The 14th Emerging Market Workshop will take place on 17-18 November 2016 in Madrid, Spain, at the Banco de España headquarters. This year, the EMW will take a view on the evolving nature of the interconnections between advanced and emerging markets economies, in the light of a number of major economic transitions that are taking place in the global economy (China’s transition to a new growth model, the end of the commodities supercycle, or the slow normalization of monetary policy in the US). The Conference is restricted to researchers of central banks and international financial institutions.
17 November 2016 - 18 November 2016
Programme ( 180 KB )
Speakers
17 November
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- 08:45h - 09:00h
- Registration
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- 09:00h - 09:15h
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Opening Remarks
Pilar L’Hotellerie-Fallois
(250 KB) (Banco de España)
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- 09:15h - 10:30h
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Keynote speech:
Managing Capital Flows
(228 KB)
(Poonam Gupta, The World Bank)
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- 10:30h - 11:00h
- Coffee break
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- 11:00h - 13:00h
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Session I: The New Normal and global spillovers
Chair: Iikka Korhonen (BOFIT)
Global disequilibria: A stock perspective
(1 MB). Global disequilibria: A stock perspective. Paper. (1 MB)
(Ángel Estrada and Francesca Viani, Banco de España)
Lead off discussant: Rúben Silva Branco (245 KB) (Banco de Portugal)Global financial spillovers: A non-linear assessment of the uncertainty channel
(1 MB)
(Bertrand Candelon, Laurent Ferrara and Marc Joëts, Banque de France)
Lead off discussant: Alessandro Galesi (368 KB) (Banco de España)ECB-Global: Introducing the ECB's Global Macroeconomic Model for Spillover Analysis
(1 MB)
(Alistair Dieppe, Georgios Georgiadis, Martino Ricci, Ine Van Robays, Björn van Roye, European Central Bank)
Lead off discussant: Daniel Santabárbara (134 KB) (Banco de España)
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- 13:00h - 14:30h
- Lunch
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- 14:30h - 15:50h
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Session II: Spillovers from ECB’s monetary policy
Chair: Diego Saravia (Banco de Chile)
Spreading the word or reducing the term spread? Assessing spillovers from Euro Area monetary policy
(2 MB). Spreading the word or reducing the term spread? Assessing spillovers from Euro Area monetary policy. Paper (586 KB)
(Martin Feldkircher, Thomas Gruber (Oesterreichische Nationalbank) and Florian Huber, Wirtschaftsuniversität Wien)
Lead off discussant: Axel Jochem (126 KB) (Deutsche Bundesbank)Spillovers of the ECB’s non-standard monetary policy on CESEE economies.
(402 KB) Spillovers of the ECB’s non-standard monetary policy on CESEE economies. Paper. (676 KB)
(Alessio Ciarlone and Andrea Colabella, Banca d´Italia)
Lead off discussant: Urszula Szczerbowicz (55 KB) (Banque de France)
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- 15:50h - 16:10h
- Coffee break
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- 16:10h - 17:30h
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Session III: Spillovers from the Fed’s monetary policy
Chair: Ángel Estrada (Banco de España)
Portfolio Investment Response to US Monetary Policy Announcements: an event study analysis using high frequency data from Mexico
(460 KB)
(Marco A. Hernández, Banco de México)
Lead off discussant: Silvia Albrizio (161 KB) (Banco de España)US Monetary Spillovers to Latin America: The Role of Long-term Interest Rates
(793 KB). US Monetary Spillovers to Latin America: The Role of Long-term Interest Rates. Paper (1 MB).
(Elias Albagli, Danilo Leiva-Leon and Diego Saravia, Banco de Chile)
Lead off discussant: Luis Molina (387 KB) (Banco de España)
18 November
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- 09:00h - 11:00h
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Session IV: The financial channel
Chair: Peter Backe (OENB)
What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies
(587 KB). What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies. Paper (414 KB).
(Diana Ayala, International Monetary Fund, Milan Nedeljkovic, National Bank of Serbia, and Christian Saborowski, International Monetary Fund)
Lead off discussant: Salim Dehmej
(1 MB) (Bank Al-Maghrib)Macroprudential policies, capital flows and the structure of the banking sector
(525 KB). Macroprudential policies, capital flows and the structure of the banking sector. Paper (446 KB).
(John Beirne, European Central Bank and Christian Friedrich, Bank of Canada)
Lead off discussant: José María Serena (311 KB) (Banco de España)Cyclicality of Bank Liquidity Creation in Russia
(451 KB). Cyclicality of Bank Liquidity Creation in Russia. Paper (450 KB).
(Zuzana Fungáčová, BOFIT)
Lead off discussant: Aleksey Porshakov (407 KB) (Bank of Russia)
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- 11:00h - 11:20h
- Coffee break
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- 11:20h - 12:40h
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Session V: The trade channel
Chair: Javier Vallés (Banco de España)
Final Destination: China
(953 KB). Final Destination: China. Paper (1 MB)
(Alessandro Borin and Michele Mancini, Banca d´Italia)
Lead off discussant: Enrica di Stefano (Banca d´Italia)Tailwinds from the East: How has the rising share of imports from emerging markets affected import prices?
(210 KB). Tailwinds from the East: How has the rising share of imports from emerging markets affected import prices?. Paper (304 KB).
(John Lewis and Jumana Saleheen, Bank of England)
Lead off discussant: Iván Kataryniuk (140 KB) (Banco de España)
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- 12:40h - 13:55h
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Keynote speech: Rethinking the effects of financial globalization
Jaume Ventura
(548 KB) (CREI and Universitat Pompeu Fabra)
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- 14:00h - 16:00h
- Farewell lunch