Global Linkages Conference

January 30-31, 2003


Washington, DC, January 30-31, 2003
International Monetary Fund
Meeting Hall A

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).

Use the free Adobe Acrobat Reader to view a brief overview of the conference motivation and papers (PDF file 110 kb).

 

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)


* Open to the public, IMF Auditorium R-710.