Dollars, Debt, and Deficits--60 Years After Bretton Woods, International Conference Co-organized by the Banco de España and the International Monetary Fund

View the webcast of the opening remarks and press conference

PROGRAM

Monday, June 14
09:00 am	OPENING REMARKS
	Rodrigo Rato, Managing Director, International Monetary Fund Pedro Solbes, Second Vice President of the Spanish Government and Minister for Economy and Finance Jaime Caruana, Governor, Banco de España
10:00 am	SESSION 1. GLOBAL IMBALANCES
	Chair: José Viñals, Director General of International Affairs, Banco de España A Map to the Revived Bretton Woods End Game: Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery Michael Dooley, University of California, Santa Cruz and Deutsche Bank Peter Garber, Deutsche Bank The Dynamics of the US Net Foreign Liabilities: An Empirical Characterization Giancarlo Corsetti, European University Institute and University of Rome III Panagiotis Konstantinou, University of Rome III Discussant: Jaume Ventura, CREI and University Pompeu Fabra
11:30 am	Coffee Break
12:00 pm	SESSION 2. EXCHANGE RATE ISSUES
	Chair: Raghuram Rajan, Economic Counsellor and Director of Research, IMF Financial Globalization and Exchange Rates Philip Lane, IIIS/Trinity College Dublin and CEPR Gian Maria Milesi-Ferretti, International Monetary Fund What Makes Balance Sheet Effects Detrimental for the Country Risk Premium? Juan C. Berganza, Banco de España Alicia García Herrero, Banco de España Discussant: Daniel Cohen, University of Paris
13:30 pm	Lunch
	Speaker: Agustín Carstens, Deputy Managing Director, IMF
15:15 pm	SESSION 3. DEBT IN EMERGING ECONOMIES
	Chair: Miguel Savastano, Division Chief, International Monetary Fund Fiscal Solvency and Macroeconomic Uncertainty in Emerging Markets: The Tale of the Tormented Insurer Enrique Mendoza, University of Maryland and NBER Currency Mismatch, Uncertainty And Debt Structure Matthieu Bussiere, European Central Bank Marcel Fratzscher, European Central Bank Discussant: Carmen Reinhart, University of Maryland
16:45 pm	Coffee Break
17:00 pm	PANEL: GLOBAL IMBALANCES AND EXCHANGE RATES—PRESENT AND FUTURE
	Chair: Agustín Carstens, Deputy Managing Director, International Monetary Fund Stanley Fischer, Vice Chairman, Citigroup Malcolm Knight, General Manager, BIS Ruogu Li, Deputy Governor, People´s Bank of China
20:30 pm	Dinner
	Key-note speaker: Jean-Claude Trichet, President, European Central Bank
Tuesday, June 15
08:30 am	SESSION 4. THE ROLE OF THE IMF
	Chair: Hervé Hannoun, Deputy Governor, Banque de France A Model of the IMF as a Coinsurance Arrangement Ralph Chami, International Monetary Fund Sunil Sharma, International Monetary Fund Monitoring International Borrowers: The IMF's Role in Bank and Bond Markets Kenneth Kletzer, University of California, Santa Cruz Ashoka Mody, International Monetary Fund Discussant: Lorenzo Bini-Smaghi, Director General, Ministry of Economy and Finance, Italy
10:00 am	Coffee Break
10:30 am	SESSION 5. INNOVATIONS IN PRIVATE AND MULTILATERAL LENDING
	Chair: Jaime Caruana, Governor, Banco de España Dollar, Debts and the IFIs: De-dollarizing Multilateral Credit Eduardo Levy Yeyati, Universidad Torcuato di Tella Optimal Collective Action Clause Thresholds Adrian Penalver, Bank of England Discussant: John Murray, Adviser, Bank of Canada
12:00 pm	PANEL: FUTURE OF THE INTERNATIONAL FINANCIAL ARCHITECTURE
	Chair: Roger Ferguson, Vice-Chairman, Federal Reserve Board Michael Mussa, Institute for International Economics Guillermo Ortiz, Governor, Banco de Mexico Richard Portes, President of CEPR and London Business School
13:30 pm	CONCLUDING REMARKS
	Raghuram Rajan, Economic Counsellor and Director of Research, IMF José Viñals, Director General of International Affairs, Banco de España
13:45 pm	Lunch
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Dollars, Debt, and Deficits—60 Years After Bretton Woods

PROGRAM