Emerging and Frontier Markets: Capital Flows, Resiliency, Risks, and Growth

Mark A. Aguiar, Cristina Arellano, and Ṣebnem Kalemli-Özcan, Organizers

May 9-10, 2022

Hyatt Regency, Cartagena, Colombia

Monday, May 9

9:00 am

Enrique G. Mendoza, University of Pennsylvania and NBER
Vincenzo Quadrini, University of Southern California and NBER

Global Demand for Financial Assets, Falling Real Interest Rates and Macroeconomic Instability

Discussant:

Andrew Atkeson, University of California, Los Angeles and NBER

10:00 am

Break

10:15 am

Lawrence Christiano, Northwestern University and NBER
Hüsnü Dalgic, University of Mannheim
Armen Nurbekyan, Central Bank of Armenia

Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster?

Discussant:

Karen K. Lewis, University of Pennsylvania and NBER

11:15 am

Break

11:30 am

Liliana Varela, London School of Economics
Laura Alfaro, Harvard University and NBER
Mauricio Calani, Central Bank of Chile

Currency Hedging: Managing Cash Flow Exposure

Discussant:

Veronica Rappoport, London School of Economics

12:30 pm

Lunch

2:00 pm

Andrea Fabiani, Bank of Italy
Martha Lopez, Central Bank of Colombia
Jose-Luis Peydro, Universitat Pompeu Fabra
Paul Soto, Federal Reserve Board

Capital Controls, Corporate Debt and Real Effects

Discussant:

Pablo Ottonello, University of Maryland and NBER

3:00 pm

Break

3:15 pm

Yasin Kürşat Önder, Ghent University
Maria Alejandra Ruiz-Sanchez, Central Bank of Colombia
Mauricio Villamizar-Villegas, Central Bank of Colombia

Debt Moratorium: Theory and Evidence (slides)

Discussant:

Paulina Restrepo-Echavarria, Federal Reserve Bank of St. Louis

4:15 pm

Break

4:30 pm

Bryan Hardy, Bank for International Settlements
Karen K. Lewis, University of Pennsylvania and NBER
Xiang Fang, University of Hong Kong

Who Holds Sovereign Debt and Why It Matters

Discussant:

Ester Faia, Goethe University Frankfurt

5:30 pm

Adjourn

Tuesday, May 10

9:00 am

Manuel Amador, University of Minnesota and NBER
Javier Bianchi, Federal Reserve Bank of Minneapolis

Bank Runs, Fragility, and Credit Easing (slides)

Discussant:

Nobuhiro Kiyotaki, Princeton University and NBER

10:00 am

Break

10:15 am

Ina Simonovska, University of California, Davis and NBER
Felipe Saffie, University of Virginia and NBER
Bryan Hardy, Bank for International Settlements

Economic Stabilizers in Emerging Markets: The Case for Trade Credit

Discussant:

Julian di Giovanni, Federal Reserve Bank of New York

11:15 am

Break

11:30 am

Juan C. Hatchondo, University of Western Ontario
Leonardo Martinez, International Monetary Fund
César Sosa-Padilla, University of Notre Dame and NBER

Sovereign Debt Standstills

Discussant:

Harold L. Cole, University of Pennsylvania and NBER

12:30 pm

Lunch

2:00 pm

Haonan Zhou, University of Hong Kong

Open Economy, Redistribution, and the Aggregate Impact of External Shocks (slides)

Discussant:

Adrien Auclert, Stanford University and NBER

3:00 pm

Break

3:15 pm

Oleg Itskhoki, Harvard University and NBER
Dmitry Mukhin, London School of Economics

Optimal Exchange Rate Policy (slides)

Discussant:

Gianluca Benigno, Federal Reserve Bank of New York

4:30 pm

Policy Panel: Emerging Markets Risks and Capital Flows
Pierre-Olivier Gourinchas, Economic Counsellor and Director of Research, International Monetary Fund
Maurice Obstfeld, University of California, Berkeley and NBER
José Darío Uribe, FLAR Executive President
Dr. Mauricio Villamizar, Banco de la República, Co-Director

6:00 pm

Adjourn