XV Workshop in International Economics and Finance, Barcelona, 2012
The XV Workshop in International Economics and Finance took place in Barcelona on July 2-4, 2012.
Hosted by CREI, Universitat Pompeu Fabra
Room: 13.007, Ramon Turró Building
Organizers: Fernando Broner (CREI and Universitat Pompeu Fabra), Tito Cordella (The World Bank), Andrew Powell (InterAmerican Development Bank), Alberto Martin (CREI and Universitat Pompeu Fabra), Andrés Neumeyer (Universidad Torcuato Di Tella), Guido Sandleris (Universidad Torcuato Di Tella), and Martín Uribe (Columbia University)
The organization of the conference has received funding from the European Research Council under the European
Union's Seventh Framework Programme / ERC grant agreement nº 263846 – KF&EM "International Capital Flows and Emerging Markets"
Monday, July 2
08.45-09.00 Registration
09:00-11:00 CAPITAL CONTROLS
“A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation”
Arnaud Costinot (MIT), Guido Lorenzoni (MIT) and IvánWerning (MIT)
Discussant: Kenza Benhima (Université de Lausanne)
“Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls”
Marcel Fratzscher (ECB), Kristin Forbes (MIT Sloan School of Management) and Roland Straub (ECB)
Discussant: Andrés Neumeyer (Universidad Torcuato Di Tella)
11:00-11.20 Coffee Break
11:20-13:20 BANKING CRISES AND BAILOUTS
“Foreign Borrowing, Portfolio Allocation and Bailouts”
Eric Mengus (Toulouse School of Economics)
Discussant: Nicola Gennaioli (CREI, UPF, Barcelona GSE and CEPR)
“Bailouts, Contagion, and Risk Taking”
DellAriccia Giovanni, (IMF and CEPR), Lev Ratnovski (IMF)
Discussant: Aaron Tornell (UCLA)
13:20-14:50 Lunch**
14:50-16:50 MACROECONOMICS OF EXCHANGE RATE REGIMES
“Prudential Policy for Peggers”
Stephanie Schmitt-Grohé (Columbia University) and Martín Uribe (Columbia University)
Discussant: Jaume Ventura (CREI, UPF and Barcelona GSE)
“Dealing with the Trilemma: Capital Controls and Government Spending”
Iván Werning (MIT) and Emmanuel Farhi
Discussant: Jordi Galí (CREI, UPF and Barcelona GSE)
16:50-17:10 Coffee Break
17:10-18:10 KEYNOTE LECTURE
“Prospero’s Liquidity Traps, Sudden Stops and Jobless Recovery“
Guillermo Calvo (Columbia University)
21:00 Dinner (by invitation only)**
Tuesday, July 3
9:00-10:30 FACTS FOR THOUGHT I
“Secondary Bond Markets and Sovereign Risk in Times of Crisis: An Empirical Assessment”
Sauré Philip (European University Institute) and Filippo Brutti (University of Zurich)
Discussant: Aitor Erce (Bank of Spain)
“Varieties of Sovereign Crises: Latin America, 1820-1931”
Pablo Vega-García” (George Washington University) and Graciela Kaminsky (George Washington University)
Discussant: Gerardo della Paolera (Central European University)
10:30-10:50 Coffee Break
10:50-12:50 SOVEREIGN DEBT AND DEFAULT
“Sovereign Default and Banking”
Igor Livshits (University of Western Ontario) and Koen Schoors (University of Ghent)
Discussant: Tito Cordella (The World Bank)
“Fiscal Discoveries, Stops and Defaults”
Rancière, Romain, (Paris School of Economics and IMF), Luis Catão (IMF) and Ana Fostel (George Washington University)
Discussant: Guido Sandleris (Universidad Torcuato Di Tella)
12:50-14:20 Lunch**
14:20-15:50 FACTS FOR THOUGHT II
“On the International Transmission of Shocks: Micro-evidence from Mutual Fund Portfolios”
Sergio Schmukler (The World Bank) and Claudio Raddatz (The World Bank)
Discussant: Gaston Gelos (IMF)
“Scarring Recessions and Credit Constraints: Evidence from Colombian Plant Dynamics”
Marc Hofstetter Gascon (Universidad de los Andes), Marcela Eslava (Universidad de Los Andes), Arturo Galindo (IDB) and Alejandro Izquierdo (IDB)
Discussant: Carolina Villegas (ESADE)
15:50-16:10 Coffee Break
16:10-18:10 FINANCIAL MARKETS
“Strategic Complementarity, Fragility, and Regulation”
Vives, Xavier (IESE Business School)
Discussant: Luis Garicano (London School of Economics)
“Financial Globalization, Inequality, and the Raising of Public Debt”
Eva De Francisco (Towson University), Marina Azzimonti (Federal Reserve Bank of Philadelphia) and Vincenzo Quadrini (University of Southern California)
Discussant: Bernardo Guimaraes (London School of Economics)
21:00 Dinner (by invitation only)**
Timing: 35-15-10 for long presentations; 25-10-10 for short presentations
*Denotes speaker
**Meals provided by CREI
