Central Bank Balance Sheets in Asia and the Pacific: The Policy Challenges Ahead

Joint conference of the Bank of Thailand and the Bank for International Settlements on "Central bank balance sheets in Asia and the Pacific: the policy challenges ahead", Chiang Mai, Thailand, 12-13 December 2011.

Senior officials from central banks, as well as academic scholars and economists from the BIS attended the conference. The formal addresses included those from Prasarn Trairatvorakul, Governor of the Bank of Thailand, and Jaime Caruana, General Manager of the BIS. The conference marked the culmination of a two-year research programme at the BIS Representative Office for Asia and the Pacific focused on central bank balance sheets, addressing the domestic and international implications of the large expansion of central bank balance sheets worldwide, with particular emphasis on Asia.

The papers presented at the conference were published as BIS Papers No 66 in October 2012.

Background papers from Hong Kong Office research on Central Bank balance sheets: 

Q Chen, A Filardo, D He and F Zhu (2011): "International spillovers of Central bank balance sheet policies"
D Cook and J Yetman (2011): "Expanding central bank balance sheets in emerging Asia: a compendium of risks and some evidence"
A Filardo and S Grenville (2011): "Central bank balance sheets and foreign exchange regimes: understanding the nexus in Asia"
G Ma, X Yan and X Liu (2011): "China's evolving reserve requirements"
A Mehrotra (2011): "On the use of sterilisation bonds in emerging Asia" 

Monday 12 December 2011

Welcome remarks
Prasarn Trairatvorakul (Bank of Thailand)

Why central bank balance sheets matter
Jaime Caruana (BIS) 

Session 1a: Key facts on central bank balance sheets in Asia and the Pacific
  Authors: Andrew Filardo and James Yetman (BIS)
Session 1b: Expanding central bank domestic assets: how it worked in Japan?
  Authors: Kazumasa Iwata and Shinji Takenaka (Japan Center for Economic Research)
  Discussants: Shinji Takagi (Osaka University)
Mark Spiegel (Federal Reserve Bank of San Francisco)
Session 2: Prolonged central bank foreign asset expansion: consequences for the macroeconomy, exchange rate stability and global imbalances  
  Author:   Joseph Gagnon (Peterson Institute)
  Discussants:   Chris Aylmer (Reserve Bank of Australia)
Ooi Sang Kuang (Bank Negara Malaysia)
Session 3: Structuring central bank liabilities: choosing effective policy instruments for the challenges facing Asia
  Authors: Alain Durré and Huw Pill (European Central Bank)
  Discussants:   Hernando Vargas Herrera (Central Bank of Colombia)
Budianto Soenaryo Mukasan (Bank Indonesia)
Session 4: International spillovers of central bank balance sheet policies
  Authors: Dong He (HKMA), Qianying Chen (HKMA), Andrew Filardo (BIS) and Feng Zhu (BIS) 
  Discussants: Jonathan Batten (Hong Kong University of Science and Technology)
Roong Mallikamas (Bank of Thailand)
Dinner Address: Central banking balance sheets during crises - the do's and don'ts: lessons from the international financial crisis
  Speaker:  Randall Kroszner (University of Chicago)
Tuesday 13 December 2011
Session 5: Central bank balance sheets and debt management
  Author:   Jagjit Chadha (University of Kent), Luisa Corrado (University of Rome) and Jack Meaning (University of Kent)
  Discussants:  Sanjay Hansda (Reserve Bank of India)
Alec Chrystal (Cass Business School)
Session 6: Policy panel: Regional Challenges Ahead - Dealing with capital flows, prolonged exchange rate intervention and their consequences in Asia and the Pacific
  Moderator: Jaime Caruana (BIS)
  Panellists: Myung Hun Kang (Bank of Korea)
Ryuzo Miyao (Bank of Japan)
Prasarn Trairatvorakul (Bank of Thailand)
Session 7: Wrap-up panel
  Moderator: Stephen Grenville (Lowy Institute for International Policy) 

Andrew Sheng (Fung Global Institute)
Athanasios Orphanides (Central Bank of Cyprus)
Randall Kroszner (University of Chicago) 

  Closing remarks