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

Conference Code of Conduct

Monday, May 9
9:00 am

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

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

Currency Hedging: Managing Cash Flow Exposure
Discussant: Veronica Rappoport, London School of Economics and Political Science (LSE)
12:30 pm
Lunch
2:00 pm

Capital Controls, Corporate Debt and Real Effects
Discussant: Pablo Ottonello, University of Maryland, College Park and NBER
3:00 pm
Break
3:15 pm

Debt Moratorium: Theory and Evidence (slides)
Discussant: Paulina Restrepo-Echavarria, Federal Reserve Bank of St. Louis
4:15 pm
Break
4:30 pm

Who Holds Sovereign Debt and Why It Matters
Discussant: Ester Faia, Goethe University Frankfurt
5:30 pm
Adjourn
Tuesday, May 10
9:00 am

Bank Runs, Fragility, and Credit Easing (slides)
Discussant: Nobuhiro Kiyotaki, Princeton University and NBER
10:00 am
Break
10:15 am

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

Sovereign Debt Standstills
Discussant: Harold L. Cole, University of Pennsylvania and NBER
12:30 pm
Lunch
2:00 pm

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

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