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MACROECONOMIC REBALANCING FOR SUSTAINABLE GROWTH
Jointly organized by the Bank of Korea and the IMF Regional Office for Asia and the Pacific
Seoul, Korea
November 20–21, 2014
The global economy is currently in transition, recovering gradually from the Great Recession. In order to ensure that the growth path is sustainable, a better balance of global demand and domestic sources of growth is crucial. Economies in which exports have led growth need to shift gears in their growth strategies toward domestic demand-driven growth. In other economies, high debt levels should be corrected and competitiveness enhanced. This rebalancing process will take time, and it is posing challenges to macro policy. This seminar, jointly organized by the Bank of Korea and by the IMF Regional Office for Asia and the Pacific (OAP), brings together leading academics and policy makers to seek to address some crucial questions related to the rebalancing process, including: What is the optimal path of rebalancing, and how is it affected by demographic change and other structural characteristics of the global economy? Should monetary policy contribute to rebalancing and is this compatible with its main goal of ensuring price stability? What will be the effects of the normalization of monetary policy in advanced economies on the rebalancing process in the global economy as a whole? What role should other policies, e.g. fiscal, structural and financial sector reform, play in the rebalancing process?
Wednesday, 19 November 2014 |
|
19:00–21:00 |
Welcome Reception |
Thursday, 20 November 2014 |
9:00–9:30 |
Conference Registration |
9:30–9:40 |
Opening Address Juyeol Lee, Governor, Bank of Korea Speech |
Session 1 |
Monetary Policy, Fiscal Sustainability and Macroeconomic Rebalancing Chair: Woosik Moon, Monetary Policy Committee Member, Bank of Korea |
9:45–11:00 |
Can Rebalancing Help in Attaining Sustainable Growth? Speaker: Il Houng Lee, President, Korea Institute for International Economic Policy Discussants: Giovanni Ganelli, Senior Economist, Regional Office for Asia and the Pacific, International Monetary Fund Chuin Hwei Ng, Senior Specialist, ASEAN+3 Macroeconomic Research Office |
11:00–11:15 |
Coffee Break |
11:15–12:30 |
Overcoming the Public Debt Overhang – Strategies for the Eurozone Speaker: Beatrice Weder di Mauro , Professor of Economics, Johannes Gutenberg University of Mainz Discussants: Gerwin Bell , Chief Economist for Asia, Prudential Financial Frank Moss, Director General, International and European Relations, European Central Bank |
12:30–13:45 |
Luncheon |
13:45–14:15 |
Keynote Address Speaker: John Lipsky, Senior Fellow, Foreign Policy Institute, Johns Hopkins University |
Session 2 |
Policy Response to Crises and Macroeconomic Rebalancing Chair: Young Kyung Suh, Deputy Governor, Bank of Korea |
14:15–15:30 |
Why Did Latin America and Developing Countries Perform Better in the Global Financial Crisis than in the Asian Crisis? Speaker: José De Gregorio, Professor, Universidad de Chile Discussants: Jong-Wha Lee, Professor, Korea University Jae-Ha Park, Deputy Dean, Asian Development Bank Institute |
15:30–15:45 |
Coffee Break |
15:45–17:00 |
External Rebalancing After the Global Crisis Speaker: Gian Maria Milesi-Ferretti, Deputy Director, Research Department, International Monetary Fund Discussants: Yuko Kinoshita , Deputy Head of Office, Regional Office for Asia and the Pacific, International Monetary Fund Junhan Kim, Director, Macroeconomic Modeling Division, Bank of Korea |
18:00–21:00 |
Dinner |
Friday, 21 November 2014 |
8:45–9:00 |
Coffee |
Session 3 |
Structural Reforms and Macroeconomic Rebalancing Chair: Jean-Luc Schneider, Deputy Director of Policy Studies, Economics Department, OECD |
9:00–10:15 |
China’s Economic Transition Syndrome Speaker: Zhang Bin , Senior Fellow, Institute of World Economics and Politics, Chinese Academy of Social Sciences Discussants: Frank Packer, Head of Economics and Financial Markets, Representative Office for Asia and the Pacific, Bank for International Settlements Sungwook Park, Director, Macroeconomic & International Finance Division, Korea Institute of Finance |
10:15–10:30 |
Coffee Break |
10:30–12:00 |
Panel Discussion Moderator: Jun Il Kim , Deputy Governor, Bank of Korea Panellist: Frank Moss, Director General, International and European Relations, European Central Bank Panellist: Bandid Nijathaworn , Visiting Professor, Hitotsubashi University Panellist: Cyn-Young Park, Assistant Chief Economist, Asian Development Bank Panellist: John C. Williams, President and Chief Executive Officer, Federal Reserve Bank of San Francisco |
12:00–12:15 |
Closing Remarks Odd Per Brekk, Director, Regional Office for Asia and the Pacific, International Monetary Fund |
12:15–13:30 |
Farewell Luncheon |
