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NATIONAL BUREAU OF ECONOMIC RESEARCH The Global Financial Crisis Conference Organizers: Charles Engel, Kristin Forbes and Jeffrey Frankel Omni Mount Washington Resort Madison/Monroe Room 310 Mount Washington Hotel Road Bretton Woods, NH June 3 and 4, 2011 Program Thursday, June 2:
7:00 pm	Informal Welcome Dinner – Gifford Room
Friday, June 3:
7:45 am	Continental Breakfast - Adams Room
8:15 am	Welcome and Introductions
Setting the Stage: Crises, Leverage and Capital Flows
8:30 am	International Financial Crises and the Multilateral Response: What the Historical Record Shows Bergljot Barkbu, IMF non-technical summary Barry Eichengreen, UC, Berkeley and NBER Ashoka Mody, IMF Discussant: Enrique Mendoza, University of Maryland and NBER
9:30 am	Leverage Across Firms, Banks and Countries Sebnem Kalemli-Ozcan, University of Houston and NBER non-technical summary/ notes Bent Sorensen, University of Houston Sevcan Yesiltas, Johns Hopkins University Discussant: Hyun Song Shin, Princeton University and NBER
10:30 am	Break
10:45 am	Capital Flow Waves: Surges, Stops, Flight and Retrenchment Kristin Forbes, MIT and NBER non-technical summary/ data set Francis Warnock, University of Virginia and NBER Discussant: José de Gregorio, Banco Central de Chile
11:45 am	ABS Inflows to the United States and the Global Financial Crisis Carol Bertaut, Federal Reserve Board non-technical summary Laurie Pounder DeMarco, Federal Reserve Board Steven Kamin, Federal Reserve Board Ralph Tryon, Federal Reserve Board Discussant: Raghuram Rajan, University of Chicago and NBER
12:45 pm	Lunch - Jefferson Room
Banks, Liquidity, Regulations and Controls
1:45 pm	Bank Relationships, Business Cycles, and Financial Crisis Galina Hale, Federal Reserve Bank of San Francisco non-technical summary Discussant: David Scharfstein, Harvard University and NBER
2:45 pm	Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great Recession Nicola Cetorelli, Federal Reserve Bank of New York Linda Goldberg, Federal Reserve Bank of New York and NBER Discussant: Beatrice Weder, University of Mainz and German CEA
3:45 pm	Break
4:00 pm	Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis Andrew Rose, UC, Berkeley and NBER non-technical summary Mark Spiegel, Federal Reserve Bank of San Francisco Discussant: Vincent Reinhart, AEI
5:00 pm	Managing Capital Inflows: The Role of Capital Controls and Prudential Policies Marcos Chamon, IMF non-technical summary Atish Ghosh, IMF Jonathan Ostry, IMF Mahvash Qureshi, IMF Discussant: Andres Velasco, Harvard University and NBER
6:00 pm	Adjourn
7:00 pm	Dinner – Reagan Room Keynote Speaker: Lawrence Summers, Harvard University and NBER
Saturday, June 4:
8:00 am	Continental Breakfast - Adams Room
The Crisis Spreads
8:30 am	Capital Flows, Push versus Pull Factors and the Global Financial Crisis Marcel Fratzscher, European Central Bank non-technical summary Discussant: Carmen Reinhart, PIIE and NBER
9:30 am	On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios Claudio Raddatz, World Bank non-technical summary Sergio Schmukler, World Bank Discussant: Jeremy Stein, Harvard University and NBER
10:30 am	Break
10:45 am	The Financial Crisis and the Geography of Wealth Transfers Pierre-Olivier Gourinchas, UC, Berkeley and NBER non-technical summary Hélène Rey, London Business School and NBER Kai Truempler, London Business School Discussant: Eswar Prasad, Cornell University and NBER
11:45 am	External Adjustment and the Global Crisis Philip Lane, Trinity College Dublin Gian Maria Milesi-Ferretti, IMF Discussant: Richard Portes, London Business School and NBER
12:45 pm	Lunch - Jefferson Room
1:30 pm	From the Financial Crisis to the Real Economy: Using Firm-Level Data to Identify Transmission Channels Stijn Claessens, IMF non-technical summary Hui Tong, IMF Shang-Jin Wei, Columbia University and NBER Discussant: Linda Tesar, University of Michigan and NBER
Policy Responses
2:30 pm	International Reserves and the Global Financial Crisis Kathryn Dominguez, University of Michigan and NBER non-technical summary Yuko Hashimoto, IMF Takatoshi Ito, University of Tokyo and NBER Discussant: Joshua Aizenman, UC, Santa Cruz and NBER
3:30 pm	Adjourn and Free Time
7:00 pm	Closing Dinner – South Veranda The History of Bretton Woods
Sunday, June 5:
	Enjoy hiking in the White Mountains, golf, tennis, or any of the area activities

NOTES:
20 minutes for paper presentations
15 minutes for discussant presentation




hotel layout /event space