Policy in the New Normal”, Sasana Kijang, 10-11 June 2013