“Today’s Current Account Balances: Should We Worry?”
Chairperson and Organiser: Sara Guerschanik Calvo (Columbia University)

Fabrizio Coricelli (University of Siena, EBRD, CEPR)
"A Cautionary Note on the Current Account Deficits in Transition Countries"
Alejandro Izquierdo (Inter-American Development Bank) and Ernesto Talvi (CERES)
All that Glitters may not be Gold: Assessing Latin America Macroeconomic Performance”
Piritta Sorsa (IMF)
"Vulnerabilities in Central and Southeastern Europe-How Much Cause for Concern?"
Discussant: Guillermo A. Calvo (Columbia University)
* Date &Time: June 25, 2008; 16:00-18:00

“Global Economic Transformations of the 21st Century”

B. N. Kuzyk (Institute for Economic Strategies) & Yu.V.Yakovets (Sorokin – Kondratieff International Institute)
“The Ongoing Technological Revolution and the Related Transformation of the Global Economy”
Ruslan S. Grinberg (Institute of Economics, RAS) & Alexander Rubinstein (Institute of Economics, RAS)
“New Theoretical Foundations of Mutually Complementing Public/Private Partnership Between the State and the Private Enterprise”
Alexander I. Ageev (Institute of Economic Strategies, RAS)
“Possible Scenarios of International Relationships and Patterns of Russian Strategic Challenges”
Lucy Badalian (Millennium Workshop)
“The Technological Shift at the Start of the 21st Century and Its Implications for Global Economy and Finance”
Discussants: Victor Krivorotov (Millenium Workshop) and Dmitry Chistilin (Dniepropetrovsk University)
* Date &Time: June 25, 2008; 16:00-18:00

“Financial Globalization with Imperfect Financial Markets”
Chairperson and Organiser: Enrique Mendoza

Michael Devereux (University of British Columbia)
“Financial Globalization and Real Exchange Rate Volatility"
Marcus Miller (University of Warwick)
"Collateral constraints and a Sudden Stop for the US: the end of Global Imbalances?"
Bora Durdu (Federal Reserve Board), Enrique Mendoza (University of Maryland & NBER), Marco Terrones (IMF)
"Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism"
Vincenzo Quadrini (University of Southern California)
"Financial liberalization and International Business Cycles"
* Date &Time: June 26, 2008; 09:00-11:00

“Business Cycles in Emerging Markets”
Chairperson: Sumru Altug (Koç University)
Organiser: Attila Ratfai (CEU)

Anton Korinek (University of Maryland)
“Regulating Capital Flows to Emerging Markets: An Externality View”
Ayhan Kose, Eswar Prasad and Christopher Otrok (IMF)
'Twin Peaks in Global Business Cycle Convergence'
Attila Ratfai & Peter Benczur (Central European University)
'Facts of Business Cycles around the Globe'
Martin Uribe, Javier Garcia-Cicco and Roberto Pancrazi (Duke University)
'Real Business Cycles in Emerging Countries?'
* Date &Time: June 26, 2008; 09:00-11:00

“The EU Economy and Turkey”
Organiser: Ercan Uygur (Ankara University)

Fiorella Kostoris (University of Rome, College of Europe)
"Policy Coordination in the EU and EU-Turkish Relations"
Richard Portes (London Business School, CEPR)
“EMU After a Decade”
* Date &Time: June 26, 2008; 11:30-13:00

"Fiscal Policy: Theory and Evidence"
Chairperson: Martin Uribe (Duke University)
Organiser: Carlos Veigh (University of Maryland)

Enrique Mendoza (University of Maryland) & Vivian Yue (New York University)
"Solving the country risk-business cycle disconnect: Endogenous output dynamics in a model of sovereign debt"
Tommaso Monacelli and Roberto Perotti (Università Bocconi)
"Fiscal policy, the trade balance and the real exchange rate: Implications for international risk sharing."
Ethan Ilzetzki and Carlos Vegh (University of Maryland)
"Procyclical fiscal policy in developing countries: Truth or fiction?"
Discussants: Olivier Jeanne (IMF), Carmen M. Reinhart (University of Maryland, NBER), Ugo Panizza (UNCTAD)
* Date &Time: June 26, 2008; 11:30-13:00

“Imbalances and Adjustment Mechanisms”
Chairperson and Organiser: Andrés Neumeyer (Universidad Torcuato Di Tella)

Kaiji Cheny, Ayse Imrohoroglu, Selahattin Imrohoroglu (University of Southern California)
“A Quantitative Assessment of the Decline in the U.S. Saving Rate and the Current Account Balance”
Bernardino Adao, (Banco de Portugal,CEPR) and Isabel Correia (Banco de Portugal) and Pedro Teles (Banco de Portugal, CEPR)
“On the Relevance of Exchange Rate Regimes for Stabilization Policy”
Hugo Hopenhayn (University of California-Los Angeles) & Ivan Werning (MIT)
“Equilibrium Default”
* Date &Time: June 26, 2008; 16:00-18:00

“Financial Globalization and Global Imbalances”
Chairperson: İbrahim H. Çanakcı (Undersecretariat of Treasury of Turkey)
Organiser: Undersecretariat of Treasury of Turkey

Jean Imbs (International Banking and Finance)
“Risk Sharing, Finance and Institutions in International Portfolios”
Paolo Mauro (IMF)
"Country Insurance: The Role of Domestic Policies"
Richard Portes (London Business School, CEPR)
“'Financial Globalisation and International Financial Instability'”
Alan M. Taylor (University of California, Davis)
"Financial Stability, the Trilemma, and International Reserves"
* Date &Time: June 27, 2008; 09:00-11:00

“Indian Economy at a Crossroads”
Chairperson: Ronald Findlay (Columbia University)
Organiser: Arvind Panagariya (Columbia University)

Kaushik Basu (Cornell University)
“Political Economy of Policy Making in India”
Poonam Gupta (Delhi School of Economics)
“What Constrains Indian Manufacturing?”
Arvind Panagariya (Columbia University)
“India and China: Trade and Foreign Investment”
* Date &Time: June 27, 2008; 09:00-11:00

“Sovereign Risk”
Organiser: Oya Celasun

Oya Celasun (IMF) & Philipp Harms (Aachen University)
“How Does Private Foreign Borrowing Affect The Risk of Sovereign Default in Developing Countries?”
Eduardo Borensztein (IMF) & Ugo Panizza (UNCTAD)
“The Cost of Sovereign Default”
Guido Sandleris , (Johns Hopkins University) Horacio Sapriza (Rutgers Business School) and Filippo Taddei (Collegio Carlo Alberto)
“Indexed Debt: An Applied Framework”
* Date &Time: June 27, 2008; 11:30-13:00

“Economic and Political Liberalization in Transition Countries”
Chairperson and Organiser: Fabrizio Coricelli (University of Siena, EBRD, CEPR)

Nauro Campos (Brunel University, CEPR) & Fabrizio Coricelli (University of Siena, EBRD, CEPR)
“A Tale of Two Reversals: Theory and Evidence on the Relationship Between Economic and Political Liberalization”
Elias Papaioannou (Darthmouth College)
“Economic and Social Factors Driving the Third Wave of Democratization”
Lire Ersado (The World Bank) and Branko Milanovic (The World Bank)
“Reform and Inequality During the Transition: An Analysis Using Panel Household Survey Data, 1990-2005”
* Date &Time: June 27, 2008; 11:30-13:00

"Capital Account Regimes, Capital Flows and Financial Vulnerability in Asia: Myth and Reality"
Chairperson and Organiser: Yilmaz Akyüz (UNCTAD)

Yılmaz Akyüz “The Current Global Financial Turmoil and Asian Developing Countries”
Yongding Yu (Institute of World Economics and Politics, Chinese Academy of Social Sciences)
“The Management of Cross-Border Capital Flows and Macroeconomic Stability in China”
C. P. Chandrasekhar (Jawaharlal Nehru University)
“Financial Liberalization and the New Dynamics of Growth in India”
Suthy Prasartset & Thawatchai Jittrapanun, (Chulalongkorn University)
“Hot Money and Capital Control: The Case of Thailand”
Martin Khor (Third World Network)
“Financial Policy and Management of Capital Flows in Malaysia”
* Date &Time: June 27, 2008; 16:00-18:00

“Financial Globalization and Emerging Markets”
Chairperson: Masahiko Aoki
Organiser: Enrique Mendoza

Emine Boz (IMF)
"Sovereign Default, Private Creditors, and the IFIs"
Emine Boz (IMF), Christian Daude (IADB) and Bora Durdu (Federal Reserve Board)
"Emerging Market Business Cycles Revisited:Learning about the Trend."
Sebnem Kalemli Ozcan (Bilkent University),
"Financial Integration and Macroeconomic Stability"
Ayhan Kose & Marco Terrones (IMF)
"Financial Globalization and Productivity Growth"
* Date &Time: June 27, 2008; 16:00-18:00

“Financial Integration and Monetary Policy”
Chairperson and Organiser: Erdem Başçı (Central Bank of the Republic of Turkey)

Guillermo Calvo (Columbia University)
"Monetary Policy and Financial Fragility"
Vittorio Corbo (Pontificia Universidad Católica de Chile)
"Monetary Policy in a Financially Integrated Economy: Is There Room for an Independent Monetary Policy?"
Maurice Obstfeld (University of California, Berkeley)
"The Role of International Reserves"
* Date &Time: June 28, 2008; 09:00-11:00

“Savings, Investment, Employment and the Current Account: The Turkish Case”
Organiser: Ercan Uygur

Sumru Altuğ (Koç University)
"What Has Been the Role of Investment in Turkey's Growth Performance, 1950-2008?”
Ercan Uygur (Ankara University)
"Exchange Rates, Private Savings and the Current Account in Turkey”
Luis Serven (The World Bank)
“Savings Trends in Developing Countries”
Fırat Demir (University of Oklahoma)
"Exchange Rate Volatility and Employment Growth in Developing Countries: Evidence From Turkey"
* Date &Time: June 28, 2008; 11:30-13:00

“Vulnerability to External Factors: Is Latin America Out of the Woods Yet?”
Chairperson: Gerardo Della Paolera (American University in Paris)
Organiser: Alejandro Izquierdo (InterAmerican Development Bank)

Carmen Reinhart (University of Maryland, NBER) & Vincent Reinhart (American Enterprise Institute)
“Capital Flow Bonanzas: Past and Present”
Alejandro Izquierdo (InterAmerican Development Bank), Randall Romero (InterAmerican Development Bank) and Ernesto Talvi (CERES)
“Booms and Busts in Latin America: The Role of External Factors”
Graciela L. Kaminsky (George Washington University, NBER) & Pablo Vega-Garcia (George Washington University)
“A Tale of Three Countries: Economic Development in Argentina, Australia, and Canada since Independence”
Andrés Neumeyer (Universidad Torcuato Di Tella)
“The Role of External Shocks in Latin America's Lost Decade”
* Date &Time: June 28, 2008; 11:30-13:00

“Global Imbalances and New Reserve Systems”
Chairperson: Guillermo Calvo (Columbia University)
Organiser: Joseph Stiglitz (Columbia University)

Joseph Stiglitz (Columbia University) and Bruce Greenwald (Columbia University)
“Reforming the Global Reserve System”
Jose Antonio Ocampo (Columbia University)
“The Instability and Asymmetries of the Global Reserve System”
Discussants: Yılmaz Akyüz (UNCTAD), Yongding Yu (Institute of World Economics and Politics, Chinese Academy of Social Sciences) and Heiner Flassbeck (UNCTAD)
* Date &Time: June 28, 2008; 16:00-18:00

“Global Financial Markets: Debts, Reserves, and Turbulence”
Chairperson: Vincent R. Reinhart (American Enterprise Institute)
Organiser: Carmen M. Reinhart (University of Maryland, NBER)

Marco Cipriani (George Washington University) & Graciela L. Kaminsky (George Washington University, NBER)
“A New Era of International Financial Integration: Global, Market, and Regional Factors”
Christopher Carroll (Johns Hopkins University) & Olivier Jeanne (IMF)
“A Tractable Model of Precautionary Reserves or Net Foreign Assets”
Carmen M. Reinhart (University of Maryland, NBER) & Kenneth S. Rogoff (Harvard University, NBER)
“Domestic Debt: The Forgotten History”
Discussant: Alejandro Izquierdo (InterAmerican Development Bank)
* Date &Time: June 29, 2008; 09:00-11:00

"The Turkish Economy Seven Years after the 2001 Crisis"
Chairperson: Ahmet Tıktık (State Planning Organisation)
Organiser: Oya Celasun (IMF)

Y. Soner Başkaya, A. Hakan Kara and Defne Mutluer (Central Bank of Turkey)
“Inflation Expectations and Monetary Policy in Turkey”
Fatih Özatay (TOBB University of Economics and Technology)
“Expansionary Fiscal Consolidations: New Evidence from Turkey”
Mustafa Kılınc (Central Bank of Turkey)
“Sectoral Asymmetries,Currency Mismatch and Sudden Stops”
Cevdet Akçay (Yapi Kredi Bank) & Murat Üçer (Istanbul Analytics)
“Turkey's Experience with the “Unholy Trinity: What Role for Economic Policy?”
* Date &Time: June 29, 2008; 09:00-11:00

“The New Economics of the Brain Drain: Brain Gains and Economic Growth”
Chairperson and Organiser: Oded Stark

Oded Stark (University of Klagenfurt)
“The Brain Drain as a Catalyst of Human Capital Gains, Welfare Improvement, and Economic Growth”
Alessandra Casarico (Università Bocconi) & Silke Uebelmesser (University of Munich, CES)
“An Optimal Selective Migration Policy in the Absence of Symmetric Information and in the Presence of Skill Formation Incentives”
C. Simon Fan (Lingnan University), Oded Stark (University of Klagenfurt) and Xiangdong Wei (Lingnan University)
“Heterogeneous Human Capital and “Beneficial Brain Drain:” Theory, and Evidence from China”
Discussant: J. Barkley Rosser Jr.
* Date &Time: June 29, 2008; 11:30-13:00