T he 2015 SEACEN Policy Summit (the Summit) is a key strategic initiative of The SEACEN Centre to promote thought

leadership in macroprudential policy, a key central bank area of importance and interest. Macroprudential policy matters are actively discussed within and among central banks and regulatory authorities in the Asia Pacific region and internationally.

As macroprudential policy tools are being designed and implemented, studies are undertaken to determine the effectiveness of these tools. Central banks and regulatory authorities alike, need to acquire more experience on how to design appropriate decision-making processes that lead to the effective coordination between macroprudential policies and conventional monetary policies in the context of each economy and the region.

OBJECTIVE

The main objective of the two-day Summit is for delegates to be able to recommend effective macroprudential measures for implementation in their respective jurisdictions, with practical insights in identifying and addressing issues and challenges. The Summit is targeted at senior officials from SEACEN regular and associate member central banks and monetary authorities; observer central banks; strategic partners, and non-central bank financial sector regulators.

APPROACH

Day 1 of the Summit is organized around two keynote addresses, followed by a panel discussion by renowned experts. Dr. José de Gregorio, former Governor of the Central Bank of Chile, will deliver the first keynote address, and Dr. Halim Alamsyah, Deputy Governor of Bank Indonesia, the second. Each keynote address will be followed by remarks by senior officials of central banks and experts of international institutions; as well as a moderated general discussion with the audience.

The panel of experts will focus on discussion around the effective implementation of macroprudential policies from various perspectives. SEACEN is waiting for a formal confirmation that Sir Paul Tucker, former Deputy Governor of the Bank of England will join the Summit as the keynote dinner speaker. The target audience for Day 1 comprises mainly senior officials of central banks involved in developing and implementing macroprudential policies.

Day 2 of the Summit is organized in two concurrent programs:

vThe first program is a closed-door meeting which is opened only to senior officials of SEACEN member central banks at the level of or equivalent to Assistant Governor, where active deliberation will focus on the effective implementation of macroprudential policies in SEACEN member economies and the region.

vThe second program is a Forum which is opened to other Summit delegates, where selected research papers will be presented by the respective authors, for deliberation with the audience comprising other researchers and delegates.

REGISTRATION

Registration for the Summit is implemented by online registration at:

https://fs22.formsite.com/SEACEN/summit2015/index.html

CONTACT PERSONS

Should you require any clarification, please contact the following SEACEN officials:

Ms. Gan Poh LinSenior ManagerTel. No.: +603 9195 1814Email: ganpl@seacen.org

Mr. Chong Wei LengManagerTel. No.: +603 9195 1855Email: chongwl@seacen.org

2015 SEACEN Policy Summit:“Macroprudential Policies: Practical Implementation”

7 – 8 September 2015, Sasana Kijang, Kuala Lumpur, Malaysia

PROVISIONAL SUMMIT AGENDA

DAY 1: 7 SEPTEMBER 2015

Time Agenda Resource Speakers

8.30 – 9.45 Registration & Networking Break

9.45 – 10.00 Opening Remarks Dr. Hans Genberg, Executive Director, The SEACEN Centre

10.00 – 12.00 Keynote Address: “Macroprudential Policies: The Latin American Experience”

Remarks by Discussants

Moderated General Discussion

Dr. José de Gregorio, former Governor of the Central Bank of Chile

Moderator:Dr. Hans Genberg, Executive Director, The SEACEN Centre

Discussants:tDr. Sukhdave Singh, Deputy Governor, Bank

Negara MalaysiatMr. Nigel Jenkinson, Assistant Director,

Money & Capital Markets Department, International Monetary Fund

12.00 – 13.30 Lunch

13.30 – 15.30 Keynote Address: “Coordinating Monetary Policies and Macroprudential Policies: Asia-Pacific Experience”

Remarks by Discussants

Moderated General Discussion

Dr. Halim Alamsyah, former Deputy Governor, Bank Indonesia

Moderator:Mr. Michael Zamorski, Adviser, The SEACEN Centre

Discussants:tMr. David Farelius, Adviser, Sveriges

RiksbanktMr. Michael Zamorski, Adviser, The

SEACEN Centre

15.30 – 16.00 Coffee Break

16.00 – 17.30 Panel Discussion: “Implementation of Macroprudential Policies”

Moderated General Discussion

Chair:Mr. David Marsh, Managing Director and Co-Founder, Official Monetary and Financial Institutions Forum

Panelists:tMr. Diwa C. Guinigundo, Deputy Governor,

Bangko Sentral ng Pilipinas tSir Paul Tucker, former Deputy Governor,

Bank of EnglandtMr. Nigel Jenkinson, Assistant Director,

Money & Capital Markets Department, International Monetary Fund

tMr. Bernard Hodgetts, Head of Macro Financial Department, Reserve Bank of New Zealand

18:30 - 20:30 Summit Dinner (with Keynote Dinner Talk)

Sir Paul Tucker, former Deputy Governor, Bank of England

CLOSED-DOOR MEETING(SEACEN REGULAR MEMBER CENTRAL BANKS ONLY)

DAY 2: 8 SEPTEMBER 2015

Time Agenda Audience

8.45 – 9.00 Photography

9.00 – 10.30 Closed-door discussion on issues and discussion questions identified in a background note prepared by SEACEN

Session 1: Financial Stability Threat Detection and Macroprudential Policy Tools

Chair:SEACEN Official

Senior Officials of SEACEN regular member central banks

10.30 – 11.00 Coffee Break

11.00 – 12.00 Closed-door discussion

Session 2: Regional Experiences in Implementing Macroprudential Measures and Policy Complementarities

Chair:SEACEN Official

Senior Officials of SEACEN regular member central banks

12.00 – 13.30 Lunch

13.30 – 15.00 Closed-door discussion

Session 3: Political Challenges and Avoiding Regulatory Arbitrage

Chair:SEACEN Official

Senior Officials of SEACEN regular member central banks

15.00 – 15.30 Coffee Break

15.30 – 17.00 Closed-door discussion on issues and discussion questions

Session 4: Central Bank Governance Considerations

Chair:SEACEN Official

Senior Officials of SEACEN regular member central banks

DAY 2: 8 SEPTEMBER 2015

Spillovers and Macroprudential Polices

Time Topic Author(s) Presentator Discussant

8:45 – 9:30 Correlations Across Asia-Pacific Bond Markets and the Impact of Capital Flow Measures

Pornpinun Chantapacdepong & Ilhyock Shim

Pornpinun Chantapacdepong

Maria Teresa Punzi

9:30 – 10:15 Comparative Assessment ofMacroprudential policies

Valentina Bruno,Ilhyock Shim &Hyun Song Shin

Ilhyock Shim Silvia Pezzini

10:15 – 11:00 Inward Spillover Effect of Macro-Prudential Policies – Evidence from Foreign Banks in Hong Kong

Eric Wong & Kelvin Ho

Kelvin Ho Pornpinun Chantapacdepong

11:00 – 11:15 Tea

Effectiveness of Macroprudential Policies: Case Study

11:15 – 12:00 Evaluation on the Usefulness of the Loan-To-Deposit Ratio Regulation- From the Macroprudential Policy Perspective

Hyunggeun Park, Hyunwoo Jun & Dokyung Lee

Hyunggeun Park Pei-Wen Chen

12:00 – 12:45 The Impact of Capital Requirements on Bank Lending

Jonathan Bridges, Mette Nielsen, Amar Radia,David Gregory, Silvia Pezzini & Marco Spaltro

Silvia Pezzini Hyunggeun Park

12:45 – 14:00 Lunch

14:00 – 14:45 The Housing Market and Central Banking Policy Implications: Chinese Taipei’s Experiences

Pei-Wen Chen Pei-Wen Chen Kelvin Ho

PRESENTATION OF RESEARCH PAPERS*

Effectiveness of Macroprudential Policies: Cross-Economy Analysis

Time Topic Author(s) Presentator Discussant

14:45 – 15:30 Buffer or Suffer, Does Macroprudential Policy actually Help Countries Preserve their Financial and Economic Stabilities? Evidence from Panel VAR

AekkanushNualsri & Nongjaras Thanavibul

AekkanushNualsri/ Nongjaras Thanavibul

Wenwen Sheng

15:30 – 15:45 Tea

15:45 – 16:30 LTV and DTI Limits—Going Granula Luis I. Jácome & Srobona Mitra

Luis I. Jácome Ilhyock Shim

16:30 – 17:15 Macro-Prudential Policies & Capital Controls, Financial Development and the Interaction Effects on External Debt Liabilities

Wenwen Sheng Wenwen Sheng Aekkanush Nualsri

Modelling Macroprudential Policies: The DSGE Model

17:15 – 18:00 Borrower Heterogeneity within the Mortgage-Lending Market and Macroprudential Policy

Maria Teresa Punzi &Katrin Rabitsch

Maria Teresa Punzi

Luis I. Jácome

* Chair for all Sessions: Vincent Lim, SEACEN