Federal Reserve Bank of San Francisco

Economic Research

2013 Asia Economic Policy Conference: Prospects for Asia and the Global Economy

November 3 - November 5, 2013
Federal Reserve Bank of San Francisco
101 Market Street
San Francisco 94114

Policymakers in advanced and emerging economies face challenges as they continue to recover from the recent global financial crisis. The conference discussed monetary policy spillovers from advanced to emerging markets, costs and benefits of foreign reserve accumulation, and desirability of interventions, restrictions on cross-border capital flows, and financial regulatory reforms to prevent future crises.

Full pdf of Conference Volume


Foreword
John C. Williams, President and CEO, Federal Reserve Bank of San Francisco


Conference Summary
Reuven Glick, Group Vice President, Federal Reserve Bank of San Francisco
Mark M. Spiegel, Vice President, Federal Reserve Bank of San Francisco


Opening Remarks
Advanced Economy Monetary Policy and Emerging Market Economies
Jerome H. Powell, Governor, Board of Governors of the Federal Reserve System

General Discussion


Asiaphoria Meets Regression to the Mean
Lant Pritchett, Professor, Harvard University
Lawrence Summers, Professor, Harvard University

Commentary: Chang-Tai Hsieh, Professor, University of Chicago
Commentary: Robert C. Feenstra, Professor, University of California, Davis

General Discussion


Crowding Out Redefined: The Role of Reserve Accumulation
Carmen M. Reinhart, Professor, Harvard University
Takeshi Tashiro, Harvard University

Commentary: Alan M. Taylor, Professor, University of California, Davis
Commentary: Brad DeLong, Professor, University of California, Berkeley

General Discussion


Luncheon Keynote Address
The Shifts and the Shocks: Emerging Economies in an Age of Financial Crises
Martin Wolf, Associate Editor, Financial Times

General Discussion


Surprising Similarities: Recent Monetary Regimes of Small Economies
Andrew K. Rose, Professor, University of California, Berkeley

Commentary: Frederic S. Mishkin, Professor, Columbia University
Commentary: Anil K Kashyap, Professor, University of Chicago

General Discussion


Evening Keynote Address
The Second Phase of Global Liquidity and Its Impact on Emerging Economies
Hyun Song Shin, Professor, Princeton University

General Discussion


Macroprudential Policies in a Global Perspective
Olivier Jeanne, Professor, Johns Hopkins University

Commentary: Jonathan D. Ostry, Deputy Director of Research, International
Monetary Fund
Commentary: Guillermo Calvo, Professor, Columbia University

General Discussion


Financial Regulation after the Crisis: How Did We Get Here, and How Do We Get Out?
Gerard Caprio, Jr., Professor, Williams College

Commentary: Takeo Hoshi, Professor, Stanford University
Commentary: Ashoka Mody, Professor, Princeton University

General Discussion


Policymaker Panel
Current Policy Challenges Faced by Emerging Market Economies and Korea
Woon Gyu Choi, Deputy Governor, Bank of Korea

Financial and Fiscal Reforms in Support of China’s Rebalancing
David Dollar, Senior Fellow, Brookings Institution

Transitioning to More Balanced and Sustainable Growth
John Murray, Deputy Governor, Bank of Canada

General Discussion


Closing Remarks
Barry Eichengreen, Professor, University of California, Berkeley

Contributors
Conference Participants