Institute Events
Capital Flows, International Financial Markets and Financial Crises
November 13, 2009
The recent turmoil in financial markets has led to a reevaluation of the relationship between financial globalization, financial stability and financial crises. The global fallout following the U.S. subprime mortgage crisis was unexpected in its severity and has pointed towards new and little-understood magnification effects of financial market shocks, operating at both domestic and international levels.
Topics considered include:
- Financial Globalization and Monetary Policy
- International Financial Propagation
- International Monetary Policy Cooperation
- Stability of International Financial Markets
- Global Imbalances and Financial Stability
- Procyclical Capital Flows and Asset Prices
Organizing committee
- Mark Wynne, Federal Reserve Bank of Dallas
- Larry Schembri, Bank of Canada
- Michael Devereux, University of British Columbia
- Ananth Ramanarayanan, Federal Reserve Bank of Dallas
- Ali Dib, Bank of Canada
Note: Attendance is by invitation only.
Program Agenda
| Friday, November 13 | ||
| 7:30 a.m. | Registration and Continental Breakfast | |
| 8:20 a.m. | Welcome Richard Fisher, Federal Reserve Bank of Dallas Lawrence Schembri, Bank of Canada |
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Session 1 |
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| 8:30 a.m. | How Did a Domestic Housing Slump Turn into a Global Financial Crisis Steve Kamin* and Laurie Pounder, Federal Reserve Board |
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| Discussant: Larry Schembri, Bank of Canada | ||
| 9:30 a.m. | The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis Hui Tong*, IMF and Shang-Jin Wei, Columbia University |
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| Discussant: Philipp Maier, Bank of Canada | ||
| 10:30 a.m. | Break | |
| 10:45 a.m. | Financial Integration and Business Cycle Synchronization Sebnem Kalemli-Ozcan*, University of Houston; Elias Papaioannou, Dartmouth College; and José Luis Peydró, European Central Bank |
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| Discussant: Frank Warnock, University of Virginia; | ||
| 11:45 a.m. | Leverage Constraints and the International Transmission of Shocks Michael B. Devereux*, University of British Columbia and James Yetman, Bank for International Settlements, Hong Kong |
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| Discussant: Alessandro Rebucci, Inter-American Development Bank | ||
| 12.45 p.m. | Lunch | |
Session 2 |
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| 2 p.m. | Banks, Credit Market Frictions, and Business Cycles Ali Dib, Bank of Canada |
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| Discussant: Federico Mandelman, Federal Reserve Bank of Atlanta | ||
| 3 p.m. | Limited Asset Market Participation and the Consumption-Real Exchange Rate Anomaly Robert Kollmann, Université Libre de Bruxelles |
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| Discussant: Simona Cociuba, Federal Reserve Bank of Dallas | ||
| 4 p.m. | Break | |
| 4:30 p.m. | What Happened to the Good Old Days? The Role of Expenditure Switching in the Global Imbalance Adjustment Wei Dong, Bank of Canada |
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| Discussant: Viktoria Hnatkovska, University of British Columbia; | ||
| 5:30 | Reception and Dinner | |
Saturday November 14 |
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| 7:30 a.m. | Continental Breakfast | |
Session 3 |
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| 8:30 a.m. | Managing Credit Booms and Busts: A Pigouvian Taxation Approach Olivier Jeanne, Johns Hopkins University; and Anton Korinek*, University of Maryland |
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| Discussant: David Cook, Hong Kong University of Science and Technology | ||
| 9:30 a.m. | Sovereign Default and Banking Igor Livshits*, University of Western Ontario; and Koen Schoors, University of Ghent |
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| Discussant: Ananth Ramanarayanan, Federal Reserve Bank of Dallas | ||
| 10:30 a.m. | Break | |
| 10.45 a.m. | Sudden Stops, Financial Crises and Leverage Enrique Mendoza, University of Maryland |
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| Discussant: Cristina Arellano, Federal Reserve Bank of Minneapolis | ||
| 11:45 a.m. | Why Do Emerging Economies Import Direct Investment and Export Savings? A Story of Financial Underdevelopment Diego Valderrama*, Federal Reserve Bank of San Francisco; and Katherine A. Smith, U.S. Naval Academy |
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| Discussant: Ron Alquist, Bank of Canada | ||
| 12:45 p.m. | Lunch | |
| 1:30 p.m. | Conference Adjourns | |
| *Denotes presenter on mulitple-author paper. | ||
