Modern central banking: Challenges and Prospects

/High-level International Conference/

On the occasion of the 100th anniversary of Mongolia’s modern banking system, the Bank of Mongolia has organized a high-level international conference. This event is supported by knowledge sponsors, including the Asian Development Bank (ADB), the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and the World Bank, alongside strategic partners such as the Reinventing Bretton Woods Committee and the Mongolian Bankers Association, and APU Company as a supporting brand.

The conference aimed to reflect on past journey, share insights and explore the future of central banking. In an era marked by geopolitical tensions, climate change, and rapid technological advancements, central banks face unprecedented challenges and responsibilities. Key issues include navigating monetary policies in dynamic economic landscapes, fostering financial systems that promote environmental sustainability, and exploring the potential of central bank digital currencies amidst technological evolution. Esteemed professors, central bankers, policymakers, and thought leaders from around the world gathered to engage in meaningful dialogue on these pressing global issues and the conference served as a platform for reflection, collaboration, and future planning in central banking.

Mr. Lkhagvasuren Byadran,

Governor, Bank of Mongolia

Ms. Kristalina Georgieva,

Managing director, IMF

Mr. Tao Zhang,

Chief representative for Asia and Pacific, BIS

Mr. Davaadalai Batsuuri,

Economic policy advisor to the President of Mongolia

Ms. Bulgantuya Khurelbaatar,

Deputy Chairman, Member of The Parliament of Mongolia

Mr. Marc Uzan,

Executive Director, Reinventing Bretton Woods Committee (Closing remark)

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Session 1 . MONETARY POLICY: CONTEMPORARY ISSUES AND CHALLENGES

Knowledge sponsor: International Monetary Fund

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Speakers

Moderator

Christopher ERCEG

Deputy Director, MCM Department, International Monetary Fund

Keynote speaker and panelist

Athanasios ORPHANIDES

Professor, MIT Sloan School of Management & Former Governor, Central Bank of Cyprus

Panelist

Jae Won LEE

Chief Economist and Deputy Governor, Bank of Korea

Panelist

Zdeněk TŮMA

Professor, Charles University & Former Governor, Czech National Bank

Panelist

Grant SPENCER

Teaching Fellow, Victoria University of Wellington & Former Deputy Governor, Reserve Bank of New Zealand

Welcome remarks to the session by

Mr. Christopher ERCEG , Deputy Director, MCM Department, International Monetary Fund

Keynote presentation by

Mr. Athanasios ORPHANIDES , Professor, MIT Sloan School of Management & Former Governor, Central Bank of Cyprus

Title: Modern Monetary Policy in Practice: Principles, Challenges and Prospects ( DOWNLOAD ( DOWNLOAD ) )

Panel discussion:

Moderator : Mr. Christopher ERCEG , Deputy Director, MCM Department, International Monetary Fund

Panelist : Mr. Jae Won LEE , Chief Economist and Deputy Governor, Bank of Korea

Panelist : Mr. Zdeněk TŮMA , Professor, Charles University & Former Governor, Czech National Bank

Panelist : Mr. Grant SPENCER , Teaching Fellow, Victoria University of Wellington & Former Deputy Governor, Reserve Bank of New Zealand

Panelist : Mr. Athanasios ORPHANIDES , Professor, MIT Sloan School of Management & Former Governor, Central Bank of Cyprus

Session 2 . MONETARY POLICY IN RESOURCE RICH COUNTRIES

Knowledge sponsor: International Monetary Fund

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Speakers

Moderator

Krishna SRINIVASAN

Director, Asia and Pacific Department, International Monetary Fund

Keynote speaker and panelist

Silvana TENREYRO

Professor of Economics, London School of Economics & Former External Member of the MPC, Bank of England

Panelist

Lkhagvasuren BYADRAN

Governor, Bank of Mongolia

Panelist

Grant SPENCER

Teaching Fellow, Victoria University of Wellington & Former Deputy Governor, Reserve Bank of New Zealand

Panelist

Philip LOWE

Chair, Future Generation Australia & Former Governor, Reserve Bank of Australia

Welcome remarks to the session by

Mr. Krishna SRINIVASAN , Director, Asia and Pacific Department, International Monetary Fund

Keynote presentation by

Ms. Silvana TENREYRO , Professor of Economics, London School of Economics & Former External Member of the MPC, Bank of England

Title: Monetary Policy in Resource-rich Countries ( DOWNLOAD )

Panel discussion:

Moderator : Mr. Krishna SRINIVASAN , Director, Asia and Pacific Department, International Monetary Fund

Panelist : Mr. Lkhagvasuren BYADRAN , Governor, Bank of Mongolia

Panelist : Mr. Grant SPENCER , Teaching Fellow, Victoria University of Wellington & Former Deputy Governor, Reserve Bank of New Zealand

Panelist : Mr. Philip LOWE , Chair, Future Generation Australia & Former Governor, Reserve Bank of Australia

Panelist : Ms. Silvana TENREYRO , Professor of Economics, London School of Economics & Former External Member of the MPC, Bank of England

Session 3 . FINANCIAL STABILITY: REGULATIONS OF THE FINANCIAL SECTOR

Knowledge sponsor: Bank for International Settlements and Asian Development Bank

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Speakers

Moderator

Tao ZHANG

Chief Representative for Asia and Pacific office, BIS & Former Deputy Managing Director, IMF

Welcoming remarks speaker

Albert PARK

Chief Economist, Asian Development Bank

Keynote speaker and panelist

Andrew SHENG

Distinguished Fellow, Asia Global Institute University of Hong Kong & Former Chairman of the Securities and Futures Commission of Hong Kong

Panelist

Eddie YUE

Chief Executive, Hong Kong Monetary Authority

Panelist

Nandalal WEERASINGHE

Governor, Central Bank of Sri Lanka

Panelist

Nor Shamsiah Mohd Yunus

Advisor & Former Governor, Central Bank of Malaysia

Welcome remarks to the session by

Mr. Tao ZHANG , Chief Representative for Asia and Pacific office, BIS & Former Deputy Managing Director, IMF & Mr. Albert PARK , Chief Economist, Asian Development Bank

Keynote presentation by

Mr. Andrew SHENG , Distinguished Fellow, Asia Global Institute University of Hong Kong & Former Chairman of the Securities and Futures Commission of Hong Kong

Title: Financial Stability: Regulation of Financial Sector - a Balance Sheet approach ( DOWNLOAD )

Panel discussion:

Moderator : Mr. Tao ZHANG , Chief Representative for Asia and Pacific office, BIS & Former Deputy Managing Director, IMF

Panelist : Mr. Eddie YUE , Chief Executive, Hong Kong Monetary Authority

Panelist : Mr. Nandalal WEERASINGHE , Governor, Central Bank of Sri Lanka

Panelist : Ms. Nor Shamsiah Mohd Yunus , Advisor & Former Governor, Central Bank of Malaysia

Panelist : Mr. Andrew SHENG , Distinguished Fellow, Asia Global Institute University of Hong Kong & Former Chairman of the Securities and Futures Commission of Hong Kong

Session 4 . GREENING THE FINANCIAL SYSTEM: THE ROLE OF CENTRAL BANKS AND SUPERVISORS IN THE SUPPORT OF CLIMATE-FRIENDLY BUSINESSES UNDER FINANCIAL STABILITY

Knowledge sponsor: Asian Development Bank and World Bank

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Speakers

Moderator

Elitza MILEVA

Lead Economist Macroeconomics, Trade and Investment Global Practice in East Asia and Pacific Region World Bank

Welcoming remarks speaker

Shannon COWLIN

Country Director for Mongolia, Asian Development Bank

Keynote speaker and panelist

Albert PARK

Chief Economist, Asian Development Bank

Panelist

Hamza ALI MALIK

Director of Macroeconomic Policy and Financing for Development Division UNESCAP

Panelist

Sayuri SHIRAI

Professor, Keio University & Former Member of the Policy Board, Bank of Japan

Welcome remarks to the session by

Ms. Shannon COWLIN , Country Director for Mongolia, Asian Development Bank

Keynote presentation by

Mr. Albert PARK , Chief Economist, Asian Development Bank

Title: Role of the Central Banks in Greening the Financial System ( DOWNLOAD )

Panel discussion:

Moderator : Ms. Elitza MILEVA , Lead Economist Macroeconomics, Trade and Investment Global Practice in East Asia and Pacific Region World Bank

Panelist : Mr. Albert PARK , Chief Economist, Asian Development Bank

Panelist : Mr. Hamza ALI MALIK , Director of Macroeconomic Policy and Financing for Development Division UNESCAP

Panelist : Ms. Sayuri SHIRAI , Professor, Keio University & Former Member of the Policy Board, Bank of Japan

Session 5 . MACRO-FINANCIAL IMPLICATIONS OF THE CENTRAL BANK DIGITAL CURRENCIES ON CROSS-BORDER PAYMENTS AS WELL AS ON THE INTERNATIONAL MONETARY AND FINANCIAL SYSTEM

Knowledge sponsor: World Bank