The 22nd Emerging Markets Workshop (EMW) of the European System of Central Bank (ESCB) will take place next 27 and 28 November, hosted in Valencia by Banco de España.
The two-day workshop, organized by Banco de España, Oesterreichische Nationalbank (OeNB) and Bank of Finland Institute for Emerging Economies (BOFIT), is devoted to economic research on emerging markets by Eurosystem´s and EME’s central banks.
Information
27 November 2025 - 28 November 2025
Valencia branch (C/ de les Barques, 6, Valencia), Banco de España
Program ( 1 MB )
Speakers
27 November
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- 08:30h - 08:45h
- Registration
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- 08:45h - 09:00h
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Welcome remarks
Javier Pérez (Banco de España)
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- 09:00h - 10:00h
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Keynote speaker
Alejandro Cuñat (University of Wien)
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- 10:00h - 11:15h
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Session I. Trade
Chair: Enrique Alberola (Banco de España)
The Survival of Export Links for Türkiye
Didem Yazici (Central Bank of the Republic of Türkiye), Elif Akbostanc (Middle East Technical University)
Discussant: Javier Quintana
(385 KB) (Banco de España)Jesús E. Morales, Andrés Trejos, Jesús Bejarano (Banco de la República)
Discussant: Krzysztof Makarski
(121 KB) (Narodowy Bank Polski)
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- 11:15h - 11:45h
- Coffee break
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- 11:45h - 13:00h
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Session II. Demographics and migration
Chair: Tuuli McCully (Bank of Canada)
Anna Katharina Raggl, Paul Ramskogler (Österreichische Nationalbank)
Discussant: Tamás Ginter
(490 KB) (Magyar Nemzeti Bank)Macroeconomic Implications of Demographic Changes in Bulgaria
(1 MB)Ventsislav Ivanov, Desislava Cvetkova, Andrey Vassilev (Bulgarian National Bank)
Discussant: Anna Katharina Raggl
(14 MB) (Oesterreichische Nationalbank)
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- 13:15h - 14:45h
- Lunch break
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- 14:45h - 16:00h
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Session III. International spillovers
Chair: Iikka Korhonen (BOFIT, Bank of Finland)
Good News Travels Fast: Global Demand Shocks, Oil Futures, and Emerging Markets Dynamics
(4 MB)Felipe Beltrán (Central Bank of Chile), David Coble, Manuel Escobar and Felipe Rojas (IMF)
Discussant: Pablo Anaya (ECB)
The Transmission of Foreign Shocks in a Networked Economy
(33 MB)José Elías Gallegos, Javier Quintana, Rubén Domínguez-Díaz (Banco de España), Pablo Aguilar (ECB)
Discussant: Jesús Morales
(223 KB) (Banco de la República)
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- 16:00h - 16:15h
- Coffee break
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- 16:15h - 17:30h
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International spillovers (cont.)
From Brussels to Bangkok: How Investment Funds Transmit Financial Spillovers
Pablo Anaya, Katharina Cera, Georgios Georgiadis, Christoph Kaufmann (ECB)
Discussant: Oussama Houari (Bank Al-Maghrib)
28 November
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- 09:00h - 10:15h
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Session IV. Fragmentation and trade
Chair: Irina Balteanu (Banco de España)
A Three-Bloc Structure of the World Economy: Evidence of Geoeconomic Fragmentation in International Trade, Financial and Military Data
Tamás Ginter, Eszter Boros (Magyar Nemzeti Bank)
Discussant: Tuuli McCully
(1 MB) (Bank of Canada)Shifting Currents: China’s Import Realignment
(3 MB)Tuuli McCully (Bank of Canada), Eeva Kerola and Riikka Nuutilainen (Bank of Finland Institute for Emerging Economies, BOFIT)
Discussant: Gabriela López-Noria
(113 KB) (Banco de México)
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- 10:15h - 10:45h
- Coffee break
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- 10:45h - 12:00h
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Session V. Uncertainty and the economy
Chair: Corinna Ghirelli (Banco de España)
Policy Uncertainty and Macroeconomic Dynamics: A New Index for Morocco
(1 MB)Oussama Houari (Bank Al-Maghrib)
Discussant: Corinna Ghirelli
(630 KB) (Banco de España)Monetary Policy Effects on Firms’ Inflation Uncertainty
(432 KB)Gabriela López-Noria (Banco de México), Mathieu Pedemonte (IADB)
Discussant: Felipe Beltrán
(77 KB) (Central Bank of Chile)
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- 12:00h - 13:15h
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Session VI. European integration
Chair: Tomas Slacik (Österreichische Nationalbank)
Monetary Integration under Household Heterogeneity and Bounded Rationality
(651 KB)Krzysztof Makarski, Michal Brzoza-Brzezina, Pawel R. Galinski (Narodowy Bank Polski)
Discussant: José Elías Gallegos
(140 KB) (Banco de España)The benefits of Schengen Area membership in the CEE countries. A synthetic approach
(484 KB)Horatiu Lovin, Vlad Voinescu, Bogdan Munteanu (National Bank of Romania)
Discussant: Tomas Slacik
(2 MB) (Österreichische Nationalbank)
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- 13:15h - 13:45h
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Concluding remarks
Enrique Alberola and Iikka Korhonen