Agenda
Agenda
Agenda
11:00 – 11:25
Addressing the Changes Impacting Markets and Policy
11:00 – 11:25
Gold as a reserve asset: what it adds as a diversifier
Sponsored by:
- How does gold impact a reserve portfolio?
- How does gold act as a diversifier?
- Developed and emerging market's behaviour in crises
- Financial innovation expanding the opportunities for gold
Arnab Das is Invesco’s Global market strategist for EMEA (Europe, Middle East and Africa), based in London. Previously, he was Head of EMEA and Emerging Markets Macro Research for Invesco Fixed Income. He joined the firm in 2015. Mr. Das began his career in finance in 1992. He has served as Co-Head of Research at Roubini Global Economics; Co-Head of Global Economics and Strategy, Head of Foreign Exchange and Emerging Markets Research at Dresdner Kleinwort; and Head of EMEA Research at J.P.Morgan. He has also been a private consultant in global and emerging markets, and previously consulted with Trusted Sources, a specialist emerging markets research boutique in London. Mr. Das studied macroeconomics, economic history and international relations. He earned a BA degree from Princeton University in 1986, and completed his postgraduate and doctoral work at the London School of Economics from 1987 to 1992.
12:00 – 12:30
The new dynamics of the international monetary system
- Absence of a ‘proper’ international monetary system
- Interventions in the foreign exchange markets and suspicion of exchange rate manipulation
- Are trade wars killing the multilateral trade system?
- What could the system look like?
Jacques de Larosière is a Former Director General of the International Monetary Fund. After beginning his career as a member of the Inspectorate General of Finances, he was Director of the Trésor, Governor of the Banque de France, President of the European Bank for Reconstruction and Development, President of the Observatoire de l'Epargne Européenne and is currently Advisor to BNP Paribas’s Chairman. Mr de Larosière is a former student of the ENA and a graduate of the IEP of Paris.
10:00 – 10:25
Sustainability
10:30 – 10:55
How to apply ESG to reserve portfolios: a fixed income focus
Sponsored by:
- What is ESG in the fixed income context?
- Asset class examples
- Risk management and portfolio impact
- Aligning portfolio to Paris goals
Ashley Schulten, Managing Director, is the Head of Responsible Investing, within Global Fixed Income at BlackRock. Ms. Schulten leads the coordination of ESG integration, climate risk evaluation and sustainable investing efforts within the fixed income division. She sits on the Global Fixed Income Executive Committee. Additionally, she serves on the Executive Committee of the Green Bond Principles and the Cicero Climate Finance Board. Previous to BlackRock, Ms. Schulten spent 20 years as a sell side interest rate and options trader. She is an Aspen Institute First Movers Fellow and sits on the board of the Mianus River Gorge, the first land conservancy project for the Nature Conservancy
11:00 – 11:25
Frameworks for quantifying climate risk
- Climate risk and its impact on central bank mandates and responsibilities
- Integrating climate risk into existing risk management frameworks
- Frameworks for integrating ESG considerations and climate risk into investment decisions
- Performance so far and outlook for the future
Born 1953, Mr. Grønn holds a graduate degree in economics (cand.oecon. 1979) from the University of Oslo. Work experience since 1980 includes vfarious positions at Norges Bank, including Director of International Department, Director of Statistics Department, and Special Advisor to the Governor. Mr. Grønn spent altogether eight years at IMF’s Executive Board in Washington DC, as Senior Advisor (1989-1992), Alternate Executive Director (2011-2013) and Executive Director (2013-2016), as well as one year at the ECB in Frankfurt as national central bank expert, monetary policy (2005-2006). He retired from his position at Norges Bank in July 2021, and continued as a consultant at the Bank on a part-time basis until December 2023.
11:00 – 11:25
Risk Management
11:30 – 11:55
Scenario based approaches for central banks
Sponsored by:
- Can central banks learn from institutional investor best practices?
- The added value of balance sheet simulations for ALM and SAA decision making
- Generating realistic scenarios for the future: approaches and challenges
- Integrating risks and opportunities of climate change into scenarios
Hens holds an MSc in Econometrics from the Erasmus University of Rotterdam and a PhD from the Free University of Amsterdam. In his 25 years at Ortec Finance, he has held various consultancy, R&D and management positions. Hens is currently Head of Research and has an extensive track record of having worked with many institutional investors.
His book “Macroeconomic Scenarios and Reality: A Frequency Domain Approach for Analyzing Historical Time Series and Generating Scenarios for the Future” has laid the foundations on which the Economic Scenario Generator (ESG) has been built (https://www.ortecfinance.com/esg) which powers investment decision technology.
Hens is affiliated with the Econometric Institute of the Erasmus University Rotterdam, is an appreciated lecturer at various universities, and involved in various professional education programs. Hens’ research interests include Time Series and Frequency Domain Analysis, Filtering Techniques, Dynamic Factor Models, Business Cycles, Financial Cycles, Scenario Analysis and Machine Learning.