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.
Information
14 June 2004 - 15 June 2004
Madrid
Speakers
14 June
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- 09:00h - 10:00h
- Opening remarks
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- 10:00h - 11:30h
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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)- A map to the revived Bretton Woods end game: direct investment, rising real wages and the absorption of excess labor in the periphery. Paper
(2 MB) - A map to the revived Bretton Woods end game: direct investment, rising real wages and the absorption of excess labor in the periphery. 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)- The dynamics of the US net foreign liabilities: an empirical characterization. Paper (994 KB)
- The dynamics of the US net foreign liabilities: an empirical characterization. Presentation (1 MB)
Discussant: Jaume Ventura (CREI and University Pompeu Fabra) .Discussant: Session I. Global imbalances.
(24 KB) - A map to the revived Bretton Woods end game: direct investment, rising real wages and the absorption of excess labor in the periphery. Paper
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- 12:00h - 13:30h
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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)- Financial globalization and exchange rates. Paper (283 KB)
- Financial globalization and exchange rates. Presentation (170 KB)
"What makes balance sheet effects detrimental for the country risk premium?"
Juan C. Berganza and Alicia García Herrero (Banco de España)- What makes balance sheet effects detrimental for the country risk premium? Paper (329 KB)
- What makes balance sheet effects detrimental for the country risk premium? Presentation (155 KB)
Discussant: Daniel Cohen (University of Paris)
- Financial globalization and exchange rates. Paper
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- 13:30h - 15:15h
- Lunch
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- 15:15h - 16:45h
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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)- Fiscal solvency and macroeconomic uncertainty in emerging markets: the tale of the tormented insurer. Paper (326 KB)
- Fiscal solvency and macroeconomic uncertainty in emerging markets: the tale of the tormented insurer. Presentation (421 KB)
"Currency mismatch, uncertainty and debt structure"
Matthieu Bussiere and Marcel Fratzscher (ECB)- Currency mismatch, uncertainty and debt structure. Paper (416 KB)
- Currency mismatch, uncertainty and debt structure. Presentation (1 MB)
Discussant: Carmen Reinhart (University of Maryland) Discussant: Session III. Debt in emerging economies
(225 KB) - Fiscal solvency and macroeconomic uncertainty in emerging markets: the tale of the tormented insurer. Paper
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- 17:00h - 18:30h
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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)
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- 20:30h - 22:30h
- Dinner
15 June
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- 08:30h - 10:00h
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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)- A model of the IMF as a coinsurance arrangement. Paper (488 KB)
- A model of the IMF as a coinsurance arrangement. 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)Monitoring international borrowers: the IMF's role in blank and bond markets. Presentation
(312 KB) - A model of the IMF as a coinsurance arrangement. Paper
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- 10:30h - 12:00h
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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)- Dollar, debts and the IFIs: de-dollarizing multilateral credit. Paper (312 KB)
- Dollar, debts and the IFIs: de-dollarizing multilateral credit. Presentation (238 KB)
"Optimal collective action clause threstholds"
Adrian Penalver (Bank of England) - Dollar, debts and the IFIs: de-dollarizing multilateral credit. Paper
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- 12:00h - 13:30h
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Panel: Future of the international financial architecture
Michael Mussa (Institute for International Economics)
Guillermo Ortiz (Governor, Banco de Mexico)
Jürgen Stark (Vice-President, Bundesbank)
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- 13:30h - 15:00h
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Concluding remarks
( 25 KB )
Raghuram Rajan (Economic Counsellor and Director of Research, IMF)
José Viñals (Director General of International Affairs, Banco de España)