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CEPR/HIEBS/HKIMR

Conference on 'Deflation, Pegs and Capital Flows'

01 December 2003 (Monday) - 02 December 2003 (Tuesday)



Monday, 1 December
09:00 - 09:15 Welcome

Session 1: The Argentine Crisis

Chair: Stefan Gerlach (HKMA, HKIMR, and CEPR)
09:15 - 10:30 The Art of Exiting a Peg
Ahmet Asici (Graduate Institute of International Studies)
Charles Wyplosz* (Graduate Institute of International Studies and CEPR)

Discussant: Robert McCauley (BIS, Asian Office)

con_paper_0_160_wyplosz.pdf
10:30 - 10:45 Coffee

10:45 - 11:45 Presentation: Why the Argentine Currency Board Collapsed?
Mario Blejer (CCBS, Bank of England)

con_paper_0_162_blejer_1.pdf
11:45 - 12:45 Panel Session: Lessons from Argentine
Panel Session: Lessons from Argentine

Chair: Richard Wong (HKU)

Panelists: Mario Blejer (CCBS, Bank of England)
Andrew Sheng (Secutities and Futures Commission)
Charles Wyplosz (Graduate Institute of International Studies and CEPR)
Joseph Yam (HKMA)

12:45 - 14:00 Lunch

Session 2: Deflation

Chair: Shu-ki Tsang (HKBU)
14:00 - 15:15 Price Formation and Deflation in Hong Kong
Hans Genberg (Graduate Institute of International Studies)

Discussant: Guy Meredith (IMF)

con_paper_0_167_genberg-deflation-in-hong-kong.pdf
15:15 - 15:30 Coffee

15:30 - 16:45 Deflation in Asia: A Panel Data study
Stefan Gerlach (HKIMR and CEPR)
Raphael Lam (UCLA)
Wensheng Peng* (HKMA)

Discussant: Parisun Chantanahom (Bank of Thailand)

con_paper_0_169_peng-disinflation-and-deflation-in-asia.pdf
16:45 - 17:00 Break

17:00 - 18:15 Regional Currencies
Xavier Debrun (IMF)

Discussant: David Cook (HKUST)

con_paper_0_171_debrun.pdf
19:00
Conference Dinner hosted by Joseph Yam, Chief Executive of the Hong Kong Monetary Authority and Chairman of the Board, Hong Kong Institute for Monetary Research
(Venue: China Club, Room 142-145, 14/F, The Old Bank of China Building, Bank Street, Central)

Tuesday, 2 December

Session 3: Capital Flows

Chair: Alan Siu (HKU)
09:15 - 10:30 International Financial Adjustment
Pierre-Olivier Gourinchas
Hélene Rey* (Princeton University and CEPR)

Discussant: Philip Lane (Trinity College, Dublin and CEPR)

con_paper_0_176_rey.pdf
10:30 - 10:45 Coffee

10:45 - 12:00 Inadequacy of Capital Flows from Rich to Poor Countries: The Role of Set-up Costs
Assaf Razin* (Tel Aviv University; Cornell University and CEPR)
Yona Rubinstein (Tel Aviv University)
Efraim Sadka (Tel Aviv University)

Discussant: Hélene Rey (Princeton University)

con_paper_0_178_razin-pdf.pdf
12:00 - 13:30 Lunch

Session 4: Price Formation

Chair: Charles Wyplosz (GIIS, Geneva and CEPR)
13:30 - 14:45 Real Exchange Rates under Nominal Pegs
Philip Lane (Trinity College, Dublin and CEPR)

Discussant: Hans Genberg (Graduate Institute of International Studies)

con_paper_0_182_lane.pdf
14:45 - 15:00 Coffee

15:00 - 16:15 Monetary Policy and Exchange Rate Passthrough: Theory and Empirics
Michael Devereux (University of British Columbia and CEPR)
James Yetman* (University of Hong Kong)

Discussant: Assaf Razin (Tel Aviv University, Cornell University and CEPR)

con_paper_0_184_yetman.pdf
16:15 - 16:30 Break

16:30 - 17:45 The Open-Economy Phillips Curve: 'New Keynesian' Theory and Evidence
Prakash Loungani (IMF)
Assaf Razin (Tel Aviv University, Cornell University and CEPR)
Chi-Wa Yuen* (University of Hong Kong)

Discussant: Xavier Debrun (IMF)



Organizers:
Stefan Gerlach (HKMA, HKIMR, CEPR)
Alan Siu (HIEBS, University of Hong Kong)
Charles Wyplosz (GIIS, Geneva and CEPR)
con_paper_0_186_yuen-pdf.pdf


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