Authors, please upload your paper here.


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


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


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


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


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


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

20 minutes for paper presentations
15 minutes for discussant presentation

hotel layout /event space