XVII Conferencia Anual del Banco Central de Chile

Global Liquidity, Spillovers to Emerging Markets and Policy Responses

14th and 15th November 2013

Grand Hyatt Hotel, Santiago, Chile

Opening remarks

Opening Remarks

Rodrigo VergaraGovernor, Central Bank of Chile

Keynote address

Maurice ObstfeldProfessor of Economics, University of California at Berkeley.

Session I: Global Liquidity

Corporate Saving in Global Rebalancing

Philippe BacchettaProfessor of Economics, University of Lausanne.

External Adjustment to the Global Crisis: An Update

Gian Maria Milesi-FerrettiDeputy Director, Western Hemisphere Department, International Monetary Fund.

Session II: Carry Trade, Capital Controls and Monetary Policy

A Theory of Capital Controls as Dynamic Terms-of-trade Manipulation

Guido LorenzoniProfessor of Economics, Northwestern University.

Financial Frictions and the Transmission of Foreign Shocks in Chile

Javier García-CiccoSenior Economist, Central Bank of Chile

Sterilized Foreign Exchange Interventions under Inflation Targeting

Marcos ChamonDeputy Division Chief, Systemic Issues Division, Research Department, International Monetary Fund.

The Carry Trade Reconsidered

Craig BurnsideProfessor of Economics, Duke University

Session III: Global Banking and Credit Bubbles

Spillovers to Emerging Markets: The Role of Financial Linkages

Sebnem Kalemli-OzcanProfessor of Economics, University of Maryland

Bubbly Collateral and Economic Activity

Jaume VenturaResearch Professor, Barcelona Graduate School of Economics

Policy Panel: The End Of Qe – Consequences for Emerging Markets


Guillermo CalvoUniversity of Columbia


Vittorio CorboCentro de Estudios Públicos


Maurice Obstfeld