HKIMR-BIS conference - Financial Stability: Towards a Macroprudential Approach

05 July 2010
Day 1: Monday 5 July 2010 
Welcome remarks: Dong He (HKMA) and Frank Packer (BIS)
Keynote speech: "Fear of fire sales, illiquidity seeking, and credit freezes" by Douglas Diamond (University of Chicago)
Session one: 
"Systemic risk: what defaults are telling us" by Kay Giesecke (Stanford University) and Baeho Kim (Korea University Business School)" (powerpoint)
Discussant: Mike So (HKUST)
"Attributing systemic risk to individual institutions" by Nikola Tarashev (BIS), Claudio Borio (BIS) and Kostas Tsatsaronis (BIS) (powerpoint)
Discussant: Seung-Hwan Lee (Bank of Korea)
Session two: 
"Regulatory capital charges for too-connected-to-fail institutions: a practical proposal" by Jorge A Chan-Lau (IMF) (powerpoint)
Discussant: Haibin Zhu (BIS)
"Procyclicality of loan-loss provisioning and systemic risk in the Hong Kong banking system" by Eric Wong (HKMA), Tom Fong (HKMA) and Henry Choi (HKMA)
Discussant: Toyoichiou Shirota (BOJ)
Session three: 
"The seeds of a crisis: a theory of bank liquidity and risk-taking over the business cycle" by Viral Acharya (New York University) and Hassan Naqvi (National University of Singapore) (powerpoint)
Discussant: Charles Leung (City University of Hong Kong)
"Asset-price boom-bust cycles and credit: what is the scope of macro-prudential regulation?" by Vladimir Borgy (Banque de France), Laurent Clerc (Bank de France) and Jean-Paul Renne (Bank de France) (powerpoint)
Discussant: Zhongyan Zhu (CUHK)
Day 2: Tuesday 6 July 2010
Keynote speech: "Implementing a macroprudential framework: balancing boldness and realism" by Claudio Borio (BIS)
Session four:
"Procyclicality of capital requirements in a general equilibrium model of liquidity dependence" by Francisco Covas (Federal Reserve Board) and Shigeru Fujita (Federal Reserve Bank of Philadelphia) (powerpoint)
Discussant: Giorgio Valente (University of Leicester)
"Grafting macroprudential policies in a macroeconomic framework choice of optimal instruments and interaction with monetary policy" by Paolo Angelini (Bank of Italy), Stefano Neri (Bank of Italy) and Fabio Panetta (Bank of Italy) (powerpoint)
Discussant: Don Nakornthab (Bank of Thailand)
Concluding remarks
Panel Discussion:
Moderator: Eli Remolona (Chief Representative, BIS Representative Office for Asia and the Pacific)
Panelists: Arthur Yuen, Deputy Chief Executive, HKMA
Lex Hoogduin, Executive Director, De Nederlandsche Bank (DNB)
Elbert Pattijn, Chief Risk Officer, DBS Bank Ltd
Mark Lawrence, Managing Director, Mark Lawrence Group and Co-chairman, Institute of International Finance Risk Management Working Group