Crisis, Capital Flows and Debt Management

Friday May 31, 2013

Founders Hall Auditorium

3351 Fairfax Drive, Arlington, VA 22201


Five years since the Great Recession, the global growth recovery remains tepid at best. One bright spot has been the growth performances of the emerging market economies, though these sometimes get overshadowed by the ongoing concerns in the developed world. As the deleveraging process in the United States drags on and many Eurozone countries are still finding their way out of their respective sovereign debt crises, the growing concerns of a new banking contagion continues to cast a shadow on the growth prospects for the world economy going forward. How will the developed world tackle their mounting and unsustainable fiscal burdens? How will the emerging markets in turn deal with the policy effects of sudden surges and reversals in capital flows? These and other related macroeconomic and financial policy issues will be explored at this research forum on “Crisis, Capital Flows and Debt Management”. The event is co-sponsored by the Claremont Institute for Economic Policy Studies (CIEPS), Claremont Graduate University.

Final ProgramPDF icon

Friday May 31, 2013

Founders Hall Auditorium


  8:30 – 8:45 am                 Registration

8:45 – 9:00 am                 Welcome Remarks

SESSION 1:                       Capital Flows: Liberalization, Surges, Booms and Busts                 

(25 minutes per speaker, 10 minutes for discussant)

9:00 – 10:45 am            Chairperson: Sonia Ketkar (GMU)

Paper 1:  Tahsin Saadi Sedik (IMF). “Effects of Capital Flow Liberalization-What is the Evidence from Recent Experiences of Emerging Market Economies? [Presentation]

Paper 2:  Tom Willett (Claremont). “Capital Flow Surges and Credit Booms”.  [Presentation]

Paper 3:  Levan Efremidze (Pepperdine University). “Capital Flow Surges and Sudden Stops”.

10:45 – 11:00 am           Coffee Break

SESSION 2:                        Mobile Capital and Risk Management        

(25 minutes per speaker, 10 minutes for discussant)

11:00 – 12:30 pm           Chairperson: Andrew Hughes Hallett, GMU

Paper 1:  Rachita Gullapalli (U.S. Securities and Exchange Commission). “Foreign Portfolio Capital and Firm Financial Constraints – Evidence from Two Systemic Liquidity Crises”.  [Presentation]

Paper 2:  Cesar Calderon (World Bank). “Risk Management at the Macro Level”. [Presentation]

Paper 3:  Ramkishen Rajan (GMU and ACI-NUS). “Determinants of Debt Thresholds”. [Presentation]

12:30 – 1:45 pm             Lunch 

SESSION 3:                   Managing Exchange Rates

(25 minutes per speaker, 10 minutes for discussant)

2:00 – 3:45 pm            Chair: Ken Reinert (GMU)

Paper 1: Joe Gagnon (Peterson Institute). “Currency Manipulation”. [Presentation]

Paper 2: Tony Cavoli (University of South Australia). “Capital Inflows and the Extent and Determinants of Monetary Sterilisation”.

Paper 3: Mika Saito (IMF). “Measuring Competitiveness: Trade in Goods or Tasks?”  [Presentation]

3:45 – 4:00 pm           Coffee Break

SESSION 4:                 Banking Crises                                   

(25 minutes per speaker, 10 minutes for discussant)

4:00 – 5:45 pm          Chair: Jack High, GMU

Paper 1: Julian Alberto Caballero Bustos (IADB). “Foreign Bank Behavior During Financial Crises”.

Paper 2: Penny Prabha (Milken Institute). “What Makes High Credit Growth Harmful? Evidence from Banking Crises”.  [Presentation]

Paper 3: Carlos Ramirez (GMU). “The Cost of Systemic Risk: Banking Crisis in the U.S. Prior to the Great Depression.



Past Research Forums

2012: Annual Research Forum
2011: Annual Research Forum