Fiscal and Monetary Policies

AGENDA

16-17 July 2025 | Seoul, Republic of Korea

DAY 1 – 16 JULY 2025, WEDNESDAY

8:30 am – 9:10 am

Registration and coffee

9:10 am – 9:15 am

Welcome Remarks

Jae Won Lee, Chief Economist and Deputy Governor, Bank of Korea (BOK)

9:15 am – 9:45 am

Keynote Speech –

Chang Yong Rhee, Governor, BOK
“Post-Pandemic Monetary Policy in Korea: Toward an Integrated Policy Framework”

9:45 am – 9:50 am

Group photo

9:50 am – 10:10 am

Coffee break 

Session 1
Chair: JOHN BEIRNE, Principal Economist, Asian Development Bank (ADB)

10:10 am – 10:35 am

Public spending and inclusive growth: A cross-country empirical analysis

Gazi Salah Uddin, Senior Associate Professor, Linköping University 

10:35 am – 10:45 am

Virtual Discussant:

Josef Yap, Senior Research Fellow, Ateneo Policy Center

10:45 am – 11:00 am

Open Discussion

11:00 am – 11:25 am

Public Investment Quality and Sovereign Risk 

Amat Adarov, Senior Economist, The World Bank 

11:25 am – 11:35 am

Virtual Discussant:

Hyun-A Kim, Executive Director/Senior Fellow, Korea Institute of Public Finance 

11:35 am – 11:50 am 

Open Discussion

11:50 am – 1:30 pm

Lunch break at Conference Hall B

Session 2
Chair: Yoonsoo Lee, Professor, Sogang University

1:35 pm – 2:00 pm

Time-varying Effects of Monetary Policy Shocks in Five Asian Countries

Joonyoung Hur, Associate Professor, Sogang University

2:00 pm – 2:10 pm

Virtual Discussant:

Hwee Kwan Chow, Professor, Singapore Management University

2:10 pm – 2:25 pm

Open Discussion

2:25 pm – 2:50 pm

The Effects of Monetary Policy Shocks on Inflation Heterogeneity and Transmission Channels: Evidence from Korea

Seolwoong Hwang, Economist, Economic Research Institute, BOK 

2:50 pm – 3:00 pm

Virtual Discussant:

Juthathip Jongwanich, Associate Professor, Thammasat University

3:00 pm – 3:15 pm

Open Discussion

3:15 pm – 3:35 pm

Coffee break

Session 3
Chair: DONGHYUN PARK, Economic Advisor (Strategic Knowledge Initiatives), ADB

3:40 pm – 4:05 pm

Effects of Government Spending Shocks by Household Indebtedness: An OECD Panel Analysis

Yeil Lee, Economist, Economic Research Institute, BOK

4:05 pm – 4:15 pm

Virtual Discussant:

Akiko Terada-Hagiwara, Principal Country Specialist, ADB

4:15 pm – 4:30 pm

Open Discussion

4:30 pm – 4:55 pm

Dynamic Effects of Fiscal Rules: Do Initial Conditions Matter?

Bram Gootjes, Economist, The World Bank

4:55 pm – 5:05 pm

Virtual Discussant:

Zidong An, Professor of Economics, Renmin University of China

5:05 pm – 5:20 pm

Open Discussion

5:20 pm – 5:25 pm

Announcements

6:30 pm

Welcome Dinner

Diamond Hall, 22F, The Plaza Seoul Autograph Collection Hotel

DAY 2 – 17 JULY 2025, THURSDAY

8:40 am – 9:25 am

Registration

9:25 am – 9:30 am

Welcome Remarks
John Beirne, Principal Economist, ADB 

9:30 am – 10:00 am

(Virtual) Keynote Speech

Sayuri Shirai, Professor of Economics, Keio University (former Board Member, Bank of Japan) 
“Macroeconomic Policy Coordination for Climate Action in Developing and Emerging Asia” 

10:00 am – 10:20 am

Open Discussion

Session 4
Chair: JOSHUA AIZENMAN, Dockson Chair in Economics and International Relations, University of Southern California

10:25 am – 10:50 am

The Economic Impact of Fiscal Policy Uncertainty: Evidence from a New Cross-Country Database

Anh Dinh Minh Nguyen, Economist, International Monetary Fund

10:50 am – 11:00 am

Discussant:

Eseul Choi, Economist, Economic Research Institute, BOK

11:00 am – 11:15 am

Open Discussion

11:15 am – 11:30 am

Coffee Break

11:35 am – 12:00 pm

Public Spending, Private Gains: The Gendered Impact of Exogenous Fiscal Policy Shocks

Joao Jalles, Professor of Economics, University of Lisbon

12:00 pm – 12:10 am

Discussant:

Boreum Kwak, Economist, Economic Research Institute, BOK

12:10 am – 12:25 am

Open Discussion

12:25 pm – 2:00 pm

Lunch Break at Conference Hall B

Session 5
Chair: Inhwan So, Head of International Economic Studies, BOK

2:00 pm – 2:25 pm

Fiscal Rules for China: Lessons from Europe

Yothin Jinjarak, Senior Economist, ADB

2:25 pm – 2:35 pm

Virtual Discussant:

Yi Huang, Special Adviser to the Chief Representative Asia and the Pacific, Bank for International Settlements

2:35 pm – 2:50 pm

Open Discussion

2:50 pm – 3:15 pm

Beyond Borders: Spillover Effects of US Monetary Policy on the Financial Stress of Emerging Market Economies

Rudra Sensarma, Professor, Indian Institute of Management

3:15 pm – 3:25 pm

Virtual Discussant:

Gabriele Ciminelli, Economist, ADB

3:25 pm – 3:40 pm

Open Discussion

3:40 pm – 3:55 pm

Coffee Break

4:00 pm – 4:25 pm

Global shocks, institutional development, and trade restrictions: What can we learn from crises and recoveries between 1990 and 2022?

Jamel Saadaoui, Full Professor, University of Paris 8

4:25 pm – 4:35 pm

Virtual Discussant:

Shu (Grace) Tian, Principal Economist, ADB

4:35 pm – 4:50 pm

Open Discussion

4:50 pm – 5:00 pm

Closing Remarks

In Do Hwang, Head and Deputy Director General, Economic Research Institute, BOK

6:00 pm

Farewell Dinner
Ruby Hall, 22F, The Plaza Seoul Autograph Collection Hotel