Lessons from the Global Financial Crisis in the Age of COVID-19

 

November 23-25, 2020

The world is facing an unprecedented crisis. Pre-existing vulnerabilities in financial systems are intensifying in many economies, particularly for non-financial corporates, non-bank financial institutions and sovereign debt. We must prepare for post-pandemic financial reforms to secure financial stability. The IMF, together with The University of Tokyo, hosted the virtual conference “Lessons from the Global Financial Crisis in the Age of COVID-19” to bring together veteran and current policymakers and researchers from around the world to offer their insights on how best to manage financial risks during the current and future crises.

You can watch the videos on this website and the following IMF social media platforms:

Facebook for the English channel
IMF Asia Pacific Office (Day 1 / Day 2 / Day 3)

Twitter for Japanese interpretation 
@IMF_Tokyo (Day 1 / Day 2 / Day 3)

Details in Japanese are available at The University of Tokyo's website

 
 

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Video Playlist

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    Agenda

    Session 1: Monday, November 23
    Theme: Crisis Management Lessons

     Time  Program
    9:00-9:10 pm
    Japan time

    Opening remarks:
    Makoto Gonokami, President, The University of Tokyo

    9:10-9:20 pm

    Opening speech:
    Kristalina Georgieva, Managing Director, International Monetary Fund (IMF)
    Speech

    9:20-10:50 pm

    International crisis management during the GFC and lessons for the COVID-19 crisis

    Moderator:
    Gillian Tett, Chair Editorial Board and Editor-at-Large US, Financial Times

    Panelists:
    William Dudley, Senior Research Scholar, Griswold Center for Economic Policy Studies, Princeton University
    Francesco Papadia, Senior Fellow of the Bruegel Institute
    Presentation
    Marianne Nessen, Senior Advisor to the Executive Board, Sveriges Riksbank
    Hiroshi Nakaso, Project Professor, The University of Tokyo

    Issues for discussion
    International collaboration is critical for successful management and prevention of financial crises. This session will explore broad challenges and lessons for policymakers through drawing on experiences gained during the GFC, assessing policy responses during the current crisis and considering the challenges that lie ahead.

    Session 2: Tuesday, November 24
    Theme: International Cooperation; Risk Management

     Time  Program
    9:00-9:10 pm
    Japan time

    Opening Remarks:
    Haruhiko Kuroda, Governor, Bank of Japan
    Speech (link to the Bank of Japan website)

    9:15-9:30 pm

    Navigating the Pandemic: Asia’s Multi-Speed Recovery
    Jonathan D. Ostry, Acting Director, Asia and Pacific Department, IMF
    Presentation

    9:35-10:20 pm

    International efforts to bolster cooperation and manage financial stability in the era of COVID-19

    Moderator:
    Takehiko Nakao, Chairman, Mizuho Research Institute

    Panelists:
    Ceyla Pazarbasioglu, Director, Strategy Policy and Review Department, IMF
    Presentation
    Masamichi Kono, Deputy Secretary-General, The Organisation for Economic Co-operation and Development (OECD)
    Toshinori Doi, Director, ASEAN+3 Macroeconomic Research Office (AMRO)

    Issues for discussion
    Both global and regional cooperation are important to mitigate economic and financial risks during crises. This session will discuss how best to leverage such cooperation during the COVID-19 crisis to manage risks, including by drawing on lessons from the past.

    10:25-11:10 pm

    Adapting crisis tools to a changing financial landscape

    Moderator:
    Patricia Mosser, Professor, School of International and Public Affairs, Columbia University

    Panelists:
    Robin Brooks, Managing Director and Chief Economist, The Institute of International Finance (IIF)
    Presentation
    Shunsuke Shirakawa, Vice Commissioner for Strategy Development and Management, Financial Services Agency, Japan (JFSA)
    Presentation
    Kenichi Ueda, Associate Professor, The University of Tokyo
    Presentation

    Issues for discussion
    Financial and economic risk emanate from both within and from outside the traditional core financial sector. This session will explore structural change and innovation driven through Fintech and similar channels, and the implications of this change for broader financial stability and the design of crisis-management tools. The session will also highlight the importance of good governance and efficient mechanisms in capital markets to help manage financial risk.

    Session 3: Wednesday, November 25
    Theme: Financial Regulation

     Time  Program
    9:00-9:10 pm
    Japan time

    Opening Speech:
    Ryozo Himino, Commissioner, JFSA

    9:15-9:25 pm

    Sustaining Financial Health during the COVID-19 Pandemic and on the Road to Recovery
    Tobias Adrian, Director, Monetary and Capital Markets Department, IMF
    Speech

    9:30-11:00 pm

    Financial regulatory measures during the GFC and lessons and measures for the COVID-19 crisis

    Moderator:
    Yoshihiro Kawai, Visiting Professor, The University of Tokyo

    Panelists:
    Stefan Ingves
    , Governor, Sveriges Riksbank (by video)
    Presentation | Short video | Full Presentation
    Stijn Claessens, Head of Financial Stability Policy Department, Bank for International Settlements (BIS)
    Nobuyuki Hirano, Chairman, Member of the Board of Directors, Mitsubishi UFJ Financial Group, Inc.
    Takatoshi Ito, Professor, School of International and Public Affairs, Columbia University
    Presentation

    Financial regulation is a key component of managing financial risk and establishing good governance. This session will cover financial regulatory lessons from the GFC and how they can be applied to help manage financial risks. Specific issues include regulatory policies and their impact, resolution frameworks for the banking sector, solvency and liquidity management, and lessons from the GFC already applied during the current crisis.

    11:00-11:10 pm

    Closing remarks on public sessions:
    Tsutomu Watanabe, Dean, Graduate School of Economics, The University of Tokyo

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    Speakers and Panelists

    Session 1: Monday, November 23

    Opening Remarks Opening Speech 

    Makoto Gonokami
    President, The University of Tokyo
    Bio

    IMF Managing Director Kristalina GeorgievaKristalina Georgieva
    Managing Director, IMF
    Bio

    Moderator  

    Ms. Gillian Tett, Chair Editorial Board and Editor-at-Large US, Financial TimesGillian Tett
    Chair Editorial Board and Editor-at-Large US, Financial Times
    Bio


    Panelists  

    William Dudley
    Senior Research Scholar, Griswold Center for Economic Policy Studies, Princeton University
    Bio

    Francesco Papadia
    Senior Fellow of the Bruegel Institute
    Bio

     
     

    Marianne Nessen
    Senior Advisor to the Executive Board, Sveriges Riksbank
    Bio

    Hiroshi Nakaso
    Project Professor, The University of Tokyo
    Bio

    Session 2: Tuesday, November 24

    Opening Remarks  

    Haruhiko Kuroda
    Governor, Bank of Japan
    Bio

    Jonathan Ostry, Acting Director, Asia and Pacific Department, IMFJonathan D. Ostry
    Acting Director, Asia and Pacific Department, IMF
    Bio

    Moderator  

    Takehiko Nakao
    Chairman, Mizuho Research Institute
    Bio


    Panelists  

    Ceyla Pazarbasioglu, Director, Strategy, Policy, and Review Department, IMFCeyla Pazarbasioglu
    Director, Strategy Policy and Review Department, IMF
    Bio

    Masamichi Kono
    Deputy Secretary-General, OECD
    Bio

    Toshinori Doi
    Director, AMRO
    Bio


    Moderator
     

    Patricia Mosser
    Professor, School of International and Public Affairs, Columbia University
    Bio

     
    Panelists
     

    Robin Brooks
    Managing Director and Chief Economist, IIF
    Bio

    Shunsuke Shirakawa
    Vice Commissioner for Strategy Development and Management, JFSA
    Bio

    Associate Professor, The University of TokyoKenichi Ueda
    Associate Professor, The University of Tokyo
    Bio

     

    Session 3: Wednesday, November 25

    Opening Speech  

    Ryozo Himino
    Commissioner, JFSA
    Bio

    Tobias Adrian
    Director, Monetary and Capital Markets Department, IMF
    Bio

    Moderator  

    Yoshihiro Kawai
    Visiting Professor, The University of Tokyo
    Bio


    Panelists  

    Stefan Ingves
    Governor, Sveriges Riksbank
    Bio

    Stijn Claessens
    Head of Financial Stability Policy Department, BIS
    Bio

    Nobuyuki Hirano
    Chairman, Member of the Board of Directors, Mitsubishi UFJ Financial Group, Inc.
    Bio

    Prof. Takatoshi ItoTakatoshi Ito
    Professor, School of International and Public Affairs, Columbia University
    Bio

    Closing Remarks
     

    Tsutomu Watanabe
    Dean, Graduate School of Economics, The University of Tokyo
    Bio