Monetary Globalization – FEDERAL RESERVE BANK of NEW YORK
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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: Discussants: |
| 10:25 am | morning break |
| 10:40 am | An International Financial Transmission Model 
Speakers: Discussants: |
| 11:50 am | International Trade, Production Sharing, and the Transmission of Business Cycles
Speakers: Discussants: |
| 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
Speakers: Discussants: |
| 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
Speakers: Discussants: |
| 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
Speakers: Discussants: |
| 10:10 am | International Financial Integration and Emerging Market Financing: Then Versus Now
Speakers: Discussants: |
| 11:20 am | morning break |
| 11:35 am | Currency Crises, Capital Controls, and Selection Bias
Speakers: Discussants: |
| 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
