MASTER OF CENTRAL BANKING Nurturing talent for central banks Anella Munro Asia School of Business established in collaboration with MIT Sloan Presentation at the 14 th IFSB Summit, Jakarta, 12 November 2019 The content of this presentation is not for public sharing without the explicit permission of ASB. Data presented in this file is still subject of approval of multiple stakeholders. ASIA SCHOOL OF BUSINESS xxx 1
The ASIA School of Business A COLLABORATION OF EXCELLENCE established by Bank Negara Malaysia in collaboration with MIT Sloan to be a premier business school that develops transformative & principled leaders who will contribute to a better future and to the advancement of the emerging world. Providing an Respecting Serving as a Asset and Resource BNM and MIT heritage of Talent Magnet for businesses Excellence and Rigor & Talent Multiplier & economic development Building a World-Class Business School, in Malaysia, for the World
Master of Central Banking Starting June 2020 A leading-edge education for high-potential central bank staff from all parts of the world. 3
What is the ASB Master of Central Banking? 4 12-month residential A comprehensive and program, obsessively forward-looking curriculum focused on central banking. Bringing together future Taught by world-class leaders from diverse faculty, including 6 weeks at backgrounds MIT Sloan.
Why a Master of Central Banking? 5
Why a Master of Central Banking? “ In a rapidly changing and highly challenging environment, the demands on central banks are immense. Central bankers therefore need the capabilities to deliver the best possible policies and outcomes. Our program aims to contribute to building such capabilities .” Tan Sri Dr Zeti Aziz Former Governor, Bank Negara Malaysia Co-Chair, MCB Advisory Board 6
What sets us apart? 7
A curriculum obsessively focused on Central Banking 8
Our curriculum is ambitious Comprehensive Forward-looking Integrative Grounded
FOUNDATIONS CRISIS MONETARY MANAGEMENT POLICY AND SIMULATION EXTENDING THE Comprehensive FINANCIAL MANDATES STABILITY means we will cover all the core functions GOVERNANCE, RESERVE MANAGEMENT, and more MANAGEMENT ETHICS DIGITAL PAYMENT TECHNOLOGIES SYSTEMS 10 * *Subject to approval by the Ministry of Education, Malaysia/ Malaysian Qualifications Agency (MQA)
Integrative means we will teach ideas multiple times, from different perspectives Term 1 Term 2 Term 3 Macro Monetary M policy policy M operations Financial Institutions Financial Micro-pru stability Macro-pru Challenges Systems Proseminar 1 Proseminar 2 Proseminar 3 thinking Synthesis
It will be forward-looking to prepare our students for future challenges Big Data and Interpretable AI • eg. Instead of decisions one step at a time, decide on optimal sequence of steps Digitalized macro stress tests • Instead of macro scenarios for individual banks, allow interaction of stress among banks Annual conference with BIS • First conference in January 2021 • New developments in central banking
Yet grounded in reality Monetary operations • eg. study what just happened in US money market Mens et Manus • MIT-style action learning projects Best-practice seminars • Practicing and former central bankers leaders to speak
7-week visit to MIT, New York, Washington • Six weeks immersion at MIT, in Cambridge Massachusetts, taking courses from MIT Sloan faculty • A visit to New York’s financial center • A visit to international financial institutions in Washington, DC 14
The people behind the Master of Central Banking 15
“W AS B ’ bu ildin g s u ch capabilitie s .” Negara’ An exceptional advisory board who know central banking and education n more about Asia School of Business’ Master of Central Banking, “ O financial “W AS B ’ ASB’ .” bu ildin g s u ch capabilitie s .” • Asset pricing and risk management • Fast-changing financial systems Negara’ • Extracting information from financial markets • • Roberto C. Merton Dr. Zeti Aziz • Co-Chair Co-Chair School of Management Distinguished Former Governor, n more about Asia School of Business’ Master of Central Banking, Professor of Finance, MIT Bank Negara Malaysia Nobel Memorial Prize in Economic “ O financial Sciences • Big Data and Machine L ear • ASB’ • Fostering digital transfor • .” • 16 • Asset pricing and risk management • Fast-changing financial systems ASIA SCHOOL OF BUSINESS xxx 16 • Extracting information from financial markets • • • • • • • Big Data and Machine L ear • • Fostering digital transfor • • , No. 2, Jalan Dato’ Onn, 50480 K • • • , No. 2, Jalan Dato’ Onn, 50480 K
An exceptional advisory board who know central banking and education. 9 former central bank governors from 4 continents 17
MIT’s involvement is deep 18
The ASB resident faculty bring world-class training and know central banking Hans Genberg Charles Fine Eli Remolona PhD Univ. of Chicago, USA PhD Stanford, USA. PhD Stanford, USA Professor of Economics and Chrysler LGO Professor of Professor of Finance and Associate Director of Central Management, MIT Sloan School Director of Central Banking; Banking; President and Dean ASB Philippines Sweden USA Abigail Tay Gabriele Ciminelli Triwit Ariyathugun Anella Munro PhD Stanford, USA PhD Tinbergen Ins., PhD Candidate Univ. of DPhil Economics, Oxford. Netherland Asst. Professor of Economics Chicago, USA Professor of Economics; & Faculty Chair; Asst. Professor of Finance Postdoctoral Associate of New Zealand and Economics; Singapore Economics; Italy Thailand 19
Students will play a big part by sharing a diversity of experiences Small open Advanced Asia economies economies Africa Middle U.S. Banking East Emerging markets Latin Quants Poets America
Who is the Master of Central Banking for? The program is designed for high potential central bank staff from all parts of the world. The MCB will equip the participant with an integrated and forward-looking understanding of all aspects of Central Banking, and a global network. Apply now for the June 2020 intake. 21
The new state-of-the-art campus 22
Academic building 23
Residential buildings ASIA SCHOOL OF BUSINESS xxx 24
Applications are now open for the June 2020 intake https://apply.asb.edu.my/apply/ https://asb.edu.my/academic-program/master-of-central-banking THANK YOU 25
DIRECT: +603 9179 4110 | EMAIL: info@asb.edu.my | URL: www.asb.edu.my Asia School of Business (1075414-U), Sasana Kijang, 2, Jalan Dato Onn, 50480 Kuala Lumpur, Malaysia ASIA SCHOOL OF BUSINESS xxx 26
Appendix: The curriculum as it stands Systems thinking Monetary policy Financial stability • Macroeconomics • Financial • Challenges of & growth institutions central banks • Principles of • Micro-prudential • Pro-seminar monetary policy supervision • Synthesis & crises • Monetary policy • Macro- operations & prudential policy communication • Capstone project • International • Advanced topics cooperation • Cybersecurity
Appendix: The curriculum as it stands (continued) Data and digital Governance and Financial markets technology leadership • Asset pricing and • Research methods • Strategy and investments organizations • Big Data and • Behavioral finance Machine Learning • Ethics • Reserve • Payments, digital • Political economy management currencies and of central banks AML/CFT • Developing • Central bank financial markets • Time series governance methods • Financial inclusion • Communication • Panel data methods • Negotiation
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