China’s monetary and exchange rate policy

16–17 May 2011 / Helsinki

Organized by the Central Bank-Academia Network on the Chinese Economy (BOFIT & CEA-Europe)

Programme for workshop on
China’s monetary and exchange rate policy
Helsinki, May 16-17, 2011
Organized by the Central Bank-Academia Network on the Chinese Economy
(BOFIT & CEA-Europe) 

Monday, May 16

 

9.00

 Opening words: Iikka Korhonen (Bank of Finland)
9.10-10.50

Session: China’s Monetary Policy Implementation
Chair: Iikka Korhonen (Bank of Finland) 
   

Dong He (Hong Kong Monetary Authority) and Honglin Wang (Hong Kong Monetary Authority):
Dual-track interest rates and the conduct of monetary policy in China

> Discussant: Eric Girardin (GREQAM, Université Aix-Marseille)
  

Guonan Ma (Bank for International Settlements) and Yan Xiandong (People’s Bank of China):
China’s reserve requirement: practices, effects and implications

> Discussant: Markus Hyvonen (Reserve Bank of Australia) 
11.10-12.50

Session: Issues on Monetary Policy 
Chair: Eric Girardin (GREQAM, Université Aix-Marseille)
  

Xuechun Zhang (People’s Bank of China):
Intermediary targets of Chinese monetary policy: Selection and efficiency

> Discussant: Risto Herrala (Bank of Finland) 
   

Changsheng Chen (GREQAM, Université Aix-Marseille), Eric Girardin (GREQAM, Université Aix-Marseille) and Aaron Mehrotra (Bank for International Settlements):
Provincial Phillips curves in China: The role of openness 

> Discussant: Michael Funke (Hamburg University)
14.00-15.40

Session: Monetary Policy and Asset Prices
Chair: Aaron Mehrotra (Bank for International Settlements)
   

Tuuli Koivu (Bank of Finland):
Monetary policy, asset prices and consumption in China

> Discussant: Lucia Morales (Dublin Institute of Technology)
   

Yanbing Zhang (Tsinghua University), Xiuping Hua (University of Nottingham, Ningbo) and Liang Zhao (University of Sheffield):
Monetary policy and housing price - A case study of Chinese experiences in 1999-2010

> Discussant: Duo Qin (Queen Mary University of London)
16.00-17.40 Session: Value of the Renminbi
Chair: Michael Funke (Hamburg University)
   

Duo Qin (Queen Mary University of London):
Is the Chinese currency substantially undervalued?

> Discussant: Aaron Mehrotra (Bank for International Settlements)
   

Yin-Wong Cheung (University of California, Santa Cruz): Exchange rate misalignment estimates – Sources of differences

> Discussant: Iikka Korhonen (Bank of Finland)
19.00

Dinner and presentation by Robert N. McCauley (Bank for International Settlements):
The internationalization of the renminbi

Tuesday, May 17
9.00-10.40

Session: Exchange rate policy
Chair: Iikka Korhonen (Bank of Finland)
   

Enrique Alberola (Banco de España) and Francesca Viani (Banco de España):
Policy bias in asset allocation and prices between China and the US: A two-country general equilibrium analysis

> Discussant: Riikka Nuutilainen (Bank of Finland and University of Oulu)
   

Zhichao Zhang (Durham Business School), Nan Shi (Durham Business School) and Xiaoli Zhang (Shanghai Institute of Foreign Trade):
China’s new exchange rate regime, optimal basket currency and currency diversification

> Discussant: Heikki Oksanen (European Commission)
11.00-12.40 Session: Policies and economic dynamics
Chair: Eric Girardin (GREQAM, Université Aix-Marseille)
 

Shang-Jin Wei (Columbia Business School):
Sex ratios and exchange rates

> Discussant: Kari Heimonen (University of Jyväskylä)
 

John Knight (University of Oxford) and Wei Wang (University of Oxford):
China's Macroeconomic Imbalances: Causes and Consequences

> Discussant: José-Maria Martinez (Banco de España)
14.00-16.30 Session: Chinese financial system
Chair: Tuuli Koivu (Bank of Finland)
 

Ningyue Liu (University College Dublin), Don Bredin (University College Dublin), Liming Wang (University College Dublin) and Zhihong Yi (Renmin University of China):
Domestic and Foreign Institutional Investor Behavior in China

> Discussant: Timo Korkeamäki (Hanken School of Economics and Bank of Finland)
 

Su Qian Kong, Lucia Morales and Joseph Coughlan (Dublin Institute of Technology):
An Analysis of the Chinese Stock Market during the Global Financial Crisis

> Discussant: Mika Vaihekoski (Turku School of Economics)
 

Alicia García-Herrero (BBVA):
China’s banking system risks