数字化和碎片化时代的中央银行（英）

BIS Papers No 162 Central banking in times of digitalisation and fragmentation Monetary and Economic Department November 2025 The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1682-7651 (online) ISBN 978-92-9259-905-8 (online) BIS Papers No 162 i Foreword The 24th BIS Annual Conference took place in Basel, Switzerland on 27 June 2025. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the theme “Central banking in times of digitalisation and fragmentation”. The papers presented at the conference are released as BIS Working Papers, nos 1306 and 1307. BIS Paper no 162 contains a speech by Agustín Carstens and remarks from two panel discussions, on “Perspectives on policymaking – a tribute to Agustín Carstens” and “Challenges for central banks in a changing world”. ii BIS Papers No 162 BIS Papers No 162 iii Programme, 27 June 2025 09:00–09:05 Welcome Hyun Song Shin, Bank for International Settlements 09:05–10:20 Session 1: Digitalisation and financial innovation Chair Eli M Remolona Jr, Bangko Sentral ng Pilipinas Speaker Markus K Brunnermeier, Princeton University Discussants Maryam Farboodi, MIT Sloan School of Management Christine Parlour, University of California, Berkeley, Haas School of Business 10:45–12:00 Session 2: Liquidity and central bank intervention Chair Michele Bullock, Reserve Bank of Australia Speaker Raghuram Rajan, University of Chicago Booth School of Business Discussants Kristin J Forbes, MIT Sloan School of Management Pierre-Olivier Gourinchas, International Monetary Fund 13:30–14:25 Keynote speech on fiscal and monetary policy interaction under high government debt Chair John C Williams, Federal Reserve Bank of New York Speaker Carmen Reinhart, Harvard Kennedy School 14:25–15:40 Session 4: Perspectives on policymaking – a tribute to Agustín Carstens Moderator Andréa M Maechler, Bank for International Settlements Panellists Roberto Campos Neto, former Governor of the Central Bank of Brazil Jacob Frenkel, former Governor of the Bank of Israel; Group of Thirty Timothy F Geithner, Warburg Pincus Thomas J Jordan, former Chairman of the Swiss National Bank Adam S Posen, Peterson Institute for International Economics 15:40–15:55 Speech by Agustín Carstens 16:15–17:30 Session 5: Policy panel on challenges for central banks in a changing world Moderator Agustín Carstens, Bank for International Settlements Panellists Rosanna Costa, Central Bank of Chile Lesetja Kganyago, South African Reserve Bank Christine Lagarde, European Central Bank Chang Yong Rhee, Bank of Korea M