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- Dollars, Debt and Deficits - 60 Years after Bretton Woods
Dollars, Debt and Deficits - 60 Years after Bretton Woods
14 – 15 Junio 2004
Madrid
Información
El Banco de España y el Fondo Monetario Internacional (FMI) organizaron esta conferencia en Madrid los días 14 y 15 de junio para conmemorar el 60 aniversario de los Acuerdos de Bretton Woods.
Prestigiosos académicos nacionales y extranjeros, políticos y expertos de instituciones internacionales y del sector privado participaron en la conferencia e intercambiaron opiniones sobre diversos aspectos del actual sistema monetario y financiero: deuda pública, crecimiento macroeconómico y mantenimiento, déficits externos, estrategias de resolución de crisis y tasas de cambio.
La apertura fue presidida por Rodrigo Rato, director gerente del FMI; Pedro Solbes, segundo vicepresidente del Gobierno y ministro de Economía y Finanzas; y Jaime Caruana, gobernador del Banco de España.
Ponencias
- 14 Junio 2004
- 09.00 - 10.00
- Opening remarks
Rodrigo Rato (Managing Director, International Monetary Fund)
Jaime Caruana (Governor, Banco de España)
(31 KB)
- 10.00 - 11.30
- Session I. Global imbalances
Chair: José Viñals (Director General of International Affairs, Banco de España)
"A map to the revived Bretton Woods end game: direct investment, rising real wages and the absorption of excess labor in the periphery"
Michael Dooley (University of California, Santa Cruz and Deutsche Bank) and Peter Garber (Deutsche Bank)
Paper (2 MB)
Presentation
(615 KB)
"The dynamics of the US net foreign liabilities: an empirical characterization"
Giancarlo Corsetti (European University Institute and University of Rome III) and Panagiotis Konstantinou (University of Rome III)
Paper (994 KB)
Presentation (1 MB)
Discussant: Jaume Ventura (CREI and University Pompeu Fabra) (24 KB) - 12.00 - 13.30
- Session II. Exchange rate issues
Chair: Raghuram Rajan (Economic Counsellor and Director of Research, IMF)
"Financial globalization and exchange rates"
Philip Lane (IIIS/Trinity College Dublin and CEPR) and Gian Maria Milesi-Ferretti (IMF)
Paper (283 KB)
Presentation (170 KB)
"What makes balance sheet effects detrimental for the country risk premium?"
Juan C. Berganza and Alicia García Herrero (Banco de España)
Paper (329 KB)
Presentation (155 KB)
Discussant: Daniel Cohen (University of Paris) - 13.30 - 15.15
- Lunch
Speaker: Agustín Carstens (Deputy Managing Director, IMF)
(37 KB) - 15.15 - 16.45
- Session III. Debt in emerging economies
Chair: Miguel Savastano (Division Chief, IMF)
"Fiscal solvency and macroeconomic uncertainty in emerging markets: the tale of the tormented insurer"
Enrique Mendoza (University of Maryland and NBER)
Paper (326 KB)
Presentation (421 KB)
"Currency mismatch, uncertainty and debt structure"
Matthieu Bussiere and Marcel Fratzscher (ECB)
Paper (416 KB)
Presentation (1 MB)Discussant: Carmen Reinhart (University of Maryland)
(225 KB) - 17.00 - 18.30
- Panel: Global imbalances and exchange rates - present and future
Chair: Agustín Carstens (Deputy Managing Director, International Monetary Fund)
Stanley Fischer (Vice Chairman, Citigroup)
Malcolm Knight (General Manager, BIS)
Ruogu Li
(1 MB)
(Deputy Governor, People´s Bank of China) (1 MB)
- 15 Junio 2004
- 08.30 - 10.00
- Session IV. The role of the IMF
Chair: Hervé Hannoun (Deputy Governor, Banque de France)
(37 KB) "A model of the IMF as a coinsurance arrangement"
Ralph Chami and Sunil Sharma (International Monetary Fund)
Paper (488 KB)
Presentation (252 KB)
"Monitoring international borrowers: the IMF's role in blank and bond markets"
Kennth Kletzer (University of California, Santa Cruz) and Ashoka Mody (International Monetary Fund)
Presentation (312 KB) Discussant: Lorenzo Bini-Smaghi (Director General, Ministry of Economy and Finance, Italy)
(26 KB) - 10.30 - 12.00
- Session V. Innovations in private and multilateral lending
Chair: Jaime Caruana (Governor, Banco de España)
"Dollar, debts and the IFIs: de-dollarizing multilateral credit"
Eduardo Levy-Yeyati (Universidad Torcuato di Tella)
Paper (312 KB)
Presentation (238 KB)
"Optimal collective action clause threstholds"
Adrian Penalver (Bank of England)
Paper (306 KB)
Presentation (225 KB)Discussant John Murray (Adviser, Bank of Canada)
(86 KB)
- 12.00 - 13.30
- Panel: Future of the international financial architecture
Chair: Roger Ferguson (Vice-Chairman, Federal Reserve Board)
(21 KB) Michael Mussa (Institute for International Economics)
Guillermo Ortiz (Governor, Banco de Mexico)
Richard Portes (President of CEPR and London Business School)
(217 KB)
Jürgen Stark (Vice-President, Bundesbank) - 13.30 - 15.00
-
Raghuram Rajan (Economic Counsellor and Director of Research, IMF)
José Viñals (Director General of International Affairs, Banco de España)