PROGRAM

Thursday, September 23

8:00 a.m. Continental Breakfast East Garden Court Lounge Fourth Floor

8:25 a.m. Central Conference Room Fourth Floor

Welcoming Remarks: Reuven Glick, Federal Reserve Bank of San Francisco

8:30 a.m. Session 1: Financial Intermediation and Crises

Presented Papers: Joshua Aizenman and Nancy Marion, Dartmouth College Uncertainty and the Disappearance of International Credit

Menzie Chinn and Kenneth Kletzer, University of California, Santa Cruz International Capital Inflows, Domestic Financial Intermediation, and Financial Crises Under Imperfect Information

Discussants: Mark Spiegel, Federal Reserve Bank of San Francisco Roberto Chang, Federal Reserve Bank of Atlanta

10:00 a.m. Coffee Break East Garden Court Lounge

1 10:30 a.m. Session 2: Emerging Market Discussants: Finance Andrew Rose, University of California, Berkeley Presented Papers: Paolo Pesenti, Federal Reserve Bank Kristin Forbes, Massachusetts of New York Institute of Technology How Are Shocks Propagated 3:45 p.m. Refreshment Break Internationally? Firm-Level East Garden Court Lounge Evidence from the Russian and East Asian Crises 4:15 p.m. Session 4: Roundtable Discussion on International Monetary System Stijn Claessens and Simeon Architecture Djankov, World Bank Tatiana Nenova, Corporate Growth and Risk around Panelists: the World Sebastian Edwards University of California, Los Angeles Discussants: Barry Eichengreen Kenneth Kasa, Federal Reserve Bank University of California, Berkeley of San Francisco Ronald McKinnon Richard Lyons, University of Stanford University California, Berkeley Richard Portes and University of California, Berkeley 12:00 p.m. Lunch Market Street Dining Room Fourth Floor 6:00 p.m. Reception Market Street Dining Room

2:00 p.m. Session 3: Determinants of Currency and Financial Crises 7:00 p.m. Dinner Market Street Dining Room Presented Papers: Introduction: Reuven Glick, Federal Reserve Bank of San Francisco Robert Parry, Federal Reserve Bank Michael Hutchison, University of of San Francisco California, Santa Cruz Banking and Currency Crises: Keynote Speaker: How Common Are Twins? Robert Joss, Dean, Stanford Graduate School of Business and Paul Masson, International Monetary former CEO, Westpac Banking Fund Corporation, Australia Multiple Equilibria, Contagion, and Management Failures in the Emerging Market Crises Financial Crises

2 3 Friday, September 24 10:30 a.m. Session 6: Monetary Policy During Crises 8:00 a.m. Continental Breakfast East Garden Court Lounge Presented Papers: Fourth Floor David Gould, Federal Reserve Bank of Dallas 8:30 a.m. Session 5: Managing Capital Flows Steven Kamin, Board of Governors The Impact of Monetary Policy Presented Papers: on Exchange Rates During Financial Crises Michael Dooley, University of California, Santa Cruz Robert Dekle, Cheng Hsiao, and Inseok Shin, Korean Development Siyan Wang, University of Southern Institute California Private Inflows when Crises are Interest Rate Stabilization of Anticipated: A Case Study of Korea Exchange Rates and Contagion in the Asian Crisis Countries Assaf Razin, Stanford University and Tel Aviv University Discussants: Efraim Sadka, Tel Aviv University Chi-Wa Yuen, University of Hong Pierre-Richard Agenor, World Bank Kong Henning Bohn, University of Excessive FDI Flows Under California, Santa Barbara Asymmetric Information 12:00 p.m. Lunch Discussants: Market Street Dining Room Carmen Reinhart, University of Fourth Floor Maryland, College Park Maurice Obstfeld, University of 1:30 p.m. Conference Adjournment California, Berkeley

10:00 a.m. Coffee Break East Garden Court Lounge

4 5 Participants Vicente B. Valdepenas, Jr. Member, Monetary Board Pacific Basin Central Banks Bangko Sentral ng Pilipinas

Robert Rankin Edward Robinson Head, International Department Lead Economist Reserve Bank of Australia Monetary Authority of Singapore

John D. Murray Danny C.W. Tan Chief, International Department Manager, Banking Department Bank of Canada Financial Supervision Group Monetary Authority of Singapore Ping Xie Director General, Research Bureau Fai-Nan Perng People’s Bank of China Governor of China, Taipei, Taiwan Tony Latter Deputy Chief Executive, Research Department Chi-Fu Lin Hong Kong Monetary Authority Assistant to the Governor Central Bank of China, Taipei, Taiwan Perry Warjiyo Deputy Director M.R. Chatu Mongol Sonakul Head of the Office of the Governor Governor Bank Bank of Thailand

Masayuki Matsushima S.T.T. Utoikamanu Executive Director Governor Research & Statistics Department National Bank of Tonga Bank of Japan ‘Ofa A. Ketu’u Eung Jin Kim Deputy Director of Research Senior Economist National Bank of Tonga New York Representative Office Bank of Korea

Moisés Schwartz Director of Macroeconomic Analysis Banco de Mexico

6 7 Federal Reserve System David C. Wheelock Assistant Vice President Federal Reserve Bank of St. Louis Hali J. Edison Senior Economist Federal Reserve Bank of San Francisco Board of Governors of the Federal Reserve System Robert T. Parry President

Steven B. Kamin Jack Beebe Assistant Director, International Finance Division Senior Vice President and Director of Research Board of Governors of the Federal Reserve System John P. Judd Vice President and Associate Director Roberto Chang of Research Research Officer Federal Reserve Bank of Atlanta Frederick Furlong Vice President

Jane S. Little Reuven Glick Assistant Vice President and Economist Vice President and Director of the Center for Federal Reserve Bank of Boston Pacific Basin Monetary and Economic Studies

William C. Hunter Mark Spiegel Senior Vice President and Director of Research Research Officer Federal Reserve Bank of Kenneth Kasa Senior Economist Owen Humpage Economic Advisor Ramon Moreno Federal Reserve Bank of Cleveland Senior Economist Chan Guk Huh David Gould Economist II Senior Economist and Policy Advisor Federal Reserve Bank of Dallas Gary Zimmerman Economist George A. Kahn Vice President and Economist Teresa Curran Federal Reserve Bank of Kansas City Assistant Vice President, Global Banking Supervision

Paolo S. Pesenti Molly Mahar Economist Country Manager Federal Reserve Bank of New York

8 9 International Other Institutions Organizations Masaru Yoshitomi Pierre-Richard Agenor Dean Lead Economist and Director of the Macro- Asian Development Bank Institute economic and Financial Management Program World Bank Michael Kwok Fai Chui Economist Stijn Claessens Bank of England Lead Economist, Financial Sector Strategy and Policy Group Michael W. Keran World Bank Economic Adviser U.S. Treasury Sanjay Kalra Economist International Monetary Fund

Paul R. Masson Senior Advisor International Monetary Fund

Yik-Ko Mo Senior Economist, Office for Asia and the Pacific Bank for International Settlements Hong Kong

Greg Sutton Economist Bank for International Settlements

10 11 Universities Kristin J. Forbes Massachussets Institute of Technology

Joshua Aizenman Cheng Hsiao Dartmouth College University of Southern California

Robert Aliber Michael M. Hutchison University of California, Santa Cruz

Paul R. Bergin Dwight Jaffee University of California, Davis University of California, Berkeley

Henning Bohn Douglas H. Joines University of California, Santa Barbara University of Southern California

Philip L. Brock Robert Joss University of Washington Stanford University

Chau-Nan Chen Kenneth M. Kletzer Academia Sinica, Taiwan University of California, Santa Cruz

Menzie D. Chinn Michael Kumhof University of California, Santa Cruz Stanford University

Robert Dekle Akio Kuroda University of Southern California Meiji University, Japan

J. Kimball Dietrich Suiwah Leung University of Southern California Australian National University

Michael P. Dooley Richard Lyons University of California, Santa Cruz University of California, Berkeley

Sebastian Edwards Ronald I. McKinnon University of California, Los Angeles Stanford University

Barry Eichengreen Michael Melvin University of California, Berkeley Arizona State University

12 13 Maurice Obstfeld University of California, Berkeley

Helen Popper Santa Clara University

Richard Portes London Business School and University of California, Berkeley

Aris Protopapadakis University of Southern California

Assaf Razin Tel Aviv University and Stanford University

Carmen M. Reinhart University of Maryland, College Park

Andrew K. Rose University of California, Berkeley

Shinji Takagi Osaka University, Japan

Alan M. Taylor University of California, Davis

Carl Walsh University of California, Santa Cruz

Siyan Wang University of Southern California

Thomas Willett Claremont Graduate School

Nobuyoshi Yamori Nagoya University, Japan

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