Seventh emerging markets workshop

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.

Information

Speakers

21 September

- 09:30h - 09:45h
- Opening remarks
  
  Pilar L’Hotellerie-Fallois, Associate Director General of International Affairs, Banco de España (59 KB)
- 09:45h - 10:30h
- 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? (208 KB)
  
  Discussant: Enrique Alberola (Banco de España) (70 KB)
- 11:00h - 12:30h
- 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 (496 KB)
  
  Discussion led by Pedro del Río (Banco de España) (70 KB)
  
  Selim Elekdag, Zahid Samancioglu, Çagri Sarikaya (Central Bank of Turkey): Financial Stress and Economic Dowturns in Emerging Markets (500 KB)
  
  Discussion led by Alexey Ponomarenko (Central Bank of Russia) (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 (848 KB)
  
  Discussion led by Selim Elekdag (Central Bank of Turkey)
- 12:30h - 13:30h
- 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 (407 KB)
  
  Discussion led by Rodrigo Caputo (Central Bank of Chile) (164 KB)
  
  Sophie Chauvin and Marc Lantéri (Banque de France): The impact of the global financial crisis on Sub-Saharan Africa (155 KB)
  
  Discussion led by Luis Molina (Banco de España)
- 15:15h - 16:30h
- Comparing experiences and policy responses
  
  Chairperson: Marcel Fratzscher (ECB)
  
  Sándor Gardó and Reiner Martin (OeNB): Eastern Europe (1 MB)
  
  Discussants: Michal Brzoza-Brzezina (National Bank of Poland) (83 KB)
  
  Sonsoles Gallego, Luis Molina and José María Serena (Banco de España): Latin America (298 KB)
  
  Discussants: Michal Brzoza-Brzezina (National Bank of Poland) and Luis Felipe Céspedes (Banco Central de Chile) (4 MB)
- 17:00h - 18:00h
- Keynote lecture
  
  Jaume Ventura (CREI): Asset bubbles and economic policy (100 KB)

22 September

- 09:00h - 11:00h
- 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 (1 MB)
  
  Discussion led by Fernando Nascimento (Banco Central do Brasil) (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 (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 (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) (15 KB)
- 11:30h - 13:15h
- 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 (320 KB)
  
  Discussion led by Iikka Korhonen (Bank of Finland) (480 KB)
  
  Roberto Chang and Luis Felipe Céspedes (Banco Central de Chile): Country risk, exchange rates, and economic fluctuations in Emerging Economies (819 KB)
  
  Discussion led by Aitor Erce (Banco de España) (64 KB)
  
  Marta Widlak, Jacek Laszek and Hanna Augustyniak (National Bank of Poland): House price bubbles on the major polish housing markets (166 KB)
  
  Discussion led by José Manuel Marqués (Banco de España)
- 13:15h - 13:30h
- Closing Remarks
  
  Enrique Alberola (Banco de España)

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