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CAFRAL-IPD Conference on “Capital Account Management and Macro-Prudential Regulation for Financial Stability and Growth”

January 13, 2014

India Habitat Center   New Delhi, India

Agenda  139kb pdf
Meeting Report  3.26mb pdf
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The Centre for Advanced Financial Research and Learning (CAFRAL), in collaboration with the Initiative for Policy Dialogue (IPD) at Columbia University, held a two day international conference in New Delhi on "Capital Account Management and Macro-Prudential Regulation for Financial Stability and Growth" during 13-14 January 2014.

The objective of the conference was to discuss how systemic risk can build up in the financial sector and ways to prevent it from rising excessively.

The conference drew participation from policy makers, central bankers, multilateral institutions, policy think tanks and academia from several countries including India.

  • The conference recognised cross border financial flows and excessive leverage as key sources of systemic risk and emphasised the need for policy makers to ensure that they had in their tool kit sufficient number of instruments encompassing fiscal, monetary, exchange rate, macro prudential and capital flow measures to address such a risk.
  • The conference also emphasised the need for central banks and the governments to work together, especially at times of stress.
  • The conference noted that to the extent managing systemic risk has become an important objective, some pre-crisis notions such as central bank autonomy, inflation targeting and freer capital flows need to be revisited.
  • There was also consensus that monetary policies of advanced economies have significant spillover impact on EDEs imposing macroeconomic costs on them and that advanced economies have to be sensitive to these spill overs and share the burden of adjustment.

The participants include financial sector regulators, researchers, financial sector practitioners and stakeholders, industry and trade representatives, government officials, media and those interested in public policy. 

  • Stephany Griffith-Jones
    Speaker
    Financial Markets Program Director
    Initiative for Policy Dialogue (IPD)
  • Joseph Stiglitz
    Speaker
    Co-President
    Initiative for Policy Dialogue (IPD)
  • José Antonio Ocampo
    Speaker
    Co-President
    Initiative for Policy Dialogue (IPD)
  • Jan Allen Kregel
    Speaker
    Professor, Levy Economics Institute
    Bard College
  • Kevin P. Gallagher
    Speaker
    Associate Professor
    Department of International Relations
    Boston University
  • Louis Kasekende
    Speaker
    Chief Economist
    African Development Bank
  • Manuel Agosin
    Speaker
    Dean
    Dept of Finance
    Universidad de Chile
  • Usha Throat
    Speaker
    CAFRAL
  • Andrew Sheng
    Speaker
    President
    Fung Global Institute
  • Sir John Gieve
    Speaker
    Former Deputy Governor
    Bank of England
  • Paulo Nogueira Batista
    Speaker
    Executive Director Brazil
    International Monetary Fund
  • Adair Lord Turner
    Speaker
    Former Chairman
    UK Financial Services Authority
  • Montek Singh Ahluwalia
    Speaker
    Former Deputy Chairman of the Planning Commission
    Planning Commission, India
  • Nemat Shafik
    Speaker
    Deputy Managing Director
    International Monetary Fund
  • Sukhdave Singh
    Speaker
    Deputy Governor
    Bank Negara Malaysia
  • Deepak Mohanty
    Speaker
    Executive Director
    Reserve Bank of India
  • Amar Bhattacharya
    Speaker
    Director
    G24 Secretariat
  • C. Rangarajan
    Speaker
  • Bimal Jalan
    Speaker
  • YV Reddy
    Speaker
    Emeritus Professor of Economics
    University of Hyderabad
  • D. Subbarao – Anchor
    Speaker
  • P. Chidambaram
    Speaker
    Minister of Finance
    Govt. of India
Transcript of the Inaugural Speech of Finance Minister at the CAFRAL-IPD Conference

19kb pdf
P. Chidambaram

India Shouldn't Count on US Growth Revival

374kb pdf
Joseph Stiglitz

Macro-Prudential Regulations: Linkages with macro-economic policies for promoting financial stability

153kb pdf
Andrew Sheng

Macro-Prudential Regulations: Linkages with macro-economic policies for promoting financial stability

243kb pdf
Sir John Gieve

From Monetary to macroeconomic policy - A Return to Complexity

903kb pdf
Sir John Gieve

Macro-Prudential Regulations: Linkages with macro-economic policies for promoting financial stability

302kb pdf
Jan Allen Kregel

Macro-Prudential Regulations: Linkages with macro-economic policies for promoting financial stability

112kb pdf
Stephany Griffith-Jones

Questions and Answers of the session "Macro-Prudential Regulations: Linkages with macro-economic policies for promoting financial stability"

212kb pdf
José Antonio Ocampo,
Stephany Griffith-Jones,
Jan Allen Kregel,
Andrew Sheng,
Sir John Gieve

Capital Flows Management Measures and Systemic Risk

145kb pdf
Paulo Nogueira Batista

Capital Flows Management Measures and Systemic Risk

155kb pdf
José Antonio Ocampo

Capital Flows Management Measures and Systemic Risk

121kb pdf
Yongding Yu

Capital Account Management in China

999kb pdf

Capital Account Regulations and the Trading System

1.16mb pdf
Kevin P. Gallagher

Questions and Answers of the session "Capital Flows Management Measures and Systemic Risk"

156kb pdf
José Antonio Ocampo,
Stephany Griffith-Jones,
Kevin P. Gallagher,
Paulo Nogueira Batista

Political Economy of Financial Stability and Equitable Growth

168kb pdf
Adair Lord Turner

Too Much Of The Wrong Sort Of Capital Flow

285kb pdf
Adair Lord Turner

Too Much Of The Wrong Sort Of Capital Flow

1.11mb pdf
Adair Lord Turner

Political Economy of Financial Stability and Equitable Growth

250kb pdf
Nemat Shafik

Political Economy of Financial Stability and Equitable Growth

454kb pdf
Nemat Shafik

Questions and Answers of the Session "Political Economy of Financial Stability and Equitable Growth"

160kb pdf
Joseph Stiglitz,
Adair Lord Turner,
Montek Singh Ahluwalia,
Nemat Shafik

Global Liquidity and Financial Contagion

141kb pdf
Sukhdave Singh

Global Liquidity and Financial Contagion

135kb pdf
Louis Kasekende

Capital Account Management: Macro-prudential Policy Regulation for Financial Stability and Growth

481kb pdf
Louis Kasekende

Global Liquidity and Financial Contagion

153kb pdf
Deepak Mohanty

Global Liquidity and Financial Contagion

261kb pdf
Deepak Mohanty

Global Liquidity and Financial Contagion

57kb pdf
Manuel Agosin

Global Liquidity and Financial Contagion: Policy Implications

305kb pdf
Manuel Agosin

Global Liquidity and Financial Contagion

68kb pdf
Amar Bhattacharya

Global Liquidity and Financial Contagion: Impacts and Policy Challenges for EMEs

961kb pdf
Amar Bhattacharya

Questions and Answers of the session "Global Liquidity and Financial Contagion"

162kb pdf
Manuel Agosin,
Louis Kasekende,
Amar Bhattacharya,
Sukhdave Singh,
Deepak Mohanty

RBI Governors Panel

164kb pdf
Bimal Jalan,
D. Subbarao – Anchor,
YV Reddy

RBI Governors Panel

382kb pdf
Bimal Jalan,
D. Subbarao – Anchor,
YV Reddy

Event Information

Type Meeting
Program Financial Markets Reform