Monday, March 2

Registration and Coffee

9:00–9:30

Welcome and Opening Remarks

Seetanah Lutchmeenaraidoo, Minister of Finance and Economic Development, Mauritius David Lipton, First Deputy Managing Director, IMF

Keynote Speech

Dani Rodrik, Professor, Institute for Advanced Study

Coffee

Session I—Trends, Dynamics, and Challenges of Capital Flows to Frontier Markets

This session will discuss the recent trends and behavior of capital flows to frontier markets, and the challenges posed by such flows. What are the factors driving capital flows to frontier markets—is the rise in private flows a structural phenomenon that defines a “new normal†or is it largely driven by lax monetary policy conditions in advanced countries, inducing investors to take on riskier bets? What are the main types of flows to frontier markets? Do they pose any risks and challenges? Are frontier markets likely to experience as much capital flow volatility as emerging markets? How does experience differ according to country characteristics?

Chair:

Ramesh Basant Roi, Governor, Central Bank of Mauritius

Speakers:

Allah Malik Kazemi, Advisor to Governor; Former Deputy Governor, Central Bank of Bangladesh Louis Kasekende, Deputy Governor, Bank of Uganda Henry Rotich, Cabinet Secretary, The National Treasury, Kenya Daniel Zelikow, Managing Director, Global Head, Public Sector Group, JP Morgan

Lunch

Session II—Policy Responses to Capital Inflows

This session will discuss the policy tools deployed by frontier and emerging markets to manage the challenges posed by capital inflows: macroeconomic policies; macroprudential policy; and capital controls. How effective are the various tools? What can be said about the policy hierarchy among these various tools? Should countries intervene in foreign exchange markets to mitigate exchange rate volatility associated with capital flow volatility?

Chair:

Jonathan D. Ostry, Deputy Director, Research Department, IMF

Speakers:

José De Gregorio, Professor, Universidad de Chile; Former Governor, Central Bank of Chile Olivier Jeanne, Professor, Johns Hopkins University Millison Narh, Deputy Governor, Bank of Ghana

Coffee

Panel Discussion—Managing Capital Flows in Frontier and Emerging Markets: What are the Lessons?

Moderator:

Richard Davies, Economics Editor, The Economist

Speakers:

Godwin Emefiele, Governor, Central Bank of Nigeria Subir Gokarn, Director Research, Brookings India; Former Deputy Governor, Reserve Bank of India Tukiya Kankasa-Mabula, Deputy Governor, Bank of Zambia Brian Kahn, Advisor to Governor, Reserve Bank of South Africa

Concluding Remarks

Antoinette Sayeh, Director, African Department, IMF

Reception and Dinner (by invitation only)