The third Annual Research Conference of the International Monetary Fund took place in Washington, DC, on November 7 and 8, 2002. Speakers included scholars from universities and other research institutions as well as young researchers in the Fund. This year's conference discussed capital flows and global governance. The Mundell-Fleming lecture was delivered by Guillermo Calvo, Chief Economist of the Inter-American Development Bank. This year's conference also included a panel discussion with the title "Promoting Better National Institutions: The Role of the IMF." Panelists included: Guillermo Ortiz (Banco de Mexico), Jeffrey Frankel (Harvard University), Nancy Birdsall (Center for Global Development), and Jeffrey Sachs (Columbia University).

A Special Issue of the IMF Staff Papers, published in 2003, contains some papers presented at this conference (articles provided below in PDF format).

Final Program

Thursday, November 7:
Capital Flows and Global Governance

9:00 am	Opening Remarks: Horst Köhler, The Managing Director, IMF Kenneth Rogoff, Economic Counsellor, IMF
Session 1 Chair: Carmen Reinhart (IMF)
9:20–10:15 am	Andrés Velasco (Harvard University), Luis Céspedes (IMF), and Roberto Chang (Rutgers University) "IS-LM-BP in the Pampas" (80 kb pdf file), published in IMF Staff Papers, Vol. 50, Special Issue. Discussant: Michael Devereux (University of British Columbia, Canada) Comment (56 kb pdf file)
Session 2 Chair: Mohsin Khan (IMF)
10:30am–12:15pm	Torbjörn Becker (IMF), Anthony Richards (Reserve Bank of Australia), and Yunyong Thaicharoen (Bank of Thailand) "Bond Restructuring and Moral Hazard: Are Collective Action Clauses Costly? " (249 kb pdf file) Discussant: Michael Mussa (IIE)
	Raghu Rajan and Douglas Diamond (University of Chicago) "Money in a Theory of Banking" (296 kb pdf file) & "Liquidity Shortages and Banking Crises" (380 kb pdf file) Discussant: Enrica Detragiache (IMF)
Session 3 Chair: Stefan Ingves (IMF)
1:45–3:30 pm	Jaume Ventura (CREI-UPF and MIT) "Bubbles and Capital Flows " (184 kb pdf file) Discussant: Robert Flood (IMF)
	Paul Cashin (IMF), Luis Céspedes (IMF), and Ratna Sahay (IMF) "Keynes, Cocoa and Copper: In Search of Commodity Currencies" (644 kb pdf file). See also updated version published as Working Paper No. 02/223 (2,141 kb pdf file) Discussant: Paolo Pesenti (Federal Reserve Bank of New York)
Mundell-Fleming Lecture Chair: Kenneth Rogoff (IMF)
4:00–5:00 pm	Guillermo Calvo (IADB, University of Maryland, and NBER) "Explaining Sudden Stop, Growth Collapse and BOP Crisis: The Case of Distortionary Output Taxes " (132 kb pdf file), published in IMF Staff Papers, Vol. 50, Special Issue. View the lecture
Friday, November 8
Session 4 Chair: Mark Allen (IMF)
9:00–10:40 am	M. Ayhan Kose (IMF), Eswar Prasad (IMF), and Marco Terrones (IMF) "Financial Integration and Macroeconomic Volatility " (120 kb pdf file), published in IMF Staff Papers, Vol. 50, Special Issue. Discussant: Roberto Rigobon (MIT)
	Patrick Bolton (Princeton University) "Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice around the World" (112 kb pdf file), published in IMF Staff Papers, Vol. 50, Special Issue. Discussant: Jeffrey Frankel (Harvard University) Comment (80 kb pdf file)
11:00am–12:30pm	Panel Discussion (Economic Forum) Chair: Eduardo Aninat, Deputy Managing Director, IMF
	Guillermo Ortiz (Banco de Mexico), Jeffrey Frankel (Harvard University), Nancy Birdsall (Center for Global Development), Jeffrey Sachs (Columbia University) "Panel Discussion—Promoting Better National Institutions: The Role of the IMF" (80 kb pdf file), published in IMF Staff Papers, Vol. 50, Special Issue. Transcript
Session 5 Chair: David Burton (IMF)
2:00–3:30 pm	Karl Habermeier and Andrey Kirilenko (IMF) "Securities Transaction Taxes and Financial Markets" (64 kb pdf file), published in IMF Staff Papers, Vol. 50, Special Issue. Discussant: Kristin Forbes (MIT) Comment (28 kb pdf file)
	Philip Lane (Trinity College Dublin and CEPR) and Gian Maria Milesi-Ferretti (IMF and CEPR) "International Financial Integration" (216 kb pdf file) , published in IMF Staff Papers, Vol. 50, Special Issue. Discussant: Charles Engel (University of Wisconsin) Comment (24 kb pdf file)