4th Workshop on Money, Macro and Finance in East Asia

November 30, 2012

The 4th Workshop on Money, Macro and Finance in East Asia was organized jointly by the IMFS, the Deutsche Bundesbank, and the University of Hamburg and took place in the Bundesbank’s training center in Eltville. The workshop traditionally brings together researchers from universities and central banks who deal with current macroeconomic and financial developments in East Asia. The topics discussed in 2012 included: China’s role in the development of global inflation; global imbalances from a regional perspective using Chinese regions as an example; liberalization of capital accounts in China and its effects on Renminbi exchange rates; demographic factors for determining real interest rates in Japan; modeling macroprudential policy for Hong Kong and Korea and the monetary policy regime in Singapur.

The tremendous relevance of East Asia’s economies for the international economic development increasingly shifts the focus of economic research on macroeconomic and monetary issues toward the region. The economic policy experience from this region, such as the application of macroprudential measures, is particularly relevant for European economies.

The workshop’s highlight was the keynote by Andrew Filardo (Bank for International Settlements), who discussed the challenges for the international monetary system in the context of international spillover effects and focused on the implications for Asian economies. Andrew Filardo also discussed the geopolitical reactions to “tail risks”, the effects of volatile international capital flows, and the perspectives of economic policy coordination in East Asia.