Macro-financial Stability Policy in a Globalised World: Lessons from International Experience

"These published proceedings of the May 2021 Conference, convened by the BIS and MAS, provide a definitive account of the usage of macro-prudential policies. A stellar collection of authors have written five general and ten country/regional Chapters on this subject, with discussant comments on each, all by top names in the field. A great book and a must-read by anyone with an interest in financial regulation."

"The global financial crisis of 2008 prompted a global call for a new financial regulatory framework that regulates the cyclicality of the financial system as a whole rather than its individual parts. Since then, so-called macroprudential regulations have been introduced in many countries to tame financial cycles, with a view to reduce the build-up of systemic financial stability risks and increase financial buffers to absorb shocks when they arrive. This book brings together the wisdom of senior policymakers and academics with hands-on experience in the development of macroprudential policy to draw invaluable lessons for the design and implementation of macroprudential policy. I recommend especially the chapters on country experiences, showing what worked well and what did not."

"The COVID pandemic and geopolitical tensions brought significant stability challenges for open economies. The headwinds are prominently characterized by the pick-up in inflation and capital flow volatility. The impact has been significant, but kneejerk policy responses will prove sub-optimal. I highly recommend this book as it offers a collection of reasoned insights and systematic analyses on many important policy choices facing EMEs. Adding to its appeal is the accompanying commentaries by independent experts. Differing perspectives can help readers gain a more holistic understanding of the complex policy trade-offs at play."

About the Editors

Claudio Borio was appointed Head of the BIS Monetary and Economic Department on 18 November 2013. At the BIS since 1987, Mr Borio has held various positions in the Monetary and Economic Department (MED), including Deputy Head of MED and Director of Research and Statistics as well as Head of Secretariat for the Committee on the Global Financial System and the Gold and Foreign Exchange Committee (now the Markets Committee). From 1985 to 1987, he was an economist at the OECD, working in the country studies branch of the Economics and Statistics Department. Prior to that, he was Lecturer and Research Fellow at Brasenose College, Oxford University. He holds a DPhil and an MPhil in Economics and a BA in Politics, Philosophy and Economics from the same university. Claudio is author of numerous publications in the fields of monetary policy, banking, finance and issues related to financial stability.

Edward Surendran Robinson is Deputy Managing Director of the Economic Policy Group (EPG) and Chief Economist, MAS. He currently heads the EPG which formulates Singapore's monetary policy and conducts macro-financial surveillance. The Group also undertakes research on broader economic and financial issues facing the domestic and external economies. Edward studied Economics/Econometrics at Monash University and the University of Melbourne. He has a particular interest in macroeconometric modelling and continues to be engaged in the developmental work for the suite of MAS models, which are used for both price and financial stability analysis. He has also been involved in other areas of economic policy work including in various inter-governmental work groups, and served as a Board Member of the Competition Commission of Singapore.

Hyun Song Shin took up the position of Economic Adviser and Head of Research at the BIS on 1 May 2014. Before joining the BIS, Mr Shin was the Hughes-Rogers Professor of Economics at Princeton University. In 2010, on leave from Princeton, he served as Senior Adviser to the Korean president, taking a leading role in formulating financial stability policy in Korea and developing the agenda for the G20 during Korea's presidency. From 2000 to 2005, he was Professor of Finance at the London School of Economics. He holds a DPhil and MPhil in Economics from Oxford University (Nuffield College) and a BA in Philosophy, Politics and Economics from the same university.

About the Contributors

Viral V Acharya is the C V Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia. Viral was a Deputy Governor at the Reserve Bank of India (RBI) from 23 January 2017 to 23 July 2019, in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. His speeches while at the RBI were released in July 2020 in the form of a book titled Quest for Restoring Financial Stability in India (SAGE Publishing India), with a new introductory chapter Fiscal Dominance: A Theory of Everything in India. At Stern, Viral co-edited the books Restoring Financial Stability: How to Repair a Failed System (John Wiley & Sons, March 2009), Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance (John Wiley & Sons, November 2010) and Dodd-Frank: One Year On, NYU-Stern and CEPR (released on voxeu.org, July 2011). He is also the co-author of the book Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance (Princeton University Press, March 2011 and Harper Collins (India), June 2011).

Pierre-Richard Agénor is Hallsworth Professor of International Macroeconomics and Development Economics at the University of Manchester. He has published numerous articles in leading professional journals and made contributions to a wide range of fields and topics in economics, including international macroeconomics, development economics, growth theory, labour economics, financial regulation, gender equality, and poverty analysis. He is the author of several books, including The Economics of Adjustment and Growth (Harvard University Press), Public Capital, Growth and Welfare (Princeton University Press), Monetary Policy and Macroprudential Regulation with Financial Frictions (The MIT Press), and Development Macroeconomics (with Peter J Montiel, Princeton University Press).

Ana Aguilar joined the BIS in January 2019 as a senior economist. Before that, she worked in Banco de México from 1998 to 2018. Most of that time, she was in charge of the monetary policy analysis as the Head of the Directorate of Economic Studies. Ana holds a PhD in Economics (2004) by the University of California, Los Angeles (UCLA). She has been lecturer at the Mexico Autonomous Institute of Technology (Instituto Tecnológico Autónomo de México, ITAM), from which she originally got a Bachelor degree in economics.

Muhamad Chatib Basri is a former Minister of Finance of Indonesia. Previously he was the Chairman of the Indonesian Investment Coordinating Board. Dr Basri was also a Vice Chairman of the National Economic Committee of the President of Indonesia. Dr Basri is now the Chairman of the PT Bank Mandiri tbk, and also of the XL Axiata. He teaches at the Department of Economics University of Indonesia and co-founded CReco Research Institute, a Jakarta-based economic consulting firm in 2010. He was a Thee Kian Wie Distinguished Visiting Professor at the Australian National University (2016–2017). His expertise includes International Trade, Macroeconomics and Political Economy. He was Ash Centre Senior Fellow at the Harvard Kennedy School, Harvard University (2015–2016); Pacific Leadership Fellow at the Centre on Global Transformation, University of California at San Diego (2016); and NTUC Professor of International Economic Relation, RSIS, NTU, Singapore (2016). Dr Basri is a member of the World Bank Advisory Council on Gender and Development. He is the author of a number of papers in international journals and actively writes for various leading newspapers and magazines in Indonesia.

Charles Bean is a Professor of Economics at the London School of Economics and a member of the Budget Responsibility Committee at the Office for Budget Responsibility. From 2000 to 2014, he served at the Bank of England as, successively, Executive Director and Chief Economist, and then Deputy Governor for Monetary Policy, serving on both the Monetary Policy and Financial Policy Committees. He also represented the Bank in international fora, such as G7 and G20. Before joining the Bank, he was a member of faculty at LSE and has also worked at HM Treasury. He has served as Managing Editor of the Review of Economic Studies, was President of the Royal Economic Society from 2013 to 2015, and is Chairman of the Centre for Economic Policy Research. He was knighted in 2014 for services to monetary policy and central banking and recently undertook a major review of the quality, delivery and governance of UK economic statistics on behalf of the UK government. He holds a PhD from MIT.

Thorsten Beck is Director of the Florence School of Banking and Finance and Professor of Financial Stability at the European University Institute. He was Professor of Banking and Finance at Bayes Business School (formerly Cass) in London between 2013 and 2021. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was Professor of Economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center from 2008 to 2013. Previously he worked in the research department of the World Bank and has also worked as consultant for, among others, the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.

Katharina Bergant is an Economist in the Macro-Financial Division of the Research Department at the International Monetary Fund (IMF). In addition to her work on monetary and macroprudential policies, her most recent research focuses on the application of microdata in international financial macroeconomics. Before she joined the IMF, Katharina did a research fellowship at the Harvard Kennedy School. Previously, she worked in the Directorate Economics of the European Central Bank and the Monetary Policy division of the Central Bank of Ireland. Katharina was a Grattan Scholar at Trinity College Dublin where she earned her PhD under the supervision of Philip R Lane.

Valentina Bruno is Professor at the Department of Finance and Real Estate of American University. She holds a Master in Finance and Economics and a PhD in Finance from the London School of Economics. Before joining American University, she worked at the World Bank in the Financial Sector Strategy and Policy Group and in the International Finance Team. Professor Bruno is Faculty Research Fellow at the Center for Economic Policy Research (CEPR) and Faculty Research Member at the European Corporate Governance Institute (ECGI). She has studied topics at the intersection of macroeconomics and finance: global liquidity, capital flows, macroprudential policies and foreign banks. Her recent work has focused on the role of the US dollar in the transmission of global financial conditions. Her research has been published in academic journals including the Review of Economic Studies, Review of Financial Studies, Journal of Monetary Economics, and Management Science.

Agustín Carstens became General Manager of the BIS on 1 December 2017. Mr Carstens was Governor of the Bank of Mexico from 2010 to 2017. A member of the BIS Board from 2011 to 2017, he was chair of the Global Economy Meeting and the Economic Consultative Committee from 2013 to 2017. He also chaired the International Monetary and Financial Committee, the IMF's policy advisory committee from 2015 to 2017. Mr Carstens began his career in 1980 at the Bank of Mexico. From 1999 to 2000, he was Executive Director at the IMF. He later served as Mexico's deputy finance minister (2000–2003) and as Deputy Managing Director at the IMF (2003–2006). He was Mexico's finance minister from 2006 to 2009. Mr Carstens has been a member of the Financial Stability Board since 2010 and is a member of the Group of Thirty. Mr Carstens holds an MA and a PhD in economics from the University of Chicago.

Yongheng Deng is a Professor and the John P. Morgridge Distinguished Chair in Business in the Wisconsin School of Business, University of Wisconsin–Madison (UW–Madison). Before joining UW–Madison, Professor Deng has served as a Provost's Chair Professor of Real Estate and Finance, Director of the Institute of Real Estate Studies, and Head of the Department of Real Estate at the National University of Singapore (NUS). He was also a Professor in the Department of Finance at NUS Business School and Director of the Lifecycle Financing Research Program at NUS Global Asia Institute. He has served as the 50th President of the American Real Estate and Urban Economics Association (AREUEA), the first and only Asian to be elected President in the Association's over 50 years of history. Professor Deng has published his research works in leading economics and finance journals. Some of those journals include Econometrica, Journal of Financial Economics, Management Science, Review of Finance, Journal of Environmental Economics and Management, Journal of Urban Economics, and China Economic Review. Professor Deng holds a PhD in Economics from the University of California at Berkeley.

Sebastian Edwards is the Henry Ford II Distinguished Professor of International Economics at the University of California, Los Angeles. From 1993 to 1996 he was Chief Economist for Latin America and the Caribbean at the World Bank. He has published 15 books, and over 200 scholarly articles. He was the Co-Director of the National Bureau of Economic Research's "Africa Project." He is a Research Associate at the National Bureau of Economic Research and an Honorary Professor at the Universidad de Chile. His latest book is American Default: The untold story of FDR, the Supreme Court and the Battle over Gold (Princeton University Press, 2018). Professor Edwards is currently working on a book titled Neoliberalism and Chicago Economics, to be published by Princeton University Press in 2022. Other books include African Successes (co-edited with Simon Johnson and David Weil; University of Chicago Press, 2016); Toxic Aid: Economic Collapse and Recovery in Tanzania (Oxford University Press, 2014); Left Behind: Latin America and the False Promise of Populism (University of Chicago Press, 2010); and Crisis and Reform in Latin America: From Despair to Hope, (Oxford University Press, 1995). Professor Edwards has published two novels and a book of memoirs in Spanish. El Misterio de las Tanias (Alfaguara 2007) was on the best sellers list in Chile for 29 weeks. Un día perfecto (Norma 2010) was on the list for 14 weeks. The memoir Conversación Interrumpida (2016) was also a best seller. Professor Edwards was educated at the Universidad de Chile and Universidad Católica de Chile. He received an MA in economics in 1978, and a PhD in economics in 1981, both from the University of Chicago.

Barry Eichengreen is the George C Pardee and Helen N Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). His most recent books include The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (Oxford University Press, 2018); How Global Currencies Work: Past, Present, and Future with Livia Chitu and Arnaud Mehl (November 2017); The Korean Economy: From a Miraculous Past to a Sustainable Future with Wonhyuk Lim, Yung Chul Park and Dwight H Perkins (March 2015); Renminbi Internationalization: Achievements, Prospects, and Challenges, with Masahiro Kawai (February 2015); Hall of Mirrors: The Great Depression, The Great Recession, and the Uses–and Misuses–of History (January 2015); From Miracle to Maturity: The Growth of the Korean Economy with Dwight H Perkins and Kwanho Shin (2012); and Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (2011) (shortlisted for the Financial Times and Goldman Sachs Business Book of the Year Award in 2011).

Kristin Forbes is the Jerome and Dorothy Lemelson Professor of Management and Global Economics at MIT's Sloan School of Management. She has regularly rotated between academia and senior policy positions. From 2014 to 2017 she was an External Member of the Monetary Policy Committee for the Bank of England. From 2003 to 2005 Forbes served as a Member of the White House's Council of Economic Advisers and from 2001 to 2002 she was a Deputy Assistant Secretary of Quantitative Policy Analysis, Latin American and Caribbean Nations in the US Treasury Department. She also was a Member of the Governor's Council of Economic Advisers for the State of Massachusetts from 2009 to 2014. In 2019, Forbes was named an Honorary Commander of the Order of the British Empire (CBE) by Her Majesty Queen Elizabeth II for services to British economic policy. She was previously honoured as one of the top 25 economists under the age of 45 who are "shaping how we think about the global economy" (by Finance & Development, 2014) and as a "Young Global Leader" as part of the World Economic Forum at Davos. She is currently the Convener of the Bellagio Group, a research associate at the NBER and CEPR, and a member of the Aspen Economic Strategy Group and Council on Foreign Relations. She also serves in a number of advisory positions, such as on the Monetary Policy Advisory Panel of the New York Federal Reserve Bank and on the External Advisory Group of the Managing Director for the International Monetary Fund. Forbes' academic research addresses policy-related questions in international macroeconomics. Recent projects include work on exchange rate pass-through, capital flows, macroprudential regulation, financial crises, contagion, current account imbalances, capital controls, inflation dynamics, foreign investment, and tax holidays. Forbes has chaired research projects on the Global Financial Crisis, Global Linkages and International Financial Contagion. She has won numerous teaching awards and teaches one of the most popular classes at MIT's Sloan School. Before joining MIT, Forbes worked at the World Bank and Morgan Stanley. She received her PhD in Economics from MIT and graduated summa cum laude with highest honours from Williams College.

Linda Goldberg is a Senior Vice President at the Federal Reserve Bank of New York. Linda's main areas of expertise are global banking, international capital flows, and the international roles of currencies. Linda is the co-chair of the International Banking Research Network, Bank for International Settlements Technical Advisor, CEPR Distinguished Fellow, and an NBER Research Associate. Linda is co-editor of the International Journal of Central Banking and on editorial boards of the Journal of Financial Intermediation and Journal of Financial Services Research. She also is on board of the Central Banking Economic Research Association, advisory board of the Academic Female Finance Committee of the American Finance Association, and is the Vice President of the Association of Princeton Graduate Alumni. Linda previously engaged with the World Economic Forum, including as chair and vice chair of the Council on Global Economic Imbalances. Linda has a PhD in Economics from Princeton University, and a BA in Mathematics and Economics from Queens College CUNY, where she graduated Phi Beta Kappa and Summa Cum Laude.

Johan Grip was a Senior Economist at Sveriges Riksbank when he wrote the chapter. He previously worked at the Directorate General Economics Department at the European Central Bank and the Economic Affairs Department at the Swedish Ministry of Finance. Johan Grip is a PhD candidate in economics at Uppsala University and he was a visiting scholar at New York University from 2011–2012.

Yi Huang is Professor of Finance at Fudan University. He was associate professor at the Graduate Institute in Geneva and a research affiliate at the Center for Economic and Policy Research (CEPR). He was professor and Pictet Chair in Finance and Development at the Centre for Finance and Development and an economist in the research department of the International Monetary Fund and a research associate of the Federal Reserve Bank of Dallas and the Institute of Digital Finance of Peking University. He also has been a research fellow at the Bank for International Settlements and Hong Kong Institute for Monetary Research, and has held visiting positions at Berkeley, London Business School, Imperial College Business School, Cheung Kong Graduate School of Business (CKGSB), Fanhan International School of Finance, and the Massachusetts Institute of Technology. Professor Huang also serves at the Council on Global Economic Imbalances at the World Economic Forum and Academic Fellow at Luohan Academy, Alibaba Group. Professor Huang's research includes international macroeconomics and finance, especially the influence of corporation's financing and investment to financial market and labour market. Recent work focuses on credit markets, fintech, and entrepreneurship. His research is published in academic journals such as the Review of Economic Studies and Journal of Finance. Professor Huang received his Master's degree from the China Center for Economics Research, Peking University, and his PhD in International Macroeconomic and Finance from the London Business School.

Yiping Huang is Sinar Mas Chair Professor of Finance and Deputy Dean of the National School of Development and Director of the Institute of Digital Finance (IDF), Peking University. He served as a member of the Monetary Policy Committee at the People's Bank of China from 2015–2018. Currently, he is a member of the External Advisory Group on Surveillance of the International Monetary Fund, and Vice Chairman of Council at the Public Policy Research Center and Research Fellow at the Financial Research Center, both at the Counsellors' Office of the State Council. He also serves as Chairman of the Academic Committee of China Finance 40 Forum, and a member of Chinese Economists 50 Forum. He is Editor of China Economic Journal and an Associate Editor of Asian Economic Policy Review. His research areas include macro economy, financial market and rural development. Previously, he was a policy analyst at the Research Center for Rural Development of the State Council, research fellow and senior lecturer of economics at the Australian National University, General Mills International Visiting Professor of Economics and Finance at the Columbia Business School, Managing Director and Chief Asia Economist for Citigroup, Managing Director and Chief Economist for Emerging Asia for Barclays, and an Independent Director of China Life Insurance Ltd, Minmetal Trust Ltd and Mybank. Prof Huang received his Bachelor of Agricultural Economics from Zhejiang Agricultural University, Master of Economics from Renmin University of China and PhD in Economics from Australian National University.

Stefan Ingves is Governor of Sveriges Riksbank and Chairman of the Executive Board. Mr Ingves is a Member of the Board of Directors of the BIS and Chairman of the BIS Banking and Risk Management Committee (BRC). Governor Ingves is also a Member of the General Council of the ECB and First Vice-Chair of the European Systemic Risk Board (ESRB). Governor Ingves is Governor for Sweden in the IMF, and Chairman of the Toronto Centre for Global Leadership in Financial Supervision and Board Member of the Nordic-Baltic Macroprudential Forum (NBMF). Mr Ingves has previously been Chairman of the Basel Committee on Banking Supervision, Director of the Monetary and Financial Systems Department at the IMF, Deputy Governor of the Riksbank and General Director of the Swedish Bank Support Authority. Prior to that he was Head of the Financial Markets Department at the Ministry of Finance. Stefan Ingves holds a PhD in economics.

Lana Ivičić is an economist and a financial stability expert at the Financial Stability Department in the Croatian National Bank responsible for development and implementation of macroprudential policy and instruments. Mrs. Ivičić holds a master's degree in economics from Bocconi University, Italy. Her publications include Ivičić, L and Cerovac, S, 2009, Credit Risk Assessment of Corporate Sector in Croatia, Financial Theory and Practice, Vol. 33 No. 4; Ivičić, L, Kunovac, D and Ljubaj, I, 2008, Measuring Bank Insolvency Risk in CEE Countries, Croatian National Bank Working Paper.

Mirna Dumičić Jemrić holds a PhD in economics from the Faculty of Economics, University of Split, where she is also a Senior Research Associate. She started her career in 2004 in the Croatian National Bank and she currently works as the Chief Advisor in the Financial Stability Department. She had spent three years (2016–2019) working as the Financial Stability Expert at the Macroprudential Policy Division in the European Central Bank. Mrs Dumičić Jemrić has published more than 20 scientific papers and has edited several books.

Anil Kashyap's research focuses on banking, business cycles, corporate finance, price setting and monetary policy. His research has won him numerous awards, including the Order of the Rising Sun 3rd class Gold Rays with Neck Ribbon from the Government of Japan, as well as a Sloan Research Fellowship, the Nikkei Prize for Excellent Books in Economic Sciences, and a Senior Houblon-Norman Fellowship from the Bank of England. Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago, and as a Research Associate for the National Bureau of Economic Research and a Research Fellow of the Centre for Economic Policy Research. He is a member of the Squam Lake Group and serves on the International Monetary Fund's Advisory Group on the development of a macroprudential policy framework. Since 2016 he has been an external member of the Bank of England's Financial Policy Committee. Kashyap is a member of both the American Economic Association and American Finance Association, and is on the faculty oversight Board of the Chicago Booth's Initiative on Global Markets and a co-founder of the US Monetary Policy Forum. He regularly speaks on financial crises, Japan, the global economy and the direction of economic policy.

Hwanseok Lee is Deputy Governor of the Bank of Korea. His research interests lie in the monetary policy transmission mechanism and inflation dynamics. After joining the Bank in 1991, he has held various positions, including Director General of the Research Department and Financial Markets Department, and Director of the Monetary Policy Board Secretariat. He holds a PhD from University of Illinois.

Rosemary Lim is Executive Director of the Macroprudential Surveillance Department at the Monetary Authority of Singapore. The department conducts surveillance of the financial system to identify emerging trends and potential vulnerabilities, and undertakes policy-relevant studies on macro-financial linkages, systemic risk and other financial stability issues. She holds a BSc in Economics from the London School of Economics and an MSc in Finance from Imperial College, London.

Simon Lloyd is a Senior Research Economist in the International Directorate of the Bank of England. He completed his PhD at the University of Cambridge. His research interests span international and monetary economics, and macro-finance. His research has been published in outlets such as the Journal of Banking and Finance and the Review of International Economics.

Tingting Lü is a PhD Candidate at Peking University. She is also Director of the Monetary Cooperation Division of the Macroprudential Policy Bureau, People's Bank of China. She worked in the Legal Affairs Department of People's Bank of China and the External Department of Hong Kong Monetary Authority previously. She has mainly engaged in the fields of RMB internationalisation, opening-up of China's financial market, the liberalization of China's capital account and relevant areas. Ms Lü achieved Bachelor and Master of Laws from Central University of Finance and Economics, and Master of Science in Finance from City University of Hong Kong.

Robert N McCauley does policy-relevant and market-savvy research on international financial markets, the international monetary system and corporate finance. His research spans the international monetary system (exorbitant privilege, Triffin dilemma), reserve management (currency and instrument composition), money, bond and foreign exchange markets (dollar zone, covered interest parity, non-deliverable forwards) and renminbi internationalisation. He combines deep analysis with broad communication: The Financial Times, The Economist, The Wall Street Journal and The New York Times cite his work extensively. He has enjoyed teaching courses on banking and international finance in business and law schools. He spent most of his career at the Bank for International Settlements and, before that, at the Federal Reserve Bank of New York. He is a non-resident senior fellow at Boston University's Global Development Policy Center and a senior research associate at the Global History of Capitalism project at the Oxford Global History Centre at the University of Oxford. He serves on the scientific committee of the Fondation Banque de France.

Enrique G Mendoza is Presidential Professor of Economics at the University of Pennsylvania and Managing Editor of the Journal of International Economics. He joined Penn in 2013 and served as Director of the Penn Institute for Economic Research from 2014 to 2020. Before that, he was Neil Moskowitz Professor of Economics at the University of Maryland and held positions at Duke University, the Board of Governors of the Federal Reserve and the IMF. He is a 1989 PhD graduate from the University of Western Ontario, an NBER Research Associate, and member of the BIS Advisory Panel and the Latin American Shadow Financial Regulatory Committee. He has served in the NSF Economics panel and in the editorial boards of several journals, including the American Economic Review. In 2017, he was awarded the ECB's Wim Duisenberg fellowship. His research focuses on international capital flows, financial crises, sovereign debt and international business cycles. His main publications include: Optimal, Time-Consistent Macroprudential Policy, with J Bianchi (Journal of Political Economy, 2018); A General Equilibrium Model of Sovereign Default and Business Cycles with V Yue (Quarterly Journal of Economics, 2012); Sudden Stops, Financial Crises & Leverage, (American Economic Review 2010); Financial Integration, Financial Development and Global Imbalances, with V Quadrini and J V Rios-Rull (Journal of Political Economy, 2009); and Real Business Cycles in a Small Open Economy (American Economic Review, 1991).

Ravi Menon was appointed Managing Director of the Monetary Authority of Singapore (MAS) in 2011. He was previously Permanent Secretary at the Ministry of Trade & Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF). Mr Menon began his career at MAS in 1987. During his 16 years in MAS, he was involved in monetary policy, econometric forecasting, organisational development, banking regulation and liberalisation, and integrated supervision of complex financial institutions. Mr Menon spent a year at the Bank for International Settlements in Basel as a member of the secretariat to the Financial Stability Forum. A recipient of the Singapore Government's Meritorious Service Medal and Public Administration (Gold) Medal, Mr Menon has served on a variety of boards in the public, private, and people sectors in Singapore. On the international front, Mr Menon is a member of the Financial Stability Board (FSB) Steering Committee. Mr Menon holds a Master's in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore.

Tuomas Peltonen is Deputy Head of the European Systemic Risk Board (ESRB) Secretariat. His main tasks include management of the ESRB Secretariat, systemic risk analysis and its presentation to the ESRB General Board as well as interaction with ESRB members and stakeholders. Prior to the ESRB, Tuomas was with the European Central Bank (ECB) since 2004, where he worked in various positions in the Directorate General Macroprudential Policy and Financial Stability, in the Directorate General Market Operations and in Directorate General International and European Relations. Prior to the ECB Tuomas worked with the Bank of Finland. Tuomas received his PhD (Econ) from European University Institute (EUI), Italy in 2005 and holds BSc and MSc (Econ) degrees from University of Turku. His research interests include macroprudential policy and systemic risk analysis. Tuomas has published several academic articles related to banking, financial stability, financial markets and emerging economies in academic journals like Journal of Banking & Finance, Journal of Financial Stability, and IMF Economic Review.

Luiz Awazu Pereira da Silva became Deputy General Manager of the BIS on 1 October 2015. Before joining the BIS, Mr Pereira da Silva, a Brazilian national, had been Deputy Governor of the Central Bank of Brazil since 2010. Prior to that, he worked in various positions for the World Bank in Washington DC, Tokyo and southern Africa. He also served as Chief Economist for the Brazilian Ministry of Budget and Planning, and as Brazil's Deputy Finance Minister in charge of international affairs.

Eswar Prasad is the Tolani Senior Professor of Trade Policy and Professor of Economics at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Trade and Economics, and a Research Associate at the National Bureau of Economic Research. He is a former head of the IMF's China Division. Prasad is the author of Gaining Currency: The Rise of the Renminbi and The Dollar Trap: How the Dollar Tightened Its Grip on Global Finance. He has testified before numerous US Congressional committees, including the Senate Finance Committee, the House of Representatives Committee on Financial Services, and the US-China Economic and Security Review Commission. He is the creator of the Brookings-Financial Times world index. His op-eds have appeared in the Financial Times, Harvard Business Review, International Herald Tribune, The New York Times, The Wall Street Journal, and The Washington Post. Prasad is also a Research Fellow at IZA (Institute for the Study of Labour, Bonn). Prasad holds a PhD in Economics from the University of Chicago.

Ramkishen S Rajan is Yong Pung How Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore. Prior to this, he was a Professor of Economics at ESSEC Business School, Asia-Pacific. From 2006 to 2016, he was a Professor of International Economic Policy at George Mason University (GMU) in Virginia, USA. In the past, he has taught at the University of Adelaide in Australia, Claremont McKenna College and Claremont Graduate University in California, Singapore Management University, among other places. He has been a consultant with the APEC Secretariat, Asian Development Bank, Development Bank of Singapore, UN-ESCAP and the World Bank. He holds a BSociSci (Hons) from NUS, MA from University of Michigan, Ann Arbor and MA and PhD from Claremont Graduate University, California. He specializes in international finance with particular reference to emerging Asia. He has published numerous books, journal articles and book chapters and a number of policy briefs, op-eds and book reviews on various aspects of international economic policy.

Dennis Reinhardt is a Research Advisor in the International Directorate of the Bank of England. He received his PhD in Economics from the Graduate Institute of International and Development Studies, Geneva. His research interests include international finance and banking, the transmission of macroprudential and monetary policies, international capital flows as well as capital controls and financial vulnerabilities. His research has been published in outlets such as the Journal of Financial Economics, the Journal of International Economics and the Journal of Monetary Economics.

Catherine Schenk FRHS, FRSA is the Professor of Economic and Social History at University of Oxford. After receiving her undergraduate and Masters degrees at University of Toronto in Economics, International Relations and Chinese Studies, she completed her PhD at the London School of Economics. Since then she has held academic positions at Victoria University of Wellington, New Zealand; Royal Holloway, University of London; and University of Glasgow. She has been visiting professor at Nankai University, China, and Hong Kong University and she has spent time as a visiting researcher at the International Monetary Fund and at the Hong Kong Institute for Monetary Research and was 2019 Senior Lamfalussy Fellow at the Bank for International Settlements, delivering the Per Jacobsson Lecture in 2020. She is the author of several books and many articles on international economic relations since 1945 and the development of Hong Kong's international financial centre. She is the current President of the Economic History Society and Associate Fellow in international economics at Chatham House and she leads the ERC GloCoBank project on global correspondent banking 1870–2000.

Ilhyock Shim is currently Head of Economics and Financial Markets for Asia and the Pacific at the Representative Office for Asia and the Pacific of the Bank for International Settlements (BIS Asian Office). He joined the BIS in Basel in 2004 as Economist. From 2007–17, he worked at the BIS Asian Office in Hong Kong SAR as Principal Economist. In 2018, he worked at the BIS in Basel as Special Adviser on International Financial Stability Policy in charge of G20 and FSB matters. He began his career as Deputy Director in the Korean government in 1996. From 1997–1999, he worked at the Korea Ministry of Finance and Economy as Deputy Director in charge of deposit insurance and financial sector restructuring. When Korea chaired the G20 in 2010, he was Advisor to the G20 Affairs Office of the Bank of Korea. He obtained BA and MA in Economics from Seoul National University, and PhD in Economics from Stanford University.

Kwanho Shin is Professor of Economics at Korea University. He received his BA and MA in economics from Seoul National University and PhD in economics from UCLA. He was Assistant Professor at the University of Kansas for four years and occasionally taught at UCLA, Claremont Graduate University and Claremont McKenna College as a visiting professor. He was elected as "One of the Fifty Future Leaders in Korea" by the Seoul Economic Daily in 2010, a "MaeKyung Economist" by the Maeil Business Newspaper in 2011 and a "Dasan Economist Prize" winner by The Korean Economic Daily in 2020. He also served as a council member for the National Economic Advisory Council from 2010 to 2011. He has published widely on the subjects of business cycles, monetary economics, international finance and labor economics in a number of leading academic journals including American Economic Review; Journal of Monetary Economics; Journal of Econometrics; Journal of Money; Credit and Banking; Journal of International Economics; Journal of International Money and Finance; and Journal of Labor Economics.

Reza Siregar is currently Chief Representative, Singapore Office at the Institute of International Finance. Previously he was an International Economist Consultant in the IMF Singapore Regional Training Institute. Prior to this, he was an Executive Director and Chief ASEAN Economist for Global Macro Research at Goldman Sachs (Singapore) Pte. He has also held a variety of other positions at the IMF, the Asian Development Bank, the ASEAN+3 Macroeconomic Research Office, the SEACEN Center, and in academia at the Department of Economics, National University of Singapore, and at the School of Economics, University of Adelaide, Australia.

Rhiannon Sowerbutts is a Research Advisor in the Macroprudential Strategy and Support Division of the Bank of England. She received her PhD in Economics from Universitat Pompeu Fabra. Her research interest include macroprudential policy, regulatory arbitrage, international banking flows, banking and banking crises. Her research has been published in outlets such as the Journal of International Economics and Journal of International Money and Finance.

Duvvuri Subbarao was Governor of the Reserve Bank of India for five years (2008–13), finishing his term in September 2013. Prior to that, Dr Subbarao was Finance Secretary to the Government of India (2007–08) and Secretary to the Prime Minister's Economic Advisory Council (2005–07). He was a Lead Economist in the World Bank from 1999–2004. As a career civil servant for over 35 years, he worked in various positions in the state government of Andhra Pradesh and in the central government in New Delhi mostly in the area of public finance management. Dr Subbarao has written and spoken extensively on issues in macroeconomic management, public finance and financial sector reforms. During his tenure at the Reserve Bank, he was also recognised as a leading exponent of central banking issues from an emerging market perspective. After stepping down from the Reserve Bank of India, Dr Subbarao was a Distinguished Fellow first at the National University of Singapore and most recently at the University of Pennsylvania.

Alexandre Tombini is currently Chief Representative of the BIS Office for the Americas. Before joining the BIS, he was Executive Director of the Board at the International Monetary Fund for Brazil, Cabo Verde, the Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor-Leste and Trinidad and Tobago. Previously, he was with the Central Bank of Brazil, where he served as Governor and also in the roles of Deputy Governor for Financial System Regulation and Deputy Governor for Economic Research. He also held positions as a Board member of the BIS and Chairman of the Standing Committee on Budget Resources of the Financial Stability Board. Mr Tombini holds a PhD in economics from the University of Illinois at Urbana-Champaign.

Paul Tucker is a research fellow at the Harvard Kennedy School, author of Unelected Power (Princeton University Press, 2018), and chair of the Systemic Risk Council. For over 30 years he was a central banker, including at the Bank of England; the steering committee of the G20 Financial Stability Board, leading its work on resolving too-big-to-fail firms without taxpayer bailouts; and the board of the Bank for International Settlements, chairing Basel's (then) Committee for Payment and Settlement Systems. He is working on a book on international order and system.

Boris Vujčić is currently Governor of the Croatian National Bank. He holds a PhD in Economics from the University of Zagreb. He has also received diplomas in Economics from the Montpellier University (France) and was a pre-doctoral PhD Fulbright student at the Michigan State University. He joined the Croatian National Bank in 1997, and was Director of the Research Department for three years before becoming Deputy Governor in 2000, a position to which he was re-appointed in 2006. In July 2012, Mr Vujčić became Governor of the Croatian National Bank for a six-year term of office and was re-appointed for another six-year term of office in July 2018. Mr Vujčić has been a Deputy Chief Negotiator in the Republic of Croatia's negotiations with the European Union (2005–2012). He was also a member of the Global Development Network (GDN) Board in the same period, 2005–2012 and a Member of the Steering Committee of the ESRB (2016–2019). He is also a Chairman of the Steering Committee of the Vienna Initiative since 2016, and a Member of the General Council of the ECB since 2013. Mr Vujčić's fields of expertise are macro and monetary economics, international finance and labour economics.

Perry Warjiyo is Governor of Bank Indonesia. He was born in Sukoharjo in 1959. After completing his education in the Faculty of Economy, Gajah Mada University (UGM), in Yogyakarta in 1982, Perry continued his education in Iowa State University and successfully gained his Master's degree in 1989 and PhD in 1991. Before serving as the Governor of Bank Indonesia, Perry was the Deputy Governor of Bank Indonesia from 2013 to 2018. Perry also served as the Assistant Governor for monetary, macroprudential, and international policies. He held the position after he served as the Executive Director of Bank Indonesia's Department of Economic Research and Monetary Policy. Before returning to Bank Indonesia in 2009, Perry Warjiyo held an important position for two years as the Executive Director of the International Monetary Fund (IMF), representing 13 member countries in the South-East Asia Voting Group from 2007 to 2009. Perry has a long and brilliant career in Bank Indonesia since 1984, primarily in economic research and monetary policy, international issues, organizational transformation and monetary policy strategies, education and research on central banks, management of foreign reserves and external debts, and the Governor Bureau. Perry's passion for science makes him love to write and he has published several books and papers on economy, monetary, and international issues.

Arthur Yuen is Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) in charge of the full range of banking policy, supervision, conduct, and enforcement issues. He joined the HKMA in 1996 as Head of Administration and has since taken up different responsibilities including research and liaison on China economic and market development issues before being appointed Head of Banking Supervision in 2000. He took up the position as Executive Director (Banking Development) in July 2004, Executive Director (Banking Supervision) in June 2005 and Executive Director (External) in July 2008. He was appointed to his present position on 1 January 2010.

Fabrizio Zampolli has been Head of Economics for Latin America & the Caribbean since February 2018 and a member of the team since September 2016. Before that, he was Acting Head of Macroeconomic Analysis (2015–16), principal economist at the Representative Office for Asia & the Pacific in Hong Kong SAR (2014–15) and a senior economist (2009–14). Before working for the BIS, he was an economist in the Monetary Assessment and Strategy Division and a policy adviser in the External Monetary Policy Committee Unit of the Bank of England. He also worked in the External Development Division and the Monetary Policy Strategy Division of the ECB. He holds a PhD from the University of Warwick and a Laurea in Economia e Commercio from the Catholic University of Milan.

Sample Chapter(s)
Welcome Remarks: The Quest for an Integrated Macro-Policy Framework