International Fragmentation, Supply Chains, and Financial Frictions
Pol Antràs, Sofía Bauducco, Linda S. Goldberg, and Ṣebnem Kalemli-Özcan, Organizers
March 1-2, 2023
FORMAT: 25 mins for paper presentation, 15 mins for the discussant, remaining time for Q&A.
| Tuesday, February 28 | ||||
| 7:30 pm | Informal Dinner - Liguria Lastarria | |||
| Wednesday, March 1 | ||||
| 8:30 am | Continental Breakfast | |||
| 9:00 am | Opening Remarks, Linda S. Goldberg, Federal Reserve Bank of New York and NBER | |||
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Session 1: Policy Interactions in Trade and Finance Session Chair: Ṣebnem Kalemli-Özcan, University of Maryland and NBER |
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| 9:15 am |
Bryan Hardy, Bank for International Settlements Felipe Saffie, University of Virginia and NBER From Carry Trades to Trade Credit: Financial Intermediation by Non-Financial Corporations
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| 10:15 am |
Stefano Federico, Bank of Italy Giuseppe Marinelli, Bank of Italy Francesco Palazzo, Bank of Italy The 2014 Russia Shock and its Effects on Italian Firms and Banks
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| 11:15 am | Break | |||
| 11:45 am |
Emile A. Marin, University of California, Davis Simon P. Lloyd, Bank of England Capital Controls and Free-Trade Agreements
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| 12:45 pm | Lunch | |||
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Session 2: Finance and Supply Chain Dynamics Session Chair: Pol Antras, Harvard University and NBER |
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| 2:00 pm |
Sergi Basco, Universitat Barcelona Giulia Felice, Politecnico Milano Bruno Merlevede, Ghent University Martí Mestieri, Federal Reserve Bank of Chicago Financial Crises and the Global Supply Chain: Evidence from Multinational Networks
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| 3:00 pm |
Jaerim Choi, University of Hawaii at Manoa Jay Hyun, HEC Montreal Ziho Park, National Taiwan University Bound by Ancestors: Immigration, Credit Frictions, and Global Supply Chain Formation
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| 4:00 pm | Break | |||
| 4:30 pm |
Gaurav Khanna, University of California, San Diego Nicolas Morales, Federal Reserve Bank of Richmond Nitya Pandalai-Nayar, University of Texas at Austin and NBER Supply Chain Resilience: Evidence from Indian Firms
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| 5:30 pm | Adjourn | |||
| 7:30 pm | Reception and Dinner - Castillo Forestal | |||
| Thursday, March 2 | ||||
| 8:45 am | Continental Breakfast | |||
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Session 3: Uncertainty and Fragmentation Session Chair: Linda Goldberg, Federal Reserve Bank of New York and NBER |
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| 9:15 am |
Nuri Ersahin, Michigan State University Mariassunta Giannetti, Stockholm School of Economics Ruidi Huang, Southern Methodist University Supply Chain Risk: Changes in Supplier Composition and Vertical Integration
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| 10:15 am |
Ricardo Correa, Federal Reserve Board Julian di Giovanni, Federal Reserve Bank of New York Linda S. Goldberg, Federal Reserve Bank of New York and NBER Camelia Minoiu, Federal Reserve Bank of Atlanta Trade Uncertainty and U.S. Bank Lending
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| 11:15 am | Break | |||
| 11:45 am |
Fadi Hassan, Bank of Italy Veronica Rappoport, London School of Economics Stefano Federico, Bank of Italy Trade Shocks and Credit Reallocation
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| 12:45 pm | Lunch | |||
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Session 4: From Trade Shocks to Banking Session Chair: Sofia Bauducco, Central Bank of Chile |
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| 2:00 pm |
Paula Margaretic, Universidad de Chile David N. Moreno, Central Bank of Chile Domestic Credit, Trade Finance, and the Trade Tensions of 2016-18: A Prelude to International Fragmentation?
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| 3:00 pm |
Felipe Benguria, University of Kentucky Felipe Saffie, University of Virginia and NBER Escaping the Trade War: Finance and Relational Supply Chains in the Adjustment to Trade Policy Shocks
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| 4:00 pm | Break | |||
| 4:30 pm |
Policy Panel on Fragmentation of Trade and Finance Participants: Pierre-Olivier Gourinchas, International Monetary Fund and NBER Pablo García, Vice Governor, Central Bank of Chile Elías Albagli, Central Bank of Chile Moderator: Ṣebnem Kalemli-Özcan, University of Maryland and NBER |
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| 6:00 pm | Adjourn | |||
| 8:00 pm | Informal Dinner - Mestizo | |||