Fourth Annual IMF Research Conference

Capital Flows and Macroeconomic Cycles
November 6-7, 2003

IMF Staff Papers
Volume 51, Special Issue 2004

Last Updated: September 07, 2005

The Fourth Annual Research Conference of the International Monetary Fund took place in Washington, DC, on November 6-7, 2003. A Special Issue of the IMF Staff Papers, published in June 2004, includes 6 selected papers (from more than 20) that were presented at this Conference. The articles are provided below in PDF format.
Use the free Adobe Acrobat Reader to view these pdf files.

Day 1: November 6, 2003

9:00 Introductory remarks: Horst Köhler, IMF Managing Director

Session 1 (9:15-10:45), Chair: Charles Collyns (IMF)

"Real Effects of Financial Integration" by J. Imbs (LBS)

"Are Immigrant Remittance Flows a Source of Capital for Development?" by R. Chami (IMF), C. Fullenkamp (Duke University), and S. Jahjah (IMF).

Discussant: P. Lane (University of Dublin)

Session 2 (11:15-12:45), Chair: Michael Dooley (UCSC)

"Testing the Portfolio Channel of Contagion: The Role of Risk Aversion" by F. Broner (University of Maryland) and G. Gelos (IMF).

"Capital Account Liberalization, Investment, and the Invisible Hand" by A. Chari (University of Michigan) and P. Henry (Stanford University).

Discussant: Laura Kodres (IMF)

Session 3 (2:00-3:30), Chair: John Odling-Smee (IMF)

"Procyclical Government Spending in Developing Countries: The Role of Capital Market Imperfections" by Alvaro Riascos (Banco de la República Colombia) and Carlos Vegh (UCLA and IMF).

"Accounting for Consumption Volatility Differences"( 216 kb pdf file) by Holger Wolf (Georgetown University), published in IMF Staff Papers, Vol. 51, Special Issue.

Discussant: Paolo Mauro (IMF)

Mundell-Fleming Lecture, 4:00-5:30, Chair: Raghuram Rajan (IMF)
"Thirty Years of Current Account Imbalances, Current Account Reversals, and Sudden Stops" ( 103 kb pdf file) by Sebastian Edwards (UCLA), published in IMF Staff Papers, Vol. 51, Special Issue.

Day 2: November 7, 2003

Session 4 (9:15-10:45), Chair: Mohsin Khan (IMF)

"Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period" (206 kb pdf file) by M. Obstfeld (UC Berkeley), J. Shambaugh (Dartmouth College), and A. Taylor (UC Davis), published in IMF Staff Papers Vol. 51, Special Issue.

"Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa" ( 208 kb pdf file) by Edward Buffie (Indiana University), Christopher Adam (Oxford University), Stephen O'Connell (Swarthmore College), and Catherine Pattillo (IMF), published in IMF Staff Papers Vol. 51, Special Issue.

Discussant: Hélène Rey (Princeton University)

Session 5 (11:15-12:45), Chair: Gerd Häusler (IMF)

"A Gravity Model of Sovereign Lending: Trade, Default and Credit" by Andrew Rose (UC Berkeley) and Mark Spiegel (Federal Reserve Bank of San Francisco ( 103 kb pdf file), published in IMF Staff Papers, Vol. 51, Special Issue.

"How Private Creditors Fared in Emerging Debt Markets, 1970-2000" by C. Klingen (IMF), B. Weder (University of Mainz), and J. Zettelmeyer (IMF).

Discussant: Mark Wright (Stanford University)
comment: (10 kb pdf file), published in IMF Staff Papers, Vol. 51, Special Issue.

Panel: Capital Flows Cycles: Old and New Challenges (2:00-3:30)

Zanny Minton-Beddoes (moderator, The Economist), Agustín Carstens, Deputy Managing Director, IMF, Jeffry Frieden (Harvard University), Peter Garber (Deutsche Bank), Morris Goldstein (Institute for International Economics).