Conference on
Reserve Requirements & Other Macroprudential Policies: Experiences
in Emerging Economies

October 8-9, 2012
The Marmara Taksim Hotel
Istanbul

Participation to the conference is by invitation only.

The Central Bank of Turkey is organizing a conference on "Reserve Requirements & Other Macroprudential Policies: Experiences in Emerging Economies" on October 8-9, 2012 in İstanbul. The conference will bring central bankers and economists at other policy institutions together with academics to present recent advances in empirical and theoretical work on the reserve requirements and other macroprudential policies. The main objective of the conference is to provide a perspective on the use of macroprudential policies such as reserve requirements and the emerging market countries' experiences with the use of such policies, and challenges faced by central banks in the aftermath of the global financial crisis.

The conference will be organized to focus on two central themes. The first theme is on how reserve requirements and other macroprudential tools have been used to mitigate the financial risk emanating from various sources such as capital flow surges, rapid credit growth, and asset and commodity price fluctuations. In this context, the conference will also address how monetary transmission mechanism works in a setup that incorporates macroprudential policy instruments, such as reserve or liquidity requirements. Another particular objective of the conference will be to shed light on the effectiveness of these macroprudential policy instruments on enhancing financial stability in emerging economies. The second theme is to address the operational framework for incorporating macroprudential tools into financial stability framework and to provide country experiences and case studies.

 

 

Monday, 8 October 2012

 

8:00 – 9:00

Registration

 

9:00 – 9:15

Opening remarks

Erdem Başçı, Central Bank of the Republic of Turkey

Presentation

 

9:15 – 10:00

Keynote 1: Charles A.E. Goodhart, London School of Economics

Background Paper: The Potential Instruments of Monetary Policy

Presentation

 

10:00 – 10:30

Coffee break

 

 

Session 1
Macroprudential Tools and Macroeconomic Dynamics

Chair: Murat Çetinkaya, Central Bank of the Republic of Turkey

 

10:30 – 12:00

Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy

Papa N'Diaye, International Monetary Fund

Presentation


Required Reserves as a Credit Policy Tool

Yasin Mimir, Central Bank of the Republic of Turkey

Presentation


Prudential Policies in Good and Bad Times

Tito Cordella, World Bank

Presentation

 

12:00 – 13:30

Lunch break

 

 

 

13:30 – 14:15

Keynote 2: Hyun Song Shin, Princeton University

Background Papers:
Capital Flows and the Risk-Taking Channel of Monetary Policy
Assessing Macroprudential Policies: Case of Korea
Presentation

 

 

Session 2
Macroprudential Policymaking, Monetary Policy and Financial Stability

Chair: Turalay Kenç, Central Bank of the Republic of Turkey

 

14:15 – 15:30

Policymaking from a 'Macroprudential' Perspective in Emerging Market Economies

Ramon Moreno, Bank for International Settlements

Presentation


House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy

Paolo Gelain, Norges Bank

Presentation

 

15:30 – 16:00

Cofee break

 

16:00 – 17:15

Effects of Reserve Requirements in an Inflation Targeting Regime: The Case of Colombia
The Use of Reserve Requirements in an Optimal Monetary Policy Framework

Hernando Vargas, Central Bank of Colombia

Presentation


Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences

Xiaoyong Wu, International Monetary Fund

Presentation

 

19:00-21:30

Gala Dinner

 

 

Tuesday, 9 October 2012

 

 

Session 3
Country Experience with the Use of Macroprudential Policies:
Latin America

Chair: Ahmet Faruk Aysan, Central Bank of the Republic of Turkey

 

9:00 – 10:40

Fabrizio Lopez Gallo, Central Bank of Mexico
Presentation
Hernando Vargas, Central Bank of Colombia
Presentation
Mario Bergara, Central Bank of Uruguay
Presentation

 

10:40 – 11:00

Coffee break

 

 

Asia

Chair: Mehmet Yörükoğlu, Central Bank of the Republic of Turkey
Presentation

 

11:00 – 12:30

Woon Gyu Choi , Bank of Korea
Presentation
Nor Shamsiah Mohd Yunus, Central Bank of Malaysia
Presentation

 

12:30 - 13:30

Lunch break