VIII Conferencia Anual del Banco Central de Chile

External Financial Vulnerability and Preventive Policies

Santiago, Chile, August 10 and 11, 2004

Opening Remarks

Opening Remarks

Vittorio CorboGovernor, Central Bank of Chile

Session 1: External Shocks

Why are capital flows so much more volatile in developing than in developed countries? The (non) role of fundamentals

Fernando BronerMaryland University

Roberto RigobonMIT

Openness, Vulnerability, and Growth

César CalderónCentral Bank of Chile

Norman LoayzaWorld Bank

Klaus Schmidt-HebbelCentral Bank of Chile

Business Cycle Responses and Resilience of the Chilean Economy During the Last Fifty Years

Helmut FrankenIMF

Guillermo Le FortIMF

Eric ParradoIMF

Session II: What do countries do? Macro policies and market developments

Policy responses to external shocks: The experience of Australia, Brazil and Chile

Luis Felipe CéspedesCentral Bank of Chile

Philip LoweReserve Bank of Australia

Ilan GoldfajnPUC-Rio

Rodrigo ValdésCentral Bank of Chile

Large Hoarding of International Reserves: Are they worth it?

Pablo GarcíaCentral Bank of Chile

Claudio SotoCentral Bank of Chile

Currency Mismatches, Balance Sheet E¤ects and Hedging in Chilean Non- Financial Corporations

Kevin CowanIDB

Erwin HansenIDB

Luis Óscar HerreraCentral Bank of Chile

Is the FX derivatives market effective and efficient in reducing currency risk? Some evidence, with focus on Chile

Esteban JadresicCentral Bank of Chile

Jorge SelaiveCentral Bank of Chile

Managing the Capital account

Sebastián EdwardsUCLA

Session III: How could emerging economies face better external vulnerability?

Sovereign Debt, Volatility and Insurance

Kenneth KletzerUC at Santa Cruz

Exchange Rate Interventions and Insurance: Is “Fear of Floating” a Cause for Concern?

Francisco GallegoMIT

Geraint JonesMIT

Contingent Reserves Management: An Applied Framework

Ricardo CaballeroMIT

Stavros PanageasMIT