LOADING

Type to search

Monetary Globalization – FEDERAL RESERVE BANK of NEW YORK

Financial

Monetary Globalization – FEDERAL RESERVE BANK of NEW YORK

Share

A conference sponsored by the Federal Reserve Bank of New York.

Financial globalization has many potential benefits: protection against national shocks, more efficient global allocation of resources, and improvements in international standards of living. Nevertheless, the interconnectedness fostered by globalization increases the exposure of participants to financial and real shocks and to the risk that sudden capital reversals may translate into large-scale economic disruption. This one-and-a-half day conference will bring together a small number of distinguished researchers who will present papers that explore and evaluate the benefits and vulnerabilities arising from international capital mobility. Specific topics of interest include recent trends in international capital flows, their determinants, and their implications; frictions in, and obstacles to, increased global integration; the timing, extent, and methods of international adjustment to macroeconomic shocks and sustained trade imbalances; and the redesign of institutions to better serve global capital markets.

Thursday, December 2nd
8:30 am Continental breakfast
9:00 am Welcome Remarks
Timothy Geithner
President
Federal Reserve Bank of New York
Chair: Linda S Goldberg (Federal Reserve Bank of New York)
9:15 am Financial Globalization and Exchange Rates

Speakers:
Phillip Lane (Trinity College Dublin)
with Gian Maria Milesi-Ferretti (International Monetary Fund)

Discussants:
Michael Dooley (UC Santa Cruz)
Andrew Rose (UC Berkeley)

10:25 am morning break
10:40 am An International Financial Transmission Model PDF

Speakers:
Marcel Fratzscher (European Central Bank)
with Michael Ehrmann (European Central Bank) and Roberto Rigobon (MIT Sloan School of Management)

Discussants:
Cedric Tille
(Federal Reserve Bank of New York)
Mark Mirror (Federal Reserve Bank of San Francisco)

11:50 am International Trade, Production Sharing, and the Transmission of Business Cycles PDF

Speakers:
Linda Tesar (University of Michigan)
with Ariel Burstein (UC Los Angeles) and Chris Kurz (University of Michigan)

Discussants:
Jon fist (Board of Governors of the Federal Reserve System)
Kei Mu Yi (Federal Reserve Bank of Philadelphia)

1:00 p.m Luncheon and Keynote Address

Luncheon – Officers’ Dining Room

Keynote speakers: Stanley Fisher Vice Chairman of Citigroup and President of Citigroup International

Chair: Paolo Pesenti (Federal Reserve Bank of New York)
2:30pm The Euro Area and World Interest Rates PDF

Speakers:
Menzie Chinn (University of Wisconsin, Madison)
with Jeffrey Frankel (Harvard University)

Discussants:
Gian Maria Milesi Ferretti (International Monetary Fund)
John Rogers (Board of Governors of the Federal Reserve System)

3:40pm Afternoon Break
4:00 p.m Is the Invisible Hand Discerning or Indiscriminate? Investment and Stock Prices in the Aftermath of Capital Account Liberalizations PDF

Speakers:
Peter Blair Henry (Stanford University)
with Anusha Chari (University of Michigan)

Discussants:
Leonardo Bartolini (Federal Reserve Bank of New York)
Michael Klein (Fletcher School, Tufts University)

5:15pm

Reception – Officer’s Dining Room – 10th floor

6:00 p.m

Dinner – Officer’s Dining Room – 10th floor

Friday, December 3
8:30 am Continental Breakfast
SESSION 3: Emerging Market Financing and Institutions
Chair: Joseph S. Tracy (Federal Reserve Bank of New York)
9:00 am Capital Flows in a Globalized World: The Role of Policies and Institutions PDF

Speakers:
Sebnem Kalemli-Ozcan (University of Houston)
with Laura Alfaro (Harvard Business School) and Vadym Volovych (University of Houston)

Discussants:
Franklin Allen (Wharton School)
Nouriel Roubini (Stern School, NYU)

10:10 am International Financial Integration and Emerging Market Financing: Then Versus NowPDF

Speakers:
Paolo Mauro (International Monetary Fund)
with Nathan Sussman (Hebrew University of Jerusalem) and Yishay Yafeh (Hebrew University of Jerusalem)

Discussants:
Richard Portes (London Business School)
Alan Taylor (UC Davis)

11:20 am morning break
11:35 am Currency Crises, Capital Controls, and Selection Bias PDF

Speakers:
Michael Hutchison (UC Santa Cruz)
with Reuven Glick (Federal Reserve Bank of San Francisco) and
Xueyan Guo (UC Santa Cruz)

Discussants:
Frederic Mishkin (Columbia University)
Carmen Reinhart (University of Maryland)

12:45 p.m Lunch (informal)
1:15pm Adjourn

Federal Reserve Bank of New York
12th Floor Conference Center
33 Liberty St
New York, NY

Linda Goldberg, Vice President, International Research

> Paolo Pesenti, Research Officer, International Research

Please address any questions to:

Linda Goldberg
Federal Reserve Bank of New York
InternationalResearch
33 Liberty St
New York, NY 10045
Linda.Goldberg@ny.frb.org
or
Paolo Pesenti
Federal Reserve Bank of New York
InternationalResearch
33 Liberty St
New York, NY 10045
Paolo.Pesenti@ny.frb.org

Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *