Madrid 2002 Spain Lacealacea Madrid 2002 Spain
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The Seventh Annual Meeting of the LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION 11-13 October 2002 LACEALACEA MADRID 2002 SPAIN LACEALACEA MADRID 2002 SPAIN INDEX 2 Honorary Committee 3 Program Committee 4 Local Arrangements Committee 5 General Information 7 Program Overview 8 Conference Venue Map HONORARY COMMITEE S. M. el Rey Chair César Gaviria Rodrigo de Rato Alberto Ruiz-Gallardón SECRETARIO GENERAL DE LA ORGANIZACIÓN VICEPRESIDENTE SEGUNDO PRESIDENTE DE LA COMUNIDAD DE MADRID DE LOS ESTADOS AMERICANOS Y MINISTRO DE ECONOMÍA Pilar del Castillo Ana Palacio Cristóbal Montoro MINISTRA DE EDUCACIÓN, MINISTRA DE ASUNTOS EXTERIORES MINISTRO DE HACIENDA CULTURA Y DEPORTE Josep Piqué Jaime Caruana José María Álvarez del Manzano MINISTRO DE CIENCIA Y TECNOLOGÍA GOBERNADOR DEL BANCO DE ESPAÑA ALCALDE DE MADRID Ramón Aguirre Enrique V. Iglesias César Alierta PRESIDENTE DEL INSTITUTO PRESIDENTE DEL BANCO PRESIDENTE DE TELEFÓNICA DE CRÉDITO OFICIAL INTERAMERICANO DE DESARROLLO Agustín Hidalgo Francisco González Emilio Botín PRESIDENTE DE CESCE PRESIDENTE DEL BANCO PRESIDENTE DEL BANCO BILBAO VIZCAYA ARGENTARIA SANTANDER CENTRAL HISPANO Xabier de Irala PRESIDENTE DE IBERIA Gabriele Burgio Antonio Basagoiti PRESIDENTE DE NH HOTELES PRESIDENTE DE UNIÓN FENOSA 2 PROGRAM COMMITEE Rafael Repullo Chair CEMFI Daron Acemoglu Manuel Arellano Orazio Attanasio MIT CEMFI UNIVERSITY COLLEGE LONDON Philippe Bacchetta Samuel Bentolila Timothy Besley STUDIENZENTRUM GERZENSEE CEMFI LONDON SCHOOL OF ECONOMICS Richard Blundell François Bourguignon Olympia Bover UNIVERSITY COLLEGE LONDON THE WORLD BANK BANCO DE ESPAÑA Ramón Caminal José M. Campa Isabel H. Correia INSTITUTO DE ANÁLISIS ECONÓMICO IESE BANCO DE PORTUGAL Guillermo de la Dehesa Javier Díaz-Giménez Juan J. Dolado CEPR UNIVERSIDAD CARLOS III DE MADRID UNIVERSIDAD CARLOS III DE MADRID Ana Fernandes Raquel Fernandez Xavier Freixas CEMFI NEW YORK UNIVERSITY UNIVERSITAT POMPEU FABRA Jordi Galí Francesco Giavazzi José M. González-Páramo UNIVERSITAT POMPEU FABRA UNIVERSITÀ BOCCONI UNIVERSIDAD COMPLUTENSE Eva Gutiérrez Alejandro Hernández Hugo Hopenhayn INTERNATIONAL MONETARY FUND ITAM UNIVERSITY OF ROCHESTER Juan F. Jimeno Omar Licandro Gerard Llobet FEDEA EUROPEAN UNIVERSITY INSTITUTE CEMFI Thierry Magnac Alejandro Manelli Agustín Maravall CREST ARIZONA STATE UNIVERSITY BANCO DE ESPAÑA Albert Marcet Rosa Matzkin Claudio Michelacci UNIVERSITAT POMPEU FABRA NORTHWESTERN UNIVERSITY CEMFI Juan Pablo Nicolini Carmen Pagès David Pérez-Castrillo UNIVERSIDAD TORCUATO DI TELLA INTER-AMERICAN DEVELOPMENT BANK UNIVERSITAT AUTÒNOMA DE BARCELONA Gabriel Pérez-Quirós Andrew Powell Sergio Rebelo BANCO DE ESPAÑA UNIVERSIDAD TORCUATO DI TELLA NORTHWESTERN UNIVERSITY Carmen Reinhart José Víctor Ríos-Rull Manuel Santos INTERNATIONAL MONETARY FUND UNIVERSITY OF PENNSYLVANIA ARIZONA STATE UNIVERSITY José Scheinkman Eduardo Schwartz Julio Segura PRINCETON UNIVERSITY UCLA UNIVERSIDAD COMPLUTENSE Enrique Sentana Luis Servén Hyun Song Shin CEMFI THE WORLD BANK LONDON SCHOOL OF ECONOMICS Frank Smets Kenneth Sokoloff Oren Sussman EUROPEAN CENTRAL BANK UCLA UNIVERSITY OF OXFORD Ernesto Talvi Maria Cristina Terra Javier Vallés CERES FUNDAÇÃO GETULIO VARGAS BANCO DE ESPAÑA Carlos Vegh Andrés Velasco Anthony Venables UCLA HARVARD UNIVERSITY LONDON SCHOOL OF ECONOMICS Jaume Ventura Xavier Vives Charles Wyplosz MIT INSEAD GIIS 3 LOCAL ARRANGEMENTS COMMITEE Guillermo de la Dehesa Chair CEPR Rafael Repullo CEMFI Manuel Arellano Samuel Bentolila Juan J. Dolado CEMFI CEMFI UNIVERSIDAD CARLOS III DE MADRID Ana Fernandes Gerard Llobet José Luis Malo de Molina CEMFI CEMFI BANCO DE ESPAÑA Julio Segura Enrique Sentana José Viñals UNIVERSIDAD COMPLUTENSE CEMFI BANCO DE ESPAÑA 4 GENERAL INFORMATION REGISTRATION DESK The Registration Desk is located at the Entrance Hall of the Palacio Municipal de Congresos. It will be open during the following hours: Thursday 10 October 2002 17.00 - 20.00 Friday 11 October 2002 08.00 - 20.00 Saturday 12 October 2002 08.30 - 20.00 Sunday 13 October 2002 08.30 - 20.00 PARTICIPANT IDENTIFICATION All participants are required to wear their name badges at all times. They provide access to the Conference Venue and to lunches, coffee breaks, and the Social Program. The accompanying persons’ badge enables access to the Social Program only. ROOM DISTRIBUTION The rooms for the sessions are named after Latin American cities, and are located as follows: Floor -4 AUDITORIUM AMÉRICA Floor -2 SANTO DOMINGO Floor 1 LA HABANA BUENOS AIRES MÉXICO Floor 2 CARACAS BOGOTÁ LA PAZ MONTEVIDEO Floor 4 BRASILIA SANTIAGO PANAMÁ QUITO ASUNCIÓN LIMA PRESENTATION FACILITIES All rooms have overhead projectors. Only the Auditorium is equipped for Power Point presentations. PAPER PRESENTERS For each paper in the Conference Program the first author listed is the presenter. An alphabetical list of presenters is provided at the end. 5 GENERAL INFORMATION COMPUTER ROOM A Computer Room located on Floor 1 will be available throughout the duration of the Meeting. COFFEE BREAKS AND LUNCHES Coffee breaks and lunches will be served in the designated area outside Auditorio América. TRANSPORTATION The timetable of buses between the Hotels NH Eurobuilding, NH Zurbano, and NH Parque Avenidas and the Conference Venue is the following: HOTELS TO VENUE VENUE TO HOTELS Thursday 10 October 2002 - 21.00 Friday 11 October 2002 08.00 21.00 Saturday 12 October 2002 08.30 * Sunday 13 October 2002 08.30 20.00 * On Saturday there will be buses at 20.00 to take participants from the Venue to the Conference Dinner, and at 24.00 from the Conference Dinner to the Hotels. The best Metro connections from the Hotels to the Conference Venue are as follows: NH Eurobuilding Línea 10 Cuzco » Nuevos Ministerios Línea 8 Nuevos Ministerios » Campo de las Naciones NH Zurbano Línea 10 Gregorio Marañón » Nuevos Ministerios Línea 8 Nuevos Ministerios » Campo de las Naciones NH Parque Avenidas Línea 7 Parque de las Avenidas » Avenida de América Línea 9 Avenida de América » Colombia Línea 8 Colombia » Campo de las Naciones SOCIAL PROGRAM The Social Program consists of the following events: Welcome Reception Thursday 10 October 2002, 19.30 - 21.00 Entrance Hall, Palacio Municipal de Congresos BBVA Reception Presentation of Ensayos sobre Colombia y América Latina. Libro en Memoria de Nicolás Botero. Speakers: Miguel Sebastián (BBVA) and Guillermo Perry (The World Bank) Friday 11 October 2002, 19.30 – 21.00 Auditorium América Hall, Palacio Municipal de Congresos Conference Dinner Saturday 12 October 2002, 21.00 - 24.00 Jardines de Cecilio Rodríguez, Parque del Retiro 6 PROGRAM OVERVIEW Friday 11 October 2002 Saturday 12 October 2002 Sunday 13 October 2002 Invited Lecture 1 Economía Panel I 09.15-11.00 Contributed Sessions 4 Anne Krueger & Contributed Sessions 2 Economía Panel I Time Series Econometrics Wage Behavior Child Labor Family Economics I Family Economics II Labor Market Programs Labor Market Regulations Business Cycles Exchange Rates II Dollarization I Dollarization II Growth Empirics I Growth Empirics II International Trade I International Trade II Inflation Monetary Policy II Asset Pricing Corporate Finance Foreign Direct Investment Regional Integration II Firm Behavior I Education & Human Capital Migration Information & Uncertainty Privatization Pricing Policies 11.00-11.30 Coffee Coffee Coffee Economía Panel II 11.30-13.00 Invited Sessions 1 Invited Sessions 3 & Invited Sessions 2 Transaction Cost Analysis Economía Panel II Dynamic GE Models Education Policies Natural Resources Social Programs Lessons from NAFTA Entrepreneurship Growth in Latin America Capital Flows Growth Foreign Direct Investment Trade Policy The Original Sin Financial Liberalization Financial Integration Trade and Integration Fiscal Discipline Privatization Sovereign Debt Firm Behavior Exchange Rates Emerging Market Instability Foreign Bank Behavior 13.00-14.30 Lunch Lunch Lunch Economía Panel III 14.30-16.15 Contributed Sessions 1 Contributed Sessions 5 & Contributed Sessions 3 Law and Governance Economía Panel III Environmental Economics Wages and Trade Poverty Wages in Brazil Income Distribution I Household Behavior Income Distribution II Job Search Labor Markets Female Labor Supply Capital Flows Exchange Rates I Exchange Rate Regimes Currency Crises Contagion Sovereign Debt Development Growth Theory I Growth Theory II Financial Econometrics Regional Integration I International Trade III Monetary Policy I Monetary Policy Rules Optimal Monetary Policy Banking Credit & Financial Markets Microfinance Political Economy I Political Economy II Taxation Educational Programs I Firm Behavior II Educational Programs II Empirical IO Migration to the US Social Security Game Theory Industrial Organization Antitrust 16.15-16.45 Coffee Coffee Coffee Invited Lecture 2 Diaz-Alejandro Prize Invited Lecture 3 16.45-18.00 Jean Tirole Honoring Rudi Dornbusch J. Peter Neary 18.00-18.15 Break Break Break Round Table 1 Round Table 2 Round Table 3 18.15-19.30 Labor Market Institutions Monetary Arrangements The Argentinian Tragedy 7 CONFERENCE VENUE MAP Floor 4 LIMA ASUNCIÓN QUITO PANAMÁ SANTIAGO BRASILIA Floor 2 MONTEVIDEO LA PAZ BOGOTÁ CARACAS Floor 1 MÉXICO BUENOS LA HABANA Press room Computer AIRES room Lifts Palacio Municipal de Congresos 8 CONFERENCE PROGRAM FRIDAY, 11 OCTOBER 09.15 - 09.45 Opening Remarks AMÉRICA Rafael Repullo, Program Chair, LACEA 2002 Guillermo de la Dehesa, Local Arrangements Chair, LACEA 2002 Sebastián Edwards, President, LACEA Jaime Caruana, Gobernador, Banco de España 09.45 - 11.00 Invited