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South African Reserve Bank

Biennial Conference 2016 

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Biennial conference: South Africa’s Monetary Policy and Financial Stability Challenges in the Context of Emerging Market Vulnerabilities
Date:  27–28 October 2016
Message from the Governor
Welcome to the sixth biennial conference of the South African Reserve Bank. The theme of the conference, ‘South Africa’s Monetary Policy and Financial Stability Challenges in the Context of Emerging Market Vulnerabilities’, remains as significant a challenge today as it was during the early phase of the global financial crisis. While price stability remains a core objective of central banks, the global financial crisis has raised expectations about what central banks can and should do and, in particular, how their expanding mandates regarding economic growth and financial stability should interact with this core objective.
After showing more resilience relative to their advanced country counterparts in the earlier period of the global recession, emerging markets are now faced with many economic challenges. Notwithstanding the differences between countries, global monetary policy spillovers have affected all countries.
The aim of the conference is to place South Africa’s monetary policy and financial stability challenges in the context of other emerging market countries in an effort to understand both the similarities and differences in these economies. Another objective is to create dialogue among South African and global policymakers and experts on important policy issues of relevance to the South African Reserve Bank. The second day of the conference was organised in conjunction with the Reinventing Bretton Woods Committee and consists of two sessions that will centre on the challenges of the international monetary and financial system as well as the impact on emerging markets.
The presenters include a mix of internationally renowned policymakers, academics and central bankers such as Dr Maurice Obstfeld, Economic Counsellor and Director of Research at the International Monetary Fund; José Dario Uribe E, Governor of the Central Bank of Colombia; Professor Guillermo Calvo, Professor of Economics for International and Public Affairs, and Director of the Programme in Economic Policy Management at Columbia University; Sir Charles Bean, Professor of Economics at the London School of Economics; Professor Gavin Keeton, Associate Professor at the Department of Economics and Economic History, Rhodes University; Dr Monique Reid, Senior Lecturer at the Department of Economics, Stellenbosch University; Professor Eric Schaling, Jelle Zijlstra Chair of International Finance at the Wits Business School, University of the Witwatersrand; Dr A Hakan Kara, Chief Economist at the Central Bank of Turkey; Mr Stijn Claessens, Senior Adviser to the Board of Governors of the Federal Reserve System; Mr Vasuki Shastry, Global Head of Public Affairs and Sustainability at Standard Chartered Bank; Professor Erik Berglof, Director at the Institute of Global Affairs at the London School of Economics; Dr Prachi Mishra, Head of the Strategic Research Unit at the Reserve Bank of India; and Mr Marc Uzan, Excecutive Director Reinventing Bretton Woods Committee.
I trust that the conference will provide a platform for a productive dialogue on critical policy issues relevant to central banking.
Lesetja Kganyago
South African Reserve Bank

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