Tsinghua – Columbia Workshop in International Economics 2009
The Global Crisis and Reforms of International Financial Architecture
Co-sponsors: Hong Kong Institute for Monetary Research and European Central Bank
June 26-27, 2009
Venue: Multi-function Hall (Room 418), Shunde Building
June 26, 2009
8:00-8:30 Registration
8:30-8:40 Welcome Remarks
Session 1: Cyclicality, Crisis, and Corrective Actions
Chair: Chong-En Bai (Tsinghua University)
8:45-9:45 Charles Engel (University of Wisconsin, Madison, and NBER) and Jian Wang (Federal Reserve Bank of Dallas)
International Trade in Durable Goods: Understanding Volatility, Cyclicality,
and Elasticities PPT Download
Discussant: Vivian Yue (NYU) PPT
9:45-10:00 Break
10:00-11:00 Hui Tong (IMF) and Shang-Jin Wei (Columbia, Tsinghua, and NBER):
The Composition Matters: Capital Flows and Liquidity Crunch during the
2007-09 Global Crisis PPT Download
Discussant: Anusha Chari (University of North Carolina and NBER)
11:00-12:00 Takeo Hoshi (UCSD and NBER) and Anil K. Kashyap (Univ of Chicago
Booth School of Business and NBER)
Will the U.S. Bank Recapitalization Succeed? Lessons from Japan PPT Download
Discussant: Dong He (Hong Kong Monetary Authority) PPT
12:00-13:30 Lunch
Session 2: Regional and Global Linkages in Crisis and Tranquil Times
Chair: Dong He (Hong Kong Monetary Authority and HKIMR)
13:45-14:45 Michael Ehrmann (ECB), Marcel Fratzscher (ECB) and Arnaud Mehl
(ECB)
What Has Made the Current Financial Crisis Truly Global? PPT Download
Discussant: Vivek Arora (IMF)
14:45-15:00 Break
15:00-16:00 Dong He, Zhiwei Zhang, and Honglin Wang (all HKMA)
Hong Kong’s Financial Market Interactions with the U.S. and Mainland
China in Crisis and Tranquil Times PPT Download
Discussant: Qing Liu (Tsinghua University) PPT
16:00-17:00 Chong-En Bai (Tsinghua), Jiangyong Lu (Tsinghua), and Zhigang Tao
(U of Hong Kong)
Capital or Knowhow: the Role of Foreign Multinationals in Sino-Foreign
Joint Ventures PPT Download
Discussant: Susan Zhu (Michigan State University) PPT
18:30 Dinner (Baijia Dazhaimen)
July 27, 2009
Session 3: Crisis and Cross-border Investment
Chairman: Filippo di Mauro (European Central Bank)
9:00-10:00 Anusha Chari (UNC and NBER)
Foreign Ownership and Firm Performance: Evidence from Emerging Market
Acquisitions in the United States PPT Download
Discussant: Taeyoon Sung (Yongsei University)
10:00-10:15 Break
10:15-11:15 Woochan Kim (KDI School of Management and Public Policy), Taeyoon
Sung (Yonsei University), and Shang-Jin Wei (Columbia, Tsinghua and NBER)
Does Corporate Governance at Home Affect Investment
Patterns Abroad? Download
Discussant: Michael Zheng Song (Fudan University)
11:15-12:15 Dhammika Dharmapala (Harvard), C. Fritz Foley (Harvard Business School)
and Kristin Forbes (MIT)
Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act Download
Discussant: Jiandong Ju (IMF and University of Oklahoma)
12:15-13:45 Lunch
14:30-16:30 Panel Discussion:
The Global Crisis, Global Reforms and the Role of China
Moderator: Shang-Jin Wei (Columbia University, Tsinghua University, and NBER)
Yingyi Qian (Dean, Tsinghua University’s School of Economics and Management)
David Dollar (Country Director for China and Mongolia, the World Bank)
Takeo Hoshi (Professor, UCSD)
Beatrice Weder di Mauro (Professor, University of Mainz, and Member of German Council of Economic Experts)
17:30 Dinner
Instructions to presenters/discussions and panelists
Presenters: 30 minutes per paper. Please email your ppt to Professor Qing Liu (email: ...) by June 23, 2009. Please upload the ppt onto the conference laptop before the start of the session.
Discussants: 10 minutes per paper. Please skip any summary of the paper unless it represents a new way to look at the research question. Please consider giving a hard copy of the discussion to the authors, which could be more detailed than the discussion at the conference.
For the policy panel on June 27, each panelist will give 5-8 minutes of lead-off remarks; to be followed by questions and answers.
Emergency Contact:
Ms. WANG Yu (Tsinghua University), office: 010-6277-3181, and cell: 1591-0606-359
Professor Qing Liu (Tsinghua University), office: 010-6277-3994, cell: 1371-8265-283
Shang-Jin Wei (United States): 212-854-9139, and (China):1580 1700 315.
