The International Monetary Fund organized a conference on "Global Linkages" in Washington, D.C. on January 30-31, 2003, to explore how economic linkages across countries have changed in recent years and what implications these changes have for policy makers in developed and emerging markets. A main goal of the conference was to bring together researchers from academia, the IMF, and other policy institutions to discuss the policy implications of new empirical research in this area. The conference was jointly organized by Robin Brooks (IMF), Kristin Forbes (MIT) and Ashoka Mody (IMF).

Agenda

Thursday, January 30
8:30am - 9:00am	Coffee and pastries
9:00am - 9:10am	Welcome and opening comments Kenneth Rogoff, IMF
9:10am	Financial Market Comovement and Real Linkages
	Chair: David Robinson, IMF
9:10am - 10:00am	"Firm-level Evidence on International Stock Market Comovement"
	By Robin Brooks (IMF) and Marco Del Negro (Federal Reserve Bank of Atlanta)
	Discussant: Kathryn Dominguez (University of Michigan)
10:00am - 10:50am	"A Decomposition of Global Linkages in Financial Markets Over Time"
	By Kristin Forbes (MIT-Sloan) and Menzie Chinn (University of California-Santa Cruz)
	Discussant: Andy Rose (University of California-Berkeley)
10:50am - 11:20am	Coffee Break
11:20am	Global Linkages During Financial Crises
	Chair: Montek Ahluwalia, IMF
11:20am - 12:10pm	"The Center and the Periphery: The Globalization of Financial Turmoil"
	By Graciela Kaminsky (George Washington) and Carmen Reinhart (IMF)
	Discussant: Andrew Ang (Columbia Business School)
12:15pm - 1:30pm	Lunch
1:30pm	A Closer Look at Specific Linkages in Financial Markets
	Chairs: Carmen Reinhart (IMF) (Before the Coffee Break)
	Mark Allen (IMF) (After the Coffee Break)
1:30pm - 2:20pm	"U.S. Investors' Emerging Market Equity Portfolios: A Security-Level Analysis"
	By Hali Edison (IMF) and Frank Warnock (Federal Reserve Board)
	Discussant: Robert Flood, IMF
2:20pm - 3:10pm	"Are Daily Cross-Border Equity Flows Pushed or Pulled?"
	By John Griffin (Arizona State), Federico Nardari (Arizona State), and René Stulz (Ohio State)
	Discussant: Steve Kamin (Federal Reserve Board)
3:10pm - 3:40pm	Coffee Break
3:40pm - 4:30pm	"Time Varying Synchronicity in Individual Stock Returns: A Cross-Country Comparison"
	By Randall Morck (University of Alberta) and Bernard Yeung (New York University)
	Discussant: John Campbell (Harvard)
4:30pm - 5:20pm	"The Role of ADRs in the Development and Integration of Emerging Equity Markets"
	By G. Andrew Karolyi (Ohio State)
	Discussant: Sergio Schmukler (World Bank)
6:30pm	Cocktails and dinner (by invitation only)
	IMF Dining Room
Friday, January 31
8:30am - 9:00am	Coffee and pastries
9:00am	Real Sector Comovements and Business Cycles
	Chair: Barry Bosworth (Brookings Institution)
9:00am - 9:50am	"Trade, Finance, Specialization and Synchronization"
	By Jean Imbs (London Business School)
	Discussant: Marianne Baxter (Boston University)
9:50am - 10:40am	"Understanding The Evolution of World Business Cycles"
	By M. Ayhan Kose (IMF), Christopher Otrok (University of Virginia), and Charles Whiteman (University of Iowa)
	Discussant: David Backus (New York University)
10:40am - 11:10am	Coffee Break
11:10am	Global Linkages over the Long Term
	Chair: Gerd Häusler, IMF
11:10am - 12:00pm	"Long-Term Global Market Correlations"
	By K. Geert Rouwenhorst (Yale), William Goetzmann (Yale), and Lingfeng Li (Yale)
	Discussant: Yishay Yafeh (Hebrew University)
12:00pm - 1:30pm	Lunch
1:30pm - 3:00pm	Economic Forum*: The 'Links' That Bind
	Introduction and Moderator: Ashok Mody (IMF)
	Panelists: Stefano Cavaglia (UBS Asset Management)
	Randy Kroszner (Council of Economic Advisors and University of Chicago)
	Anoop Singh (IMF)
	Vincent Reinhart (Federal Reserve Board)