International Seminar on Financial Stability: “Financial Stability through Effective Crisis Management and Inter-Agency Coordination” Bali, 6-7 December 2012 - Bank Sentral Republik Indonesia
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September 22, 2019

International Seminar on Financial Stability:
“Financial Stability through Effective Crisis Management
and Inter-Agency Coordination”
Bali, 6-7 December 2012

The 2008 global financial crisis has evolved into an ongoing sovereign debt crisis in Europe. Both economic policies and institutions in the Eurozone are now forced to make difficult adjustments to restore the situation. In today’s increasingly interconnected economy and financial markets, the development in Eurozone is closely watched by the rest of the world. Emerging market countries, including Indonesia, are not immune from possible spillover of the Europe’s catastrophe, particularly through the financial and trade channels. It is a challenge to maintain financial stability in the presence of large and volatile capital flows induced by the crisis.

Over the last decade, addressing financial stability has risen to the top of the policy agenda of many countries. As recent experiences in global financial crisis have shown, financial stability is essential for promoting economic growth and raising living standard. Without financial stability, banks are reluctant to finance profitable projects and asset prices may deviate from their intrinsic values. In its attempt to maintain financial stability, Indonesia is facing unique circumstances with the recent establishment of Otoritas Jasa Keuangan (Financial Service Authority), an agency charged with oversight of the country’s overall financial sector. In addition to the need for extra resources, the new institution potentially raise some coordination problems that should be addressed early in order to achieve the goal of a stable and sound financial system.

The International Seminar on Financial System Stability is one of our attempts to enhance our skill and competence in promoting Indonesia’s financial system stability. Jointly organized by four agencies within Coordination Forum for Financial System Stability, thisseminar gathers prominent speakers from public and private institutions and provides a venue to discuss latest development in the subject of financial stability. By learning from other countries experiences in preventing and mitigating crisis, we also hope to develop an effective crisis management protocol and resolution framework that spans across multiple government institutions.

The seminar was held in two consecutive daysand divided into five separate sessions. Each session is dedicated to discuss one specific topic related to financial stability.

SESSION I - Policy Coordination in Promoting Financial Stability and Economic Growth

·         Dimitrios Tsomocos (Professor, The University of Oxford)

·         Hamid Rashid (Senior Advisor for Macroeconomic Policy, UN-DESA)

·        Wetang Phuangsup (Director of SFIs Strategy Division, Fiscal Policy Office, Ministry of   Finance Thailand)

·         Carlos Pinerua (Lead Financial Sector Specialist, World Bank)

SESSION II - Institutional Arrangements in Promoting Financial Stability

·         Jacek Osinski (Advisor, Financial Stability and Central Banking, Monetary and Capital Markets Department IMF)

·         Hong-Bum Kim (Professor, Gyeongsang National University Korea)

·         Dr. Maximillian J.B Hall (Professor, Loughborough University)

·         Benjamin Cushman (Financial Attaché for Southeast Asia, U.S. Department of the Treasury)

 

SESSION III - Financial Stability Risk Assessment and Monitoring

·         Joshua Felman (Assistant Director, Research Department IMF)

·         Peter J. Morgan, Ph.D (Senior Consultant for Research, ADB Institute)

·         Merylin Coombs (Acting Deputy Head, Financial Stability Department RBA)

·         Jong-Gu Kang (Director, Macroprudential Research Division Bank of Korea)

·         Lam San Ling (Executive Director, Macroeconomic Surveillance Department MAS)

 

SESSION IV - Crisis Management (International Best Practices)

·         Alvir Hoffman (Chair, Toronto Centre Banking Advisory Board and former Deputy Governor, Central Bank of Brazil)

·         Patrick Loeb (CEO, Deposit Protection of Swiss Banks and Securities Dealers)

·         Joshua Felman (Assistant Director, Research Department IMF)

·         Raden Pardede (Principal, Creco Consulting Indonesia)

 

SESSION V - Framework for Dealing with Systemically Financial Institutions and Options for Crisis Prevention and Resolution

·         R. Engin Akçakoca (Ex-Chairman, Banking Regulations and Supervision Agency Turkey)

·       Charles Littrell (Executive General Manager, Policy, Research and Statistics Division, Australian Prudential Regulation Authority)

·        Hiromi Yamaoka (Deputy Director-General, Financial System and Bank Examination  Department Bank of Japan)

·         Rudi Lang (UK Head of Banking, Mazars)

 

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