New age of central banking in emerging markets conference

The Corvinus University of Budapest is organizing an international conference titled New Age of Central Banking in emerging markets with the Bank for International Settlements (BIS) and the London School of Economics and Political Science and supported by the Central Bank of Hungary.

The event is organized on the margins of the event granting an honorary doctorate to Dr. Agustín Carstens, Managing Director of the BIS and former Governor of the Banco de Mexico, Minister of Finance of Mexico, and Deputy Managing Director of the International Monetary Fund.

Motivation

Emerging market institutions used to lag behind those in advanced economies. Yet, catching up had been underway before the pandemic already, particularly in central banking. And, post-pandemic, central banks in major emerging markets have responded faster and more aggressively to signs of emerging inflation than their peers in advanced economies. Their timely reaction may have staved off higher inflation and larger capital outflows.

Are emerging market monetary policy frameworks better equipped to react to inflationary pressures? What roles have institutional development and governance in emerging markets during the past two decades played? Have there been clear gains for early starter emerging markets from policy tightening? To what extent systemic central banks such as the Federal Reserve and the European Central Bank have helped emerging market counterparts with currency swaps and repos? Is there a risk today of a global “over-tightening” by central banks around the world, in reaction to global inflationary pressures? And can – or should — central banks cooperate better to avoid such risks? We will also consider recent financial innovations and in particular the pros and cons of central banks’ introducing their own digital currencies, or CBDCs. The conference aims to cover these and related issues.

The conference is an invitation only event, however Corvinus faculty and students can register for participation here.

Please note that without confirmation you cannot guaranteed access to the conference.

Agenda

Friday, March 17, 2023 (all times are in CET)

Honorary doctorate awarding ceremony Venue: Grand auditorium, Corvinus University of Budapest
08:30 – 09:00	Registration and welcome coffee
09:00 – 09:10	Welcome speech Előd Takáts, Rector, Corvinus University of Budapest
09:10 – 10:10	Honorary doctorate awarding ceremony Recipient: Agustín Carstens, General Manager, Bank for International Settlements (confirmed)
10:10 – 10:30	Coffee break

New age of central banking in emerging markets Venue: Grand auditorium, Corvinus University of Budapest
10:30 – 10:45	Welcoming remarks Előd Takáts, Rector, Corvinus University of Budapest Luiz Pereira, Deputy General Manager, Bank for International Settlements (video) Andrés Velasco, Dean of the School of Public Policy at the London School of Economics and Political Science (confirmed)
10:45 – 11:15	Keynote speech Agustín Carstens, General Manager, Bank for International Settlements (confirmed)
11:15 – 12:45	Morning panel: Central banks fighting inflation in advanced and emerging markets Chair: Andrés Velasco, Dean of the School of Public Policy at the London School of Economics and Political Science (confirmed) Chris Erceg, Deputy Director, Monetary and Capital Markets Department, International Monetary Fund (confirmed) Ricardo Reis, A. W. Phillips Professor of Economics, London School of Economics and Political Science (confirmed) Egon Zakrajsek, Senior Adviser, Bank for International Settlements (confirmed) Zsolt Kuti, Executive Director, Central Bank of Hungary (confirmed)
12:45 – 14:00	Buffet lunch
14:00 – 15:30	Afternoon panel: Central Bank & Innovation: the CBDC Chair: Piroska Nagy-Mohácsi, Visiting Professor at the London School of Economics and Political Science (confirmed) Andrei Kirilenko, Professor of Finance, University of Cambridge (confirmed) Priscilla Koo Wilkens, Senior Economist, Innovation and Digital Economy at Bank for International Settlements (confirmed) Anikó Szombati, Chief Digital Officer, Central Bank of Hungary (confirmed) Radován Jelasity, President, Hungarian Banking Association
15:30 – 15:35	Closing remarks Előd Takáts, Rector, Corvinus University of Budapest
15:35 – 16:30	Reception Venue: Corvinus Faculty Club

Speakers

Agustín Carstens, General Manager, Bank for International Settlements

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 Council from 2013 until 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 (2000–03) and as Deputy Managing Director at the IMF (2003–06). 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.

Christopher Erceg, Deputy Director, Monetary and Capital Markets Department, International Monetary Fund

Christopher is Deputy Director in the Monetary and Capital Markets Department of the IMF, where his responsibilities include oversight of areas that include monetary and macroprudential policies, central bank operations, monetary policy modeling, and capital flow management. Chris has been heavily engaged in Fund work on the Integrated Policy Framework and review of the Institutional View. Prior to coming to the Fund, Chris held a senior position at the Federal Reserve Board that involved advising on monetary policy and global macroeconomic issues.

Andrei Kirilenko, Professor of Finance, University of Cambridge

Andrei Kirilenko is a professor of Finance at the Cambridge Judge Business School, the Founding Director of the Cambridge Centre for Finance, Technology and Regulation, and a Research Fellow in the Asset Pricing/Financial Economics Programme of the Centre for Economic Policy Research (CEPR). Prior to joining Cambridge, he held senior faculty positions at Imperial and MIT. Before that he served as chief economist of the U.S. Commodity Futures Trading Commission (CFTC) where he used modern analytical tools and methods to design and enforce an effective regulatory regime of financial markets in the aftermath of the global financial crisis. In 2010, Kirilenko was the recipient of the CFTC Chairman's Award for Excellence (highest honour). Professor Kirilenko's scholarly work has appeared in top peer refereed journals and received multiple best-paper awards. Kirilenko received his PhD in Economics from the University of Pennsylvania, with a specialization in Finance from the Wharton School.

Piroska Nagy-Mohácsi, Visiting Professor at the London School of Economics and Political Science

Piroska Nagy-Mohácsi is Visiting Professor at the London School of Economics and Political Science (LSE), where her research focuses on central banking, monetary policy, financial resilience, growth, and migration. She was Policy Director of the European Bank for Reconstruction and Development (EBRD), and co-created led the Vienna Initiative in 2008-15, a public-private crisis management and coordination platform in emerging Europe. Piroska worked in senior positions in the International Monetary Fund (IMF) between 1986 and 2008. She was guest lecturer at the Hebrew University of Jerusalem in 1996/97 and Senior Adviser at Fitch Ratings in 2003/4.

Radován Jelasity, President, Hungarian Banking Association

Radován Jelasity has been Chairman and CEO of Erste Bank Hungary since June 1, 2011. He is a recognised banker, with a thorough knowledge of Central and Eastern Europe. He gained wide experience during his outstanding career with banks and financial authorities.From 2004 to 2010 he was Governor of the National Bank of Serbia. Previously, he served as the bank’s Deputy Governor for four years. As a central banker, he played an important role in consolidating the Serbian banking sector and insurance market and strengthening the regulatory and supervisory authorities. He also played a key role in Serbia’s negotiations with international monetary institutions. As Vice-President of the Banking Rehabilitation Agency, he was involved in launching the restructuring process of the Serbian banking system and the privatisation of major Serbian banks. Earlier, he worked for McKinsey & Company in Frankfurt on banking projects in Germany, Poland and Bulgaria. He started his banking career at Deutsche Bank in Frankfurt, where he worked for four years as Area Manager for Central and Eastern Europe. He became the President of the Hungarian Banking Association in May of 2020.

Előd Takáts, Rector, Corvinus University of Budapest

Előd Takáts graduated with a major in finance and a minor in economic policy from Corvinus in 1999. He studied at Princeton University, earning a PhD in financial economics in 2006. He worked at the International Monetary Fund between 2006-2009. He worked at the Bank for International Settlements in Basel from 2009 to 2021, where he took part in Basel III development. He is a professor in practice at the LSE and he is also the founding president of the monetary policy section at the Hungarian Economic Association.

Andrés Velasco, Dean of the School of Public Policy at the London School of Economics and Political Science

Andrés Velasco is the Dean of the School of Public Policy at the London School of Economics and Political Science. In 2017-18 he was a member of the G20 Eminent Persons Group. He was the Minister of Finance of Chile between March 2006 and March 2010. During his tenure he was recognized as Latin American Finance Minister of the Year by several international publications. Andrés Velasco received a B.A. in economics and philosophy and an M.A. in international relations from Yale University. He holds a Ph.D. in economics from Columbia University and was a postdoctoral fellow in political economy at Harvard University and the Massachusetts Institute of Technology.

Egon Zakrajšek, Senior Adviser, Bank for International Settlements

Egon is a Senior Adviser in the Monetary and Economic Department at the Bank for International Settlements (BIS). A native of Slovenia, he joined the BIS in August 2019 after nearly 25 years with the US Federal Reserve System. He started his career in the research department of the Federal Reserve Bank of New York and later joined the division of Monetary Affairs at the Board of Governors of the Federal Reserve System in Washington DC, where he held a succession of senior executive roles. Egon’s policy and research interests focus on macro-finance, inflation dynamics and monetary policy. He is also a CEPR Research Fellow, a Research Fellow at the Centre for Finance, Credit and Macroeconomics at the University of Nottingham and serves as the editor of BIS Working Papers.