Financial markets

14th Tokyo Roundtable on Capital Market Reform in Asia

13-14 March 2014, Tokyo, Japan

The 14^th 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