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XI Emerging Markets Workshop

45 November 2013
Madrid

Information

The XI Emerging Market Workshop took place on 4-5 November 2013 in Madrid, at the Banco de España headquarters. This year, it aimed at taking a wider view on the “The new economic landscape in the aftermath of the crisis” and, in particular, on how emerging market economies are faring in this new environment. The Conference was restricted to researchers of central banks and international financial organizations.

Presentations

4 November 2013
 
09.15 - 09.30
Opening Remarks

Pilar L'Hotellerie-Fallois File PDF: Opens in a new window (67 KB) (Banco de España)


 
Session I: Capital flows I
09.30 - 11.00
Chair: Ignacio Hernando (Banco de España)

The 2009-2013 Bond issuance global frenzy: what role for advanced economies’ monetary policy? File PDF: Opens in a new window (260 KB)

Marco lo Duca, Giulio Nicoletti and Ariadna Vidal (ECB). Presentation File PDF: Opens in a new window (1 MB)

Lead off discussant: Henrique Basso File PDF: Opens in a new window (251 KB) (Banco de España)

 

Sudden stop of capital flows and the consequences for the banking sector and the real economy File PDF: Opens in a new window (2 MB)

Florian Neagu and Irina Mihai (Bank of Romania). Presentation File PDF: Opens in a new window (559 KB)

Lead off discussant: Ana Simona Manu (ECB)


 
Session II: Capital flows II
11.30 - 13.00
Chair: José Manuel Marqués (Banco de España)

Fire-Sale FDI or business as usual? File PDF: Opens in a new window (731 KB)

Ron Alquist, Raul Mukherjee and Linda Tesar (Bank of Canada). Presentation File PDF: Opens in a new window (517 KB)

Lead off discussant: Ramona Jimborean File PDF: Opens in a new window (59 KB) (Banque de France)

 

Do the different types of capital flows respond to the same fundamentals and in the same degree? File PDF: Opens in a new window (509 KB)

Fernando Arias, Daria Garrido, Daniel Parra and Hernán Rincón (Banco de la República de Colombia). Presentation File PDF: Opens in a new window (464 KB)

Lead off discussant: Cyril Rebillard File PDF: Opens in a new window (347 KB) (Banque de France)


13.00 - 13.45
Keynote lecture

Sovereign Debt Markets in Turbulent Times File PDF: Opens in a new window (2 MB),

Fernando Broner (CREI). Presentation File PDF: Opens in a new window (995 KB)


 
Session III: Credit I
15.00 - 16.30
Chair: Juan Francisco Jimeno (Banco de España)

Does Bank Liquidity Creation Contribute To Economic Growth?

Jarko Fidrmuc, Zuzana Fungácova and Laurent Weill (BOFIT). Presentation File PDF: Opens in a new window (409 KB)

Lead off discussant: Christian Castro File PDF: Opens in a new window (467 KB) (Banco de España)


Global liquidity, Domestic credit and Capital Flows File PDF: Opens in a new window (435 KB)

Christina Glocker and Pascal Towbin (WiiW and Swiss National Bank). Presentation File PDF: Opens in a new window (677 KB)

Lead off discussant: Marco lo Duca (ECB)


 
Roundtable
16.45 - 18.00
Chair: Helene Schubert (Oesterreichische National Bank)

Is the Eurozone on the Mend? Latin American Examples to Analyze the Euro Question File PDF: Opens in a new window (737 KB)

Eduardo A. Cavallo, Andrew Powell and Eduardo Fernández Arias (IADB). Presentation File PDF: Opens in a new window (858 KB)

Comments by: Iikka Korhonen File PDF: Opens in a new window (209 KB) (BOFIT, Bank of Finland) and Enrique Alberola File PDF: Opens in a new window (619 KB) (Banco de España)


5 November 2013
Session IV: Markets I
09.30 - 11.00
Chair: Pedro del Río (Banco de España)

Characterizing the rating cycles in emerging countries: How do the agencies adapt new information File PDF: Opens in a new window (1 MB)

Carmen Broto and Luis Molina (Banco de España). Presentation File PDF: Opens in a new window (834 KB)

Lead off discussant: Iikka Korhonen (BOFIT – Bank of Finland)


Early warning for currency crises: what is the role of financial openness? File PDF: Opens in a new window (1 MB)

Jon Frost and Ayako Saiki (De Nederlandsche Bank). Presentation File PDF: Opens in a new window (369 KB)

Lead off discussant: Irina Balteanu File PDF: Opens in a new window (135 KB) (Banco de España)


 
Session V: Markets II
11.30 - 12.15
Chair: Sonsoles Gallego (Banco de España)

Common Drivers in Emerging Market Spreads and Commodity Prices File PDF: Opens in a new window (334 KB)

Diego Bastourre, Jorge Carrera, Javier Ibarlucía y Mariano Sardi (BCRA). Presentation File PDF: Opens in a new window (241 KB)

Lead off discussant: Ricardo Gimeno (Banco de España)


 
Session VI: Real sector issues
12.15 - 13.45
Chair: Enrique Alberola (Banco de España)

The Determinants of Households’ Savings in Central, Eastern and Southeastern Europe File PDF: Opens in a new window (646 KB)

Elisabeth Beckman, Mariya Hake and Jarmila Urvova (OeNB). Presentation File PDF: Opens in a new window (1 MB)

Lead off discussant: Ángel Estrada (Banco de España)


Oil-dependent Revenues and Macroeconomic Stability Under Fiscal and Monetary Rules: An Analysis for Mexico File PDF: Opens in a new window (370 KB)

Ana María Aguilar and Claudia Ramírez (Banco de Mexico). Presentation File PDF: Opens in a new window (467 KB)

Lead off discussant: Francesca Viani File PDF: Opens in a new window (190 KB) (Banco de España)


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