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Dollars, Debt and Deficits - 60 Years after Bretton Woods

14 – 15 June 2004
Madrid
Conferences

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On 14-15 June, the Banco de España and the International Monetary Fund (IMF) co-hosted this conference in Madrid to commemorate the 60th Anniversary of the Bretton Woods Agreements.

Prestigious national and foreign academics, high-ranking politicians and experts from international and private-sector institutions participated in the Conference, and exchanged views on several of the main themes pertaining to our present-day monetary and financial system. Specifically, discussions focused on public debt, its link to macroeconomic growth and its sustainability, external deficits, crisis-resolution strategies and exchange rates and exchange-rate regimes.

The opening ceremony was presided by Rodrigo Rato, Managing Director of the IMF, Pedro Solbes, Second Vice-President of the Government and Minister of the Economy and Finance, and Jaime Caruana, Governor of the Banco de España.

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Presentations

14 June 2004
 
09.00 - 10.00
Opening remarks

Rodrigo Rato (Managing Director, International Monetary Fund) File PDF: Opens in a new window (53 KB)

Pedro Solbes (Second Vice President of the Spanish Government and Minister for Economy and Finance) File PDF: Opens in a new window (100 KB)

Jaime Caruana (Governor, Banco de España) File PDF: Opens in a new window (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)

"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)

Discussant: Jaume Ventura (CREI and University Pompeu Fabra) .Discussant: Session I. Global imbalances. File PDF: Opens in a new window (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)

"What makes balance sheet effects detrimental for the country risk premium?"
Juan C. Berganza and Alicia García Herrero (Banco de España)

Discussant: Daniel Cohen (University of Paris)

13.30 - 15.15
Lunch

Speaker: Agustín Carstens (Deputy Managing Director, IMF) File PDF: Opens in a new window (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)

"Currency mismatch, uncertainty and debt structure"
Matthieu Bussiere and Marcel Fratzscher (ECB)

Discussant: Carmen Reinhart (University of Maryland) Discussant: Session III. Debt in emerging economies File PPS: Opens in a new window (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 (Deputy Governor, People´s Bank of China) Panel: Global imbalances and exchange rates - present and future File PPS: Opens in a new window (1 MB)

20.30 - 22.30
Dinner

Key-note speaker: Jean-Claude Trichet (President, European Central Bank) File PDF: Opens in a new window (68 KB)

15 June 2004
 
08.30 - 10.00
Session IV. The role of the IMF

Chair: Hervé Hannoun (Deputy Governor, Banque de France) File PDF: Opens in a new window (37 KB)

"A model of the IMF as a coinsurance arrangement"
Ralph Chami and Sunil Sharma (International Monetary Fund)

"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)

Monitoring international borrowers: the IMF's role in blank and bond markets. Presentation File PPS: Opens in a new window (312 KB)

Discussant: Lorenzo Bini-Smaghi (Director General, Ministry of Economy and Finance, Italy). Discussant: Session IV. The role of the IMF. File PDF: Opens in a new window (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)

"Optimal collective action clause threstholds"
Adrian Penalver (Bank of England)

Discussant John Murray (Adviser, Bank of Canada). Discussant: Session V. Innovations in private and multilateral lending. File PPS: Opens in a new window (86 KB)

12.00 - 13.30
Panel: Future of the international financial architecture

Chair: Roger Ferguson (Vice-Chairman, Federal Reserve Board). Panel: Future of the international financial architecture File PDF: Opens in a new window (21 KB)

Michael Mussa (Institute for International Economics)

Guillermo Ortiz (Governor, Banco de Mexico)

Richard Portes (President of CEPR and London Business School). Panel: Future of the international financial architecture File PPS: Opens in a new window (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)

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