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Financial Globalization: A Blessing or a Curse?

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Conference jointly sponsored by the World Bank, the Center for Financial Studies, and the Elliot School for International Studies  

Agenda:    Thursday May 30, 2002    |      Friday May 31, 2002

Thursday, May 30, 2002

10:30 -11:00 

Welcome remarks

Cesare Calari, World Bank
Graciela Kaminsky, George Washington University

11:00 - 12:40   

Session 1: Global banking         
                     Chair: Asli Demirgüç-Kunt, World Bank

Download icon, type 3Does Foreign Bank Penetration Reduce Access to Credit in Developing Countries? Evidence from Asking Borrowers
George Clarke, World Bank
Robert Cull, World Bank
Maria Soledad Martinez Peria, World Bank (presenter)

Download icon, type 3What Extent Will the Banking Industry Be Globalized?  A Study of Bank Nationality and Reach in 20 European Nations
Allen Berger, Federal Reserve Board (presenter)
Qinglei Dai, Norwegian School of Management
Steven Ongena, Tilburg University
David Smith, Federal Reserve Board (presenter)

Download icon, type 3Consolidation and Market Structure in Emerging Markets Banking Systems
Gaston Gelos, International Monetary Fund
Jorge Roldos, International Monetary Fund (presenter)

Susan Collins, Georgetown University and Brookings Institution
Linda Goldberg, Federal Reserve Bank of New York


14:30 - 16:10  

Session 2: Financial liberalization, booms, and busts
                     Chair: Philip Suttle, World Bank

Download icon, type 3The Benefits of Capital Account Liberalization
Pierre Gourinchas, Princeton University (presenter)
Olivier Jeanne, International Monetary Fund (presenter)

Download icon, type 3Financial Globalization and Emerging Markets: With or Without Crash?
Hélène Rey, Princeton University (presenter)
Philippe Martin, Federal Reserve Bank of New York and CEPR

Download icon, type 3Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
Graciela Kaminsky, George Washington University (presenter)
Sergio Schmukler, World Bank

Linda Tesar, University of Michigan
Fernando Broner, University of Maryland


16:30 - 18:30  

Session 3: Globalization, institutions, macroeconomics, and politics                Chair: Michael Moore, George Washington University

Download icon, type 3Before and After Financial Liberalization 
Carmen Reinhart, International Monetary Fund and University of Maryland (presenter)
Ioannis Tokatlidis, University of Maryland

Download icon, type 3Capital Account Liberalization: Allocative Efficiency or Animal Spirits?
Anusha Chari, University of Chicago
Peter Henry, Stanford University (presenter)

Download icon, type 3The Great Reversals: The Politics of Financial Development in the 20th Century
Raghu Rajan, University of Chicago
Luigi Zingales, University of Chicago (presenter)

Download icon, type 3Institutional Causes, Macroeconomic Symptoms
Daron Acemoglu, MIT
Simon Johnson, MIT (presenter)
James Robinson, MIT
Yunyong Thaicharoen, MIT

Marco Cipriani, George Washington University
Stijn Claessens, Universiteit van Amsterdam and CEPR


Friday, May 31, 2002

9:00 - 10:40  

Session 4: Financial globalization and growth
                     Chair: Hali Edison, International Monetary Fund

Download icon, type 3Does Financial Liberalization Spur Economic Growth?
Geert Bekaert, Columbia University
Campbell Harvey, Duke University
Christian Lundblad, Indiana University (presenter)

Download icon, type 3Financial Liberalization and Growth
Arturo Galindo, Inter-American Development Bank (presenter)
Alejandro Micco, Inter-American Development Bank
Guillermo Ordoñez, Inter-American Development Bank

Download icon, type 3The Impact of Foreign Direct Investment on Growth
Ross Levine, University of Minnesota (presenter) 

Bill Easterly, Institute for International Economics
Pamela Labadie, George Washington University


11:00 - 12:40 

Session 5: Financial globalization and asset markets
Chair: Antoinette Schoar, MIT

Download icon, type 3Why Are Foreign Firms Listed in the U.S. Worth More?
Craig Doidge, Ohio State University
Andrew Karolyi, Ohio State University (presenter)
René Stulz, Ohio State University

Download icon, type 3Confidence Building in Emerging Stock Markets
Enrico Perotti, Universiteit van Ámsterdam and CEPR (presenter) 
Luc Laeven, World Bank

Download icon, type 3Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers (click here for text)
Stijn Claessens, Universiteit van Amsterdam and CEPR (presenter)
Daniela Klingebiel, World Bank
Sergio Schmukler, World Bank

Ingrid Werner, Ohio State University
Vincent Reinhart, Federal Reserve Board



14:00 -  16:00   

Panel: Financial globalization: A blessing or a curse?
                          Moderator: Jerry Caprio, World Bank

Stanley Fischer, Citicorp
Jeffrey Frankel, Harvard University
Kenneth Rogoff, IMF

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