About us

Seventh emerging markets workshop

2122 September 2009
Madrid
Conferences

Information

Banco de España organized and hosted in its headquarters in Madrid the Seventh Emerging Markets Workshop, on September 21st and 22nd. SEBC members and central banks from other European and emerging markets countries, in particular from Latin America, attended.

The special topic of this year’s conference was “The fallout from the global financial crisis in EME”. In particular, the workshop covered topics such as (i) the impact of the global financial crisis in emerging economies, and their resilience; (ii) real and financial transmission channels; and (iii) the role and scope of economic policies to mitigate the fallout.

Presentations

21 September 2009
 
09.30 - 09.45
Opening remarks

Pilar L’Hotellerie-Fallois, Associate Director General of International Affairs, Banco de España File PDF: Opens in a new window (59 KB)

09.45 - 10.30
Opening session


Chairperson: Jorge Toro Córdoba (Banco de la República de Colombia)

Michael Ehrmann, Marcel Fratzscher, Arnaud Mehl (ECB): What has made the current financial crisis truly global? File PDF: Opens in a new window (208 KB)

Discussant: Enrique Alberola (Banco de España) File PDF: Opens in a new window (70 KB)

Session 1. The impact of crisis on selected Emerging Markets Economies
11.00 - 12.30
A. Eastern Europe


Chairperson: Marc Lantéri (Banque de France)


Michal Brzoza-Brzezina, Krzysztof Makarski (National Bank of Poland): Impact of the Credit Crunch on the Polish Economy File PDF: Opens in a new window (496 KB)

Discussion led by Pedro del Río (Banco de España) File PDF: Opens in a new window (70 KB)

Selim Elekdag, Zahid Samancioglu, Çagri Sarikaya (Central Bank of Turkey): Financial Stress and Economic Dowturns in Emerging Markets File PDF: Opens in a new window (500 KB)

Discussion led by Alexey Ponomarenko (Central Bank of Russia) File PDF: Opens in a new window (78 KB)

Alexey Ponomarenko, Alexey Porshakov. Elena Vasilieva (Central Bank of Russia): Overnight interest rates and liquidity of the Russian money market: the impact of financial turmoil File PDF: Opens in a new window (848 KB)

Discussion led by Selim Elekdag (Central Bank of Turkey)

12.30 - 13.30
B. Latin America and Africa


Chairperson: IIkka Korhonen (Bank of Finland)


Jorge Toro Córdoba (Banco de la República de Colombia): From Old to New Economic Crisis. What Have We Learned? The Case of Colombia File PDF: Opens in a new window (407 KB)

Discussion led by Rodrigo Caputo (Central Bank of Chile) File PDF: Opens in a new window (164 KB)

Sophie Chauvin and Marc Lantéri (Banque de France): The impact of the global financial crisis on Sub-Saharan Africa File PDF: Opens in a new window (155 KB)

Discussion led by Luis Molina (Banco de España)

Session 2. Roundtable: Comparing experiences and policy responses
15.15 - 16.30
Comparing experiences and policy responses


Chairperson: Marcel Fratzscher (ECB)

Sándor Gardó and Reiner Martin (OeNB): Eastern Europe File PDF: Opens in a new window (1 MB)

Discussants: Michal Brzoza-Brzezina (National Bank of Poland) File PDF: Opens in a new window (83 KB)

Sonsoles Gallego, Luis Molina and José María Serena (Banco de España): Latin America File PDF: Opens in a new window (298 KB)

Discussants: Michal Brzoza-Brzezina (National Bank of Poland) and Luis Felipe Céspedes (Banco Central de Chile) File PDF: Opens in a new window (4 MB)

17.00 - 18.00
Keynote lecture


Jaume Ventura (CREI): Asset bubbles and economic policy File PDF: Opens in a new window (100 KB)

22 September 2009
Session 3. Monetary policy in Emerging Markets Economies
09.00 - 11.00
Monetary policy in Emerging Markets Economies


Chairperson: Andreas Johnson (Sveriges Riskbank)

Aaron Mehrotra and José R. Sánchez-Fung (Bank of Finland, Kingston University London): Assessing McCallum and Taylor rules in a cross-section of emerging market economies File PDF: Opens in a new window (1 MB)

Discussion led by Fernando Nascimento (Banco Central do Brasil) File PDF: Opens in a new window (149 KB)

Fernando Nascimento de Oliveira (Banco Central do Brasil): Effects of monetary policy on firms in Brazil: an empirical analysis of the balance sheet channel File PDF: Opens in a new window (149 KB)

Discussion led by Aaron Mehrota (Bank of Finland)

Viktors Ajevskis and Kristine Vitola (Bank of Latvia): Comparing different monetary policy regimes in the context of entering the EMU File PDF: Opens in a new window (302 KB)

Discussion led by Sophie Chauvin (Banque de France)

Rodrigo Caputo, Juan Pablo Medina and Claudio Soto (Banco de Chile): Financial shocks and optimal monetary policy in small open economies

Discussion led by Viktors Ajevskis (Bank of Latvia) File PDF: Opens in a new window (15 KB)

Session 4. Modelling the crisis
11.30 - 13.15
Modelling the crisis


Chairperson: Ladislav Wintr (Central Bank of Luxembourg)

Fernando Broner, Tatiana Didier, Aitor Erce and Sergio Schmukler (CREI, World Bank, Banco de España, World Bank): Financial Crises and International Portfolio Dynamics File PDF: Opens in a new window (320 KB)

Discussion led by Iikka Korhonen (Bank of Finland) File PDF: Opens in a new window (480 KB)

Roberto Chang and Luis Felipe Céspedes (Banco Central de Chile): Country risk, exchange rates, and economic fluctuations in Emerging Economies File PDF: Opens in a new window (819 KB)

Discussion led by Aitor Erce (Banco de España) File PDF: Opens in a new window (64 KB)

Marta Widlak, Jacek Laszek and Hanna Augustyniak (National Bank of Poland): House price bubbles on the major polish housing markets File PDF: Opens in a new window (166 KB)

Discussion led by José Manuel Marqués (Banco de España)

 
13.15 - 13.30
Closing Remarks


Enrique Alberola (Banco de España)