Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific
Joint conference of the Bank of Korea and the Bank for International Settlements on "Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific", Seoul, Korea, 19-20 March 2009.
On 19-20 March 2009, the BIS Asian Office and the Bank of Korea co-hosted a high-level seminar on currency internationalisation in Seoul. Participants from 12 central banks as well as academic scholars and BIS economists attended the seminar. The purpose of the seminar was to review experiences of economies in the Asia-Pacific region with currency internationalisation and to assess the prospects for further internationalisation, emphasising the policy implications facing central banks if current trends continue. Lessons learned about currency internationalisation since the intensification of the strains in global markets in mid-2007 were also discussed.
A collection of the speeches, presentations and papers from the seminar were released as BIS Papers No 61 in January 2012.
| Thursday 19 March 2009 | ||
| Opening remarks Sung-il Lee, Senior Deputy Governor, Bank of Korea |
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| Opening remarks Már Gudmundsson, Deputy Head of Monetary and Economic Department, Bank for International Settlements |
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| Session one: Current issues in currency internationalisation | ||
| Chair: Eli Remolona, Chief Representative for Asia and the Pacific, Bank for International Settlements | ||
| Currency internationalisation: an overview Peter Kenen, Professor Emeritus, Princeton University |
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| Motivations for swap-covered foreign currency borrowig Anella Munro and Philip Wooldridge, Senior Economists, BIS Asian Office |
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| Session two: Perspectives from Europe and Japan | ||
| Chair: Akinari Horii, Assistant Governor, Bank of Japan | ||
| The euro: internationalised at birth Frank Moss, Director General, International Relations, European Central Bank |
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| Internationalising the yen, 1984-2003: unfinished agenda or mission impossible? Shinji Takagi, Professor, Osaka University |
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| Discussant: Robert McCauley, Senior Advisor, Bank for International Settlements (discussion) | ||
| Session three: Prospects for the renminbi | ||
| Chair: Ric Battellino, Deputy Governor, Reserve Bank of Australia | ||
| Internationalisation of the renminbi Yongding Yu and Haihong Gao, Chinese Academy of Social Sciences |
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| The potential of the renminbi as an international currency: what we can learn from international experience Wensheng Peng, Head of China Research, Barclays Capital Hongyi Chen, Senior Manager, Hong Kong Institute for Monetary Research Chang Shu, Senior Manager, Hong Kong Monetary Authority |
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| Discussant: Frank Song, Professor, School of Economics and Finance, University of Hong Kong | ||
| Session four: Progress towards internationalisation | ||
| Chair: Rizal A. Djaafara, Director of Center for Banking Education and Studies, Bank Indonesia | ||
| Dealing with the benefits and costs of internationalisation of the Korean won Kyungsoo Kim, Deputy Governor Young Kyung Suh, Deputy Director-General, Institute for Monetary and Economic Research, Bank of Korea |
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| Singapore dollar's evolution away from non-internationalisation Luke Goh, Deputy Director and Head, Reserve & Monetary Management, Monetary Authority of Singapore |
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| Discussant: Atchana Waiquamdee, Deputy Governor, Bank of Thailand (discussion) | ||
| Session five: The regional dimension | ||
| Chair: Kyungsoo Kim, Deputy Governor, Bank of Korea | ||
Internationalisation of currency in East Asia: implications for regional monetary and financial cooperation Yung Chul Park and Kwanho Shin, Professors, Korea University |
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| Discussant: Rizal A. Djaafara, Director of Center for Banking Education and Studies, Bank Indonesia (discussion) | ||
| Friday 20 March 2009 |
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| Session six: Monetary policy challenges with an internationalised currency | ||
| Chair: Do-Soung Choi, Member of the Monetary Policy Committee, Bank of Korea | ||
| An internationalised rupee? Shyamala Gopinath, Deputy Governor, Reserve Bank of India |
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| A generation of an internationalised Australian dollar Ric Battellino, Deputy Governor, Reserve Bank of Australia |
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| Discussant: Diwa Guinigundo, Deputy Governor, Bangko Sentral ng Pilipinas (discussion) | ||
| Session seven: Panel Discussion: Lessons from the crisis and prospects for the future | ||
| Chair: Már Gudmundsson, Deputy Head of Monetary and Economic Department, Bank for International Settlements | ||
| Currency internationalisation: analytical and policy issues Hans Genberg, Executive Director, Hong Kong Monetary Authority |
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| Panelists: | Akinari Horii, Assistant Governor, Bank of Japan (panel discussion) Gwang-Ju Rhee, Deputy Governor, Bank of Korea (panel discussion) Grant Spencer, Deputy Governor, Reserve Bank of New Zealand (panel discussion) Sang Kuang Ooi, Deputy Governor, Bank Negara Malaysia |
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