Workshop on “Recent Developments and Future Prospects for the International Monetary System”

The Hong Kong Institute for Monetary and Financial Research, ASEAN+3 Macroeconomic Research Office, European Central Bank, European Stability Mechanism and Bank of Finland Institute for Emerging Economies jointly organised a workshop on “Recent Developments and Future Prospects of the International Monetary System” on August 24 – 25 2023.



8:30AM – 9:00AM

Registration and Welcome Coffee

9:00AM – 9:15AM

Welcoming Remarks

Eddie Yue, Chief Executive, Hong Kong Monetary Authority

9:15AM – 11:15AM

Session 1 – Currency Usage for cross-border payments, bank loans
and external balance sheets
Chair: Iikka Korhonen, BOFIT

Currency Usage for Cross-Border Payments
Longmei Zhang, International Monetary Fund
Roshan Iyer, International Monetary Fund
Hector Perez-Saiz, International Monetary Fund

Determinants of currency choice in cross-border bank loans
Peter McQuade, European Central Bank
Lorenz Emter, European Central Bank
Swapan-Kumar Pradhan, Bank for International Settlements
Martin Schmitz, Bank for International Settlements

Currencies of External Balance Sheets
Luciana Juvenal, International Monetary Fund
Cian Allen, International Monetary Fund
Deepali Gautam, International Monetary Fund

Discussion and Q&A

11:15AM – 11:30AM

Coffee Break

11:30AM – 1:30PM

Session 2 – Capital Flow, Exchange Rate and Invoicing Currency
Chair: Phakawa Jeasakul, International Monetary Fund

Capital Flows and Exchange Rates: A Quantitative Assessment of the
Dilemma Hypothesis
Shangshang Li, University of Oxford
Ambrogio Cesa-Bianchi, Bank of England, CEPR, and CfM
Andrea Ferrero, University of Oxford, CEPR, and CfM

Granular Banking Flows and Exchange-Rate Dynamics
Balduin Bippus, University of Cambridge
Simon Lloyd, Bank of England and Centre for Macroeconomics
Daniel Ostry, Bank of England and Centre for Macroeconomics

Invoicing Currency Concentration and Currency Risk Premia
Nick Sander, Bank of Canada
Julien Bengui, Bank of Canada and CEPR

Discussion and Q&A

1:30PM – 2:30PM


2:30PM – 4:30PM

Session 3 – International Use of Renminbi
Chair: Hans Genberg, Asia School of Business

Renminbi Usage in Cross-Border Payments: Regional Patterns and the
Role of Swaps Lines and Offshore Clearing Banks
Longmei Zhang, International Monetary Fund
Hector Perez-Saiz, International Monetary Fund

The RMB as a trade settlement currency: An exploratory analysis of
economic vs institutional determinants
Alicia García-Herrero, Natixis
Alessia Amighini, ISPI
Haoxin Mu, Natixis

Dual Approach for One Goal: The Internationalization of Renminbi
during 2010-2021
Qing Liu, Tsinghua University
Wenlan Luo, Tsinghua University
Jiatong Niu, Tsinghua University

Discussion and Q&A

4:30PM – 4:45PM

Coffee Break

4:45PM – 6:30PM

Session 4 – International Roles of Euro and Dollar
Chair: Gergely Hudecz, European Stability Mechanism

The EU’s Response to the COVID-19 Crisis: A Game Changer for
the International Role of the Euro?
Heliodoro Temprano Arroyo, European Commission

Dollar trinity and the Global Financial Cycle
Georgios Georgiadis, European Central Bank
Gernot J. Müller, University of Tübingen and CEPR
Ben Schumann, Free University of Berlin

Dollar Funding Shortage – A New Database and New Evidence
Maylin H. Sun, American University, Washington DC

Discussion and Q&A


Conference Dinner

Policy Panel

9:00AM – 10:00AM

Panel 1: How to Manage the International Monetary and Financial
System in a More Fragmented Geo-Economic World?
Chair: Rolf Strauch, European Stability Mechanism

Linda Goldberg, Federal Reserve Bank of New York <virtual>
Fabio Natalucci, International Monetary Fund <virtual>
Chengjun Zhou, The People’s Bank of China
Benoit Mojon, Bank for International Settlements


10:00AM – 11:00AM

Panel 2: Policy Initiatives in a Changing International Monetary
Chair: Arnaud Mehl, European Central Bank

Dong He, International Monetary Fund <virtual>
Kouqing Li, ASEAN+3 Macroeconomic Research Office
Saleem Bahaj, UCL


11:00AM – 11:15AM

Coffee Break

11:15AM – 12:35PM

Session 5 – Crypto Assets and their Implications
Chair: Ilhyock Shim, Bank for International Settlements

Crypto Currencies and Banking Sector Connectedness: Don’t Worry,
Be Happy . . . for Now
Jorge A. Chan-Lau, ASEAN+3 Macroeconomic Research Office
Toan Long Quach, ASEAN+3 Macroeconomic Research Office
Liyang Tang, ASEAN+3 Macroeconomic Research Office

The Crypto Cycle and US Monetary Policy
Alexander Copestake, International Monetary Fund
Natasha Che, International Monetary Fund
Davide Furceri, International Monetary Fund
Tammaro Terracciano, IESE Business School (Barcelona)

Discussion and Q&A