13-14 March 2014, Tokyo, Japan
The 14th Tokyo Roundtable on Capital Market Reform in Asia took place on 13-14 March 2014 at the Asian Development Bank Institute (ADBI) in Tokyo, Japan. This meeting was jointly organised by the ADBI and the OECD, in co-operation with the Government of Japan.
Initiated in 1999 in the aftermath of the Asian financial crisis, the Tokyo Roundtable offers a forum for regulators, policy-makers, experts, practitioners, scholars and international organisations to discuss issues relating to capital market reform in Asia.
DAY ONE: 13 March 2014
KEYNOTE ADDRESS: Dr. Ryuzo Miyao, Member of the Policy Board, Bank of Japan
SESSION 1: Implications of Quantitative Easing (QE) Tapering to Asia: Managing Transition and Containing Financial Risks
Moderator: Dr. Masahiro Kawai, Former Dean and CEO, ADBI
Speakers:
Possible spillovers from exiting QE: Dr. Sangkyom Kim, Deputy Director, Directorate for Financial and Enterprise Affairs, OECD
Tapering and Dornbusch’s law in Asia: Dr. Eli Remolona, Chief Representative Asia and the Pacific, Bank for International Settlements (BIS)
Assessing impacts of QE tapering on Asian EMES: Dr. Woon Gyu Choi, Deputy Governor and Director-General of Economic Research Institute, The Bank of Korea
Implications of quantitative easing tapering: case of Indonesia: Dr. Sjamsul Arifin, Former Adviser Bank Indonesia and Commissioner MPI Corporation, Indonesia
Discussants:
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. C. Lawrence Greenwood, Jr., Senior Managing Director, Metlife Alico, Japan
SESSION 2: Global Financial Regulatory Reforms: Progress, Implementation Challenges and Consequences
Moderator: Dr. Mamiko Yokoi-Arai, Principal Administrator, Financial Affairs Division, Directorate for Financial and Enterprise Affairs, OECD
Speakers:
Global financial regulatory reforms – challenges and implications for Asia: Mr. Masamichi Kono, Vice Commissioner for International Affairs, Financial Services Agency, Japan
Progress on plausible bank resolution: Dr. David Mayes, Professor of Banking and Financial Institutions, University of Auckland
An Asian perspective on global financial reform: Dr. Peter Morgan, Senior Consultant for Research, ADBI and Dr. Victor Pontines, Research Fellow, ADBI
Enhancing the effectiveness of monetary policy in China through financial reform: Dr. C.H. Kuan, Senior Research Fellow, Nomura Research Institute
Discussants:
Dr. Woon Gyu Choi, Deputy Governor and Director-General of Economic Research Institute, The Bank of Korea
Dr. Malcolm Edey, Assistant Governor (Financial System),Reserve Bank of Australia
SESSION 3: Financial Liberalization in the De-globalisation Phase
Moderator: Dr. Jae-Ha Park, Acting Dean, ADBI
Speakers:
The validity of the conventional wisdom of capital control: Dr. Adrian Blundell-Wignall, Special Advisor to the OECD Secretary General on Financial Markets, Deputy Director, Directorate for Financial & Enterprise Affairs, OECD [Presentation by tele-conference]
Financial liberalization’s impact on India’s financial system: Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India
Economic impact of regional trade discussions in Asia: Dr. Kenichi Kawasaki, Senior Fellow, National Graduate Institute for Policy Studies (GRIPS), Japan
Experience with financial liberalization and capital controls in Cambodia: Dr. Nguon Sokha, Secretary of State, Ministry of Economy and Finance, Cambodia
Discussants:
Dr. Karl Habermeier, Assistant Director, Monetary and Capital Markets Department, IMF
Professor Akira Ariyoshi, Professor and Program Director, Asian Public Policy Program, School of International and Public Policy, Hitotsubashi University
DAY TWO: 14 March 2014
SESSION 4: Long-term Investment for Infrastructure Development
Moderator: Mr. Qiangwu Zhou, Deputy Director-General, Asia Pacific Finance and Development Center (AFDC)
Speakers:
The OECD Long Term Investment project: Mr. Raffaele Della Croce, Lead Manager, Long Term Investment Project, Financial Affairs Division, OECD
Financing infrustructure for South Asian and South East Asian connectivity: Dr. Masahiro Kawai, Former Dean and CEO, ADBI
Major SWF investing in infrastructure: Dr. Zai Fan, Managing Director, China Investment Corporation (CIC)
Government role in facilitating investment in infrastructure: Ms. Cosette V. Canilao, Executive Director, Public-Private Partnership Center of the Philippines
The Japanese experience and recent developments: Mr. Tokihiko Shimizu, Director General, Research Department, Government Pension Investment Fund (GPIF), Japan
Discussants:
Professor Nobusuke Tamaki, Professor, Otsuma Women’s University
Professor Naoyuki Yoshino, Chair of Financial System Council andProfessor of Economics, Keio University, Japan
SESSION 5: Innovation for Financial Inclusion for Households and Small and Medium Enterprises
Moderator: Dr. Yuqing Xing, Director of Capacity Building and Training, ADBI
Speakers:
Financial inclusion, SME finance and SME database: Professor Naoyuki Yoshino, Chair of Financial System Council andProfessor of Economics, Keio University, Japan
Is finance a binding constraint for SME participation in trade?: Dr. Ganeshan Wignaraja, Director of Research, ADBI and Dr. Yothin Jinjarak, Research Fellow, ADBI
Key IFC initiatives in SME financing: Mr. Rubin Japhta, Senior Gender and SME Banking Specialist, East Asia Pacific Division, International Finance Corporation
Innovation for financial inclusion for households and small and medium enterprises: case of Bangladesh: Mr. Amalendu Mukherjee, Additional Secretary, Bank and Financial Institutions Division, Ministry of Finance, Bangladesh
Discussants:
Mr. Noritaka Akamatsu, Deputy Head, Office of Regional Economic Integration (OREI), ADB
Mr. Tuhin Kanta Pandey, Joint Secretary and Adviser (Financial Resources), Planning Commission of India
SESSION 6: Disaster Risk Financing and the Evolving Role of Insurance and Financial Markets
Moderator: Mr. Rintaro Tamaki, Deputy Secretary-General, OECD
Speakers:
The role of finance ministries in DRM and practices and challenges in disaster risk financing: Dr. Alberto Monti, Member of the OECD High-Level Advisory Board on the Financial Management of Disasters and Professor of Law Institute for Advanced Study – IUSS Pavia, Italy
Disaster insurance schemes: options to consider and implementation challenges: Mr. Pravej Ongartsittigul, Secretary-General, Office of Insurance Commission, Thailand
Evolving reinsurance markets and new sources of risk capital: Mr. Ivo Menzinger, Head Asia Pacific, Managing Director, Global Partnerships, Swiss Reinsurance Company Ltd (Singapore)
The role of insurance in risk mitigation and natural catastrophes: Commissioner James J. Donelon, Louisiana Department of Insurance & National Association of Insurance Commissioners (NAIC) Immediate Past President, United States
Discussants:
Mr. James Beedle, Senior Managing Director, Willis Re Asia, Singapore
Dr. Minquan Liu, Senior Capacity Building Economist, ADBI
Mr. Takeshi Harada, Director, Financial System Stabilization Division, Minister’s Secretariat, Ministry of Finance, Japan