
	Monday, June 5
	Map/Local Information
	Topic: Foreign Exchange and Capital Flows
8:30 am	Continental Breakfast
9:00 am	Estimating the Cost of Chinese Capital Market Distortions: A Willingness-to-Pay Approach Shang-Jin Wei, Columbia University and NBER Discussants: Chun-Yen Wu, Chung-Hua Institution for Economic Research Ilhyock Shim, Bank for International Settlements
10:20 am	Break
10:40 am	Dual Approach for One Goal: The Internationalization of Renminbi during 2010-2021 Qing Liu, Tsinghua University Discussants: Junko Shimizu, Gakushuin University Shang-Jin Wei, Columbia University and NBER
12:00 pm	Keynote Speaker: Stijn Claessens, Bank for International Settlements
1:30 pm	Liability Dollarization and Exchange Rate Pass-Through (slides) Junhyong Kim, Korea Development Institute Annie Lee, Johns Hopkins University Discussants: Woo Jin Choi, University of Seoul Charles Engel, University of Wisconsin-Madison and NBER
2:50 pm	Empirical Evaluation of CBDC in Cambodia Kenichi Ueda, University of Tokyo, CEPR, and TCER Chanthol Hay, University of Tokyo Discussants: Piti Disyatat, Bank of Thailand Barry Eichengreen, University of California, Berkeley and NBER
4:10 pm	Break
4:30 pm	The Danish Problem: How Denmark has Successfully Maintained a Currency Peg for 40 Years Barry Eichengreen, University of California, Berkeley and NBER Discussants: Kosuke Aoki, University of Tokyo Etsuro Shioji, Hitotsubashi University and TCER
5:50 pm	Adjourn
7:00 pm	Dinner - Ginza Lion Kasumigaseki Common Gate 100-6080 Kasumigaseki 3-2-3, Kasumigaseki Common Gate Annex 2F (located across the street from ADBI)
	Tuesday, June 6
8:30 am	Continental Breakfast
9:00 am	Collateral Advantage: Exchange Rates, Capital Flows, and Global Cycles (slides) Charles Engel, University of Wisconsin-Madison and NBER Michael Devereux, University of British Columbia and NBER Steve Pak Yeung Wu, University of California-San Diego Discussants: Qing Liu, Tsinghua University John Beirne, Asian Development Bank Institute
10:20 am	Break
10:40 am	The Signaling Effects of Sovereign Borrowing Yang K. Lu, Hong Kong University of Science and Technology Bowen Qu, Hong Kong University of Science and Technology Discussants: Benjamin Faber, University of California, Berkeley and NBER Etsuro Shioji, Hitotsubashi University and TCER
12:00 pm	Keynote Speaker: Haruhiko Kuroda, Former Governor of the Bank of Japan Slides
1:30 pm	Real Exchange Rate Levels in the OECD and their Structural Determinants Martin Berka, Massey University Daan Steenkamp, South African Reserve Bank Discussants: Woo Jin Choi, University of Seoul Shin-ichi Fukuda, University of Tokyo
2:50 pm	Risk Capacity, Portfolio Choice and Exchange Rates Ilhyock Shim, Bank for International Settlements Boris Hofmann, Bank for International Settlements Hyun Shin, Bank for International Settlements Discussants: John Beirne, Asian Development Bank Institute Piti Disyatat, Bank of Thailand
4:10 pm	Break
4:30 pm	Debt and Debt Restructuring in the International Economy Anne O. Krueger, Johns Hopkins University and NBER Discussants: Chun-Yen Wu, Chung-Hua Institution for Economic Research Takeo Hoshi, University of Tokyo
5:50 pm	Adjourn
6:30 pm	Dinner hosted by TCER Japanese Restaurant Kacyo 7-16-7 Ginza, Chuo-ku, Tokyo
	This seminar is sponsored by the NBER, ADBI, BIS HK, CAMA (Australia), CCER, CIER (Taiwan), HKUST, KDI, Singapore NUS Business School, TCER and Tsinghua University.
	Emergency contact at ADBI: Eriko Sugawara esugawara@adbi.org P: +81 3 35935501

Participants

Kosuke Aoki, University of Tokyo
John Beirne, Asian Development Bank Institute
Martin Berka, Massey University
Woo Jin Choi, University of Seoul
Stijn Claessens, Yale School of Management
Piti Disyatat, Bank of Thailand
Barry Eichengreen, University of California, Berkeley and NBER
Charles Engel, University of Wisconsin-Madison and NBER
Benjamin Faber, University of California, Berkeley and NBER
Shin-ichi Fukuda, University of Tokyo
Takeo Hoshi, University of Tokyo
Takatoshi Ito, Columbia University and NBER
Junhyong Kim, Korea Development Institute

Anne O. Krueger, Johns Hopkins University and NBER
Haruhiko Kuroda, Bank of Japan
Qing Liu, Tsinghua University
Yang K. Lu, Hong Kong University of Science and Technology
Andrew K. Rose, National University of Singapore
Ilhyock Shim, Bank for International Settlements
Junko Shimizu, Gakushuin University
Etsuro Shioji, Hitotsubashi University and TCER
Kenichi Ueda, University of Tokyo, CEPR, and TCER
Giorgio Valente, Hong Kong Institute for Monetary and Financial Research (HKIMR)
Shang-Jin Wei, Columbia University and NBER
Chun-Yen Wu, Chung-Hua Institution for Economic Research
Steve Pak Yeung Wu, University of California-San Diego