SAFE Policy Lecture: Masaaki Shirakawa
Titel: Financial Globalization: How Central Banks and Supervisors Should Coordinate, Cooperate and Communicate
Speaker: Masaaki Shirakawa (Professor, Aoyama-Gakuin University, Japan)
"To put one’s house in order" has been very practical monetary policy philosophy and has been shared by many central banks in advanced economies. With economic and financial globalization progressing, spillover effects of monetary policy and the global impact of specific exchange rate arrangements are, however, becoming more important. No country is any longer immune to global forces. Furthermore, the interaction between the real economy and the financial system is becoming a focal issue.
Against this background, it is increasingly difficult to pursue "autonomous" monetary and financial policy. At the same time, as history shows, it is also unrealistic and sometimes detrimental to rush to the idea of "policy coordination." What we need is a good combination of coordination, cooperation and communication among central banks and supervisors/regulators. Based upon the recent experience with the global financial crisis and the preceding global credit bubble, monetary policy, payment system policy as well as supervision and regulation are discussed in light of coordination, cooperation and communication.
Masaaki Shirakawa served as 30th Governor of the Bank of Japan from April 2008 until March 2013 and as Vice-Chairman of the Board of Directors of the BIS from January 2011. He started his career at the Bank of Japan in 1972, where he held key positions, including Executive Director in charge of monetary policy. He assumed a Professorship at the Kyoto University School of Government from July 2006 to March 2008. Currently, he is professor at Aoyama-Gakuin University and also a member of the Group of Thirty. Born in 1949, he studied economics at the University of Tokyo (B.A.) and at the University of Chicago (M.A.).