International macroeconomics, money & banking

Monday (Morning)
International Financial Flows and Exchange Rates
Chair: Christopher M. Meissner (University of California, Davis)

8:30 am – 9:15 am (SGT)
The Original Sin Redux: A Model Based Evaluation
Nikhil Patel (Bank for International Settlements)
Boris Hofmann (Bank for International Settlements)
Steve Pak Yeung Wu* (University of British Columbia)

Linda Tesar (University of Michigan & ABFER)
9:15 am – 10:00 am
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates
Charles Engel* (University of Wisconsin-Madison)
Javier Bianchi (Federal Reserve Bank of Minneapolis)
Saki Bigio (University of California)

Ernest Liu (Princeton University)
10:00 am - 10:30 am

International Capital Flows
Chair: Alessandro Rebucci (John Hopkins University)

10:30 am – 11:15 am
Capital Controls and Income Inequality
Mark M. Spiegel* (Federal Reserve Bank of San Francisco)
Zheng Liu (Federal Reserve Bank of San Francisco)
Jingyi Zhang (Shanghai University of Finance and Economics)

Kosuke Aoki (University of Tokyo)
11:15 am – 12:00 pm
International Equity and Debt Flows to Emerging Market Economies: Composition, Crises, and Controls
Chang Ma* (Fudan University)
Shang-Jin Wei (Columbia University & ABFER)

Anton Korinek (University of Virginia)

Monday (Afternoon)
Asset Pricing
Chair: Ilhyock Shim (Bank of International Settlements)

3:00 pm – 3:45 pm (SGT)
Local Currency Bond Returns, Foreign Investors and Portfolio Flows in Emerging Markets
Giorgio Valente* (Hong Kong Institute for Monetary and Financial Research & ABFER)
Inhwan So (The Bank of Korea)
Jason Wu (Federal Reserve Board)

Anella Munro (Asia School of Business)
3:45 pm – 4:30 pm
Parallel Digital Currencies and Sticky Prices
Taojun Xie* (National University of Singapore)
Harald Uhlig (University of Chicago)

Pierpaolo Benigno (University of Bern)
4:30 pm - 5:00 pm
Lending in China
Chair: Haichun Ye (The Chinese University of Hong Kong, Shenzhen)

5:00 pm – 5:45 pm
Corporate Foreign Bond Issuance and Interfirm Loans in China
Richard Portes (London Business School)
Yi Huang* (The Graduate Institute Geneva)
Ugo Panizza (The Graduate Institute Geneva)

Marlene Amstad (Harvard University & ABFER)
5:45 pm – 6:30 pm
Hidden Non-Performing Loans In China
Ben Charoenwong (National University of Singapore)
Meng Miao (Renmin University)
Tianyue Ruan* (National University of Singapore)

Takeo Hoshi (University of Tokyo & ABFER)

International Macro Modeling
Chair: Martin Bodenstein (Federal Reserve Board)

8:30 am - 9:15 am (SGT)
Trade Wars, Currency Wars
Michael B. Devereux* (University of British Columbia)
Stephane Auray (Universite du Littoral Cote d'Opale)
Aurelien Eyquem (Universite Lumiere Lyon 2)

Jinill Kim (Korea University)
9:15 am - 10:00 am
Estimating Macroeconomic Models Of Financial Crises: An Endogenous Regime-Switching Approach
Alessandro Rebucci* (Johns Hopkins University)
Gianluca Benigno (Federal Reserve Bank of New York)
Andrew Foerster (Federal Reserve Bank of San Francisco)
Christopher Otrok (University of Missouri)

Yasuo Hirose (Keio University)
10:00 am - 10:30 am

Pandemic Panel
Chair: Antonio Fatas (INSEAD and ABFER)

10:30 am - 12:00 pm
What Explains the Crash of Bank Stock Prices During COVID-19?
Sascha Steffen* (Frankfurt School of Finance & Management)
Viral V. Acharya (New York University)
Robert Engle (New York University)
Post Covid-19 Exit Strategies And Emerging Markets Economic Challenges
Joshua Aizenman* (University of Southern California)
Hiro Ito* (Portland State University)
Corporate Loan Spreads and Economic Activity
Sascha Steffen (Frankfurt School of Finance & Management)
Anthony Saunders (New York University)
Alessandro Spina* (Copenhagen Business School)
Daniel Streitz (Copenhagen Business School)

* Presenter. Program is subjected to change. Updated 31 March 2021.

Session Format

Each paper presentation lasts for 45 minutes, including 15 minutes for presentation, 15 minutes for discussant remarks and 15 minutes for Q&A. 

Special Session (Panel): Each panel presenter will have 20 minutes. There will be no discussant. The Session Chair will comment on all papers and handle the Q&A session.

Contact Information

Program Director Conference Organizer

Antonio Fatas (INSEAD & ABFER)
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Takeo Hoshi (The University of Tokyo & ABFER)
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Ippei Fujiwara (Keio University, Australian National University & ABFER)
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Helen Popper (Santa Clara University & ABFER)
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