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The Political Economy of International Money: Common Currencies, Currency Wars and Exorbitant Privilege

April 03, 2014 Southern Methodist University

This conference brought together scholars and policy experts to discuss the current state of thinking in this broad and controversial area, including

  • Positive and negative effects of capital flows
  • Shared currency areas with an emphasis on the euro zone
  • Currency wars and international monetary arrangements

Conference Organizers


Thursday, April 3
Ernst & Young Gallery, SMU

6 p.m.


6:45 p.m.

Welcome and Dinner

James F. Hollifield
Director, Tower Center, and Professor of Political Science, Southern Methodist University

7:30 p.m.


Jeffry Frieden
Professor of Government, Harvard University

9 p.m.


Friday, April 4
Federal Reserve Bank of Dallas

7:45 a.m.

Registration and Continental Breakfast

8:30 a.m.

Welcoming Remarks

Mark Wynne
Vice President, Associate Director of Research and Director of the Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas

8:45 a.m.

Setting the Stage on International Money

The Unloved World Dollar Standard: Greenspan–Bernanke Bubbles in the Global Economy
Ronald McKinnon

William D. Eberle Professor of International Economics (emeritus), Stanford University

9:15 a.m.

Capital Flows

Moderator: Scott Davis
Senior Research Economist, Federal Reserve Bank of Dallas

Frank Warnock
James C. Wheat Jr. Professor of Business Administration, University of Virginia

Capital Flows and Capital Controls
Michael Klein

William C. Clayton Professor of International Economic Affairs, Tufts University

Capital Flows After the Crisis: Recent Developments and Investor Motivations
Carol Bertaut

Chief, Global Financial Flows Section, Division of International Finance, Federal Reserve Board of Governors

10:45 a.m.


11 a.m.

Shared Currency Areas

Moderator: Thomas Osang
Associate Professor and Altshuler Distinguished Teaching Professor, Southern Methodist University

Hubert Kempf
Professor of Economics, University of Paris

ECB Balance Sheet: Sterilization and Stimulus
David Malpass

President, Encima Global LLC

The Eurozone Crisis? Will the Euro Survive?
Michael Bordo

Board of Governors Professor of Economics, Rutgers University

12:30 p.m.


Kathleen Cooper
Director of International Politics and Economics, Tower Center, SMU

Keynote Speaker: 
Jeffrey Frankel

James W. Harpel Professor of Capital Formation and Growth,
Harvard University

2 p.m.

Currency Wars/International Monetary Arrangements

Moderator: Mark Wynne

Currency Wars: Yesterday, Today—and Tomorrow?
Benjamin Cohen

Louis G. Lancaster Professor of International Political Economy, University of California, Santa Barbara

Currency Misalignments and Industry Demands for Trade Protection
J. Lawrence Broz

Associate Professor of Political Science, University of California, San Diego

Emerging Markets and the Fed
Benn Steil

Senior Fellow and Director, International Economics, Council on Foreign Relations

Brad Setser
Deputy Assistant Secretary for International Economic Analysis, U.S. Department of the Treasury

3:45 p.m.

Closing Remarks

4 p.m.