PROGRAM
Tuesday, November 16
08:30	Registration
09:00	Opening remarks - O. Issing (ECB)
Session 1: International Financial Linkages and Crises
	Chairman: P. Hartmann (ECB)
09:15	An International Financial Transmission Model, M. Ehrmann (ECB), M. Fratzscher (ECB) and R. Rigobon (MIT)
	Discussant: D. Malliaropulos (University of Piraeus and the National Bank of Greece)
10:15	What Drives International Bank Flows? Politics, Institutions & Other Determinants, E. Papaioannou (London Business School)
	Discussant: C. Ostergaard (Norwegian School of Management)
11:15	Coffee break
11:30	The Contagion Box: Measuring Financial Markets Co-Movements by Regression Quantiles, L. Cappiello (ECB), B. Gerard (Norwegian School of Management) and S. Manganelli (ECB)
	Discussant: M. Pritsker (Federal Reserve Board)
12:30	The Real Effect of Banking Crises, G. Dell'Ariccia (IMF), E. Detragiache (IMF), R. Rajan (IMF)
	Discussant: F. Westermann (University of Munich)
13.30	Lunch
	Keynote address - T. Padoa-Schioppa (ECB)
Session 2: International Financial Integration, Capital Flows and Institutions
	Chairman: A. Mody (IMF)
14:30	Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation, L. Alfaro (Harvard Business School), S. Kalemli-Ozcan (University of Houston) and V. Volosovych (University of Houston)
	Discussant: C. Detken (ECB)
15:30	Sovereign Credit Ratings and International Portfolio Flows, A. Gande (Vanderbilt University) and D. Parsley (Vanderbilt University)
	Discussant: C. Buch (Tuebingen University)
16:30	Coffee break
16:45	Home Bias in Equities under New Open Economy Macroeconomics, C. Engel (University of Wisconsin) and A. Matsumoto (IMF)
	Discussant: K. Adjaoute (HSBC Private Bank)
17:45	Financial Globalisation and Exchange Rates, P. Lane (Trinity College Dublin) and G. M. Milesi-Ferretti (IMF)
	Discussant: M. Binder (Goethe University, Frankfurt)
20:00	Dinner at the Frankfurter Hof
Wednesday, November 17
08:30	Registration
Session 3: The Role of Real and Financial Linkages in the Synchronisation of the Business Cycle
	Chairman: F. di Mauro (ECB)
09:00	Exploring the International Linkages of the Euro Area: A Global VAR Analysis, S. Dees (ECB), F. di Mauro (ECB), H. Pesaran (University of Cambridge) and V. Smith (University of Cambridge)
	Discussant: R. Wouters (National Bank of Belgium)
10:00	Structural Analysis of US and EA Business Cycles, S. Adjémian (Université Maine), M. Darracq Pariès (ECB) and F. Smets (ECB)
	Discussant: A. Levin (Federal Reserve Board)
11:00	Coffee break
11:15	Business Cycle Synchronisation in the Enlarged EU, Z. Darvas (Magyar Nemzeti Bank) and G. Szapáry (Magyar Nemzeti Bank)
	Discussant: D. Gros (Centre for European Policy Studies)
12:15	Synchronised Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate, R. McKinnon (Stanford University) and G. Schnabl (Tuebingen University)
	Discussant: M. Melvin (Arizona State University)
13:15	Lunch
14:30-16.00	Policy Panel: Changing Real and Financial Linkages: Implications for Transmission of Shocks and for Policy
	Chairman: O. Issing (ECB)
	Panellists: J. Gagnon (Federal Reserve Board)
	W. McKibbin (Lowy Institute for International Policy, ANU and Reserve Bank of Australia)
	J. Murray (Bank of Canada)
16:00	Coffee break
16:15-17:00	G. Bekaert (Columbia University)
	Keynote lecture on "The Real Effects of Financial Liberalisation"
17:00-18:30	Policy Panel: International Financial Stability and Integration
	Chairman: J.-C. Trichet (ECB)
	Panellists: A. Crockett (JP Morgan Chase International)
	T. Ito (University of Tokyo)
	K. Rogoff (Harvard University)