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The SEACEN Expert Group (SEG) on Capital Flows was established
by the SEACEN Centre in May 2000, in response to the concern expressed by the SEACEN
Governors at the January 2000 Conference in Kuala Lumpur, over the need to manage capital
flows to ensure stability in regional financial markets. At its 20th Meeting in Singapore on
1 June 2001, the SEACEN Board of Governors (BOG) also approved the proposal by the SEG
to set up an electronic data exchange facility at the SEACEN Centre.
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The SEG comprises 15 member central banks, viz. the 12 SEACEN member
central banks, and 3 SEACEN observers, namely the Reserve Bank of Australia, Hong Kong
Monetary Authority and Bank of Japan. The SEG is co-chaired by Bank Negara Malaysia and
Bangko Sentral ng Pilipinas.
The SEACEN Centre serves as the secretariat to the SEG. Its main role is to assist the
SEG in implementing the work programme as decided by the SEG, such as providing data
exchange facility, processing and analysing capital flows data as reported by members, as
well as providing secretariat support to the SEG meetings and teleconferencing calls.
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Since its establishment in 2000, the SEG has held five meetings (in Kuala Lumpur
in May 2000, Ulaanbaatar in September 2000, Kuala Lumpur in May 2001, Ulaabaaatar in June
2002 and Kuala Lumpur in March 2005). The SEG Meetings were normally held back-to-back with
other SEACEN events in order to minimise
travel time and costs. Follow-up work by the Secretariat and consultations among SEG members
were conducted via electronic mail.
The SEG work have been focusing on three main areas, namely developing a
regional framework to promote the sharing of capital flows data; assessing the methods and
systems of risk management among members; and capacity building. Specifically, the outcomes
of the SEG work are summarised as follows:
- SEG Directory
A directory of contact persons among the SEG members (Directory of Expert Group
on Capital Flows) has been compiled to facilitate the exchange of information or
clarifications among members. The Directory is updated regularly to ensure that the
information is current.
- Exchange of Data on Capital Flows
- SEG Data Templates on Capital Flows
To track movements of capital flows and other related financial market data
in the individual member economies, the SEG regularly report a common set
of data templates to be shared among members through the SEACEN Website.
- Electronic Data Exchange Facility
As an effective means of exchanging data, an electronic data exchange facility
has been installed at the SEACEN Centre. The data exchange facility includes:
- a dedicated web server to publish the SEG data templates
and to house the SEG database; and
- security software and devices to ensure the integrity and
confidentiality of data, comprising secure electronic mail transmission; secure
authentication; and secure on-line internet connection.
At present, data from participating SEG members are regularly published at
the secure segment of the SEACEN Centre Website. Only the authorised officials of the
SEG member central banks could access the SEG database.
Based on the data reported by the SEG members, the SEACEN Centre
has been able to make a preliminary assessment of both current trends in capital flows
in the region and capital flows expected in the next 12 months, as well as identify potential
risks and areas of vulnerabilities.
- Teleconferencing Exchange
In addition to the exchange of data templates, the SEG also holds, as an when necessary,
teleconferencing exchange to discuss trends, developments and issues of concern arising
from the SEG data analysis report. Other related issues of current interest are also discussed.
- Capacity-building in SEACEN member banks
To promote capacity building and exchange of views and experiences, the SEG meetings
included dialogues on topical issues relating to capital flows. Core work in the SEG were
several workshops to enhance expertise in the areas of compilation and usage of international
finance statistics, risk management of capital flows and development of early warning systems.
Experts in these areas from the Ministry of Finance of Japan, Bank for International Settlements
(BIS), the World Bank, the International Monetary Fund (IMF) and international bankers shared
their knowledge and experiences and provide guidance to the SEG members. There are also
meetings among technical staff to enhance data collection capacity.
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