Managing Financial Risks in a Shock Prone World - Lessons from the past and challenges ahead

November 17, 2022, Tokyo, Japan

The COVID-19 pandemic, geopolitical conflicts, and high inflation are testing the resilience of the global economy and financial systems. We must prepare for these new challenges to secure financial stability. The IMF, together with The University of Tokyo’s Center for Advanced Research in Finance (CARF), hosted the policy conference “Managing Financial Risks in a Shock Prone World” in hybrid format to bring together veteran and current policymakers and researchers from around the world to offer their insights on how to best manage financial risks and avoid financial crisis.

*Conference information in Japanese is also available on the university’s website.

Agenda

Thursday, November 17
In-person: Ito Hall, The University of Tokyo / Virtual: Zoom
** Time shown below is in Japan Standard Time (UTC/GMT +9)

8:30 AM

Opening of the venue

9:00 AM

Opening Remarks
Watch

  • Kenji Okamura, Deputy Managing Director, IMF
    Speech

9:10 AM

Keynote Speech

9:30 AM

Session I: Globalization Unwound?
Watch

Moderator: Kenichi Ueda, Professor and CARF Director, The University of Tokyo

Panelists:

  • Raghuram Rajan*, Professor, University of Chicago
  • Beatrice Weder di Mauro, President, Centre for Economic Policy Research
  • Asako Aoyama, Senior Vice President, NEC Corporation
  • Piti Disyatat*, Assistant Governor, Bank of Thailand

Issues for discussion
Globalization, which has supported global economic expansion for three decades since the end of the Cold War, is now being unwound. Financial crises including the Global Financial Crisis and COVID-19 related market turmoil as well as geopolitical conflicts have been forcing policymakers and businesspersons to brace for greater uncertainty. This session discussed the future of globalization and implications for international trade and finance.

10:40 AM

Coffee Break

11:00 AM

Session II: Lessons from the crisis response to COVID-19
Watch

Moderator: Ryozo Himino, Visiting Professor, Graduate School of Public Policy, The University of Tokyo

Panelists:

  • Andrew Metrick*, Professor, Yale University
  • Hiroshi Nakaso*, Eminent Guest Professor, The University of Tokyo
  • Stijn Claessens*, Deputy Head of Monetary and Economic Department, Bank for International Settlements
  • Paolo Mauro, Deputy Director, Fiscal Affairs Department, IMF

Issues for discussion
The COVID-19 pandemic required unprecedented policy interventions to safeguard people’s lives and livelihoods, the survival of many businesses and the functioning of financial systems. Fiscal and monetary support was swift and very large across most countries. Many regulatory relief measures were also adopted. This session explored lessons from the pandemic policy responses and implications for future crisis management.

12:10 PM  End of the public sessions 

*Online participation

Speakers and Panelists

Speakers Bios
Opening Remarks Keynote Speech & Session 1 Panelist

DMD Kenji OkamuraKenji Okamura
Deputy Managing Director, IMF
Bio

Professor Raghuram Rajan, University of ChicagoRaghuram Rajan
Professor, University of Chicago

Session 1 Moderator

Professor Kenichi UedaKenichi Ueda
Professor and CARF Director, the University of Tokyo


Session 1 Panelists  

Beatrice Weder di Mauro, CEPR PresidentBeatrice Weder di Mauro
President, Centre for Economic Policy Research

Asako AoyamaAsako Aoyama
Senior Vice President, NEC Corporation

 
 

Piti DisyatatPiti Disyatat 
Assistant Governor, Bank of Thailand

 
Session 2 Moderator  

Ryozo HiminoRyozo Himino
Visiting Professor, Graduate School of Public Policy, University of Tokyo

 
Session 2 Panelists   

Andrew MetrickAndrew Metrick
Professor, Yale University

Stijn ClaessensStijn Claessens
Deputy Head of Monetary and Economic Department, Bank for International Settlements

Hiroshi NakasoHiroshi Nakaso
Eminent Guest Professor, University of Tokyo


Paolo MauroPaolo Mauro
Deputy Director, Fiscal Affairs Department, IMF
Bio

Note: This conference was also supported by two entities of the university, the Graduate School of Public Policy and the Institute for Future Initiatives.