2010, Rio de Janeiro. XII Workshop in International Economics and Finance

The XII Workshop in International Economics and Finance took place in Rio de Janeiro on April 8-10, 2010.

Thursday 8

11:00 – 13:00 Registration

13:00 – 14:00 Lunch

14:00 – 14:30 Opening Remarks

Makhtar Diop (World Bank Brazil Country Director)

Andrés Neumeyer (Universidad Torcuato Di Tella)

Carlos Hamilton Vasconcelos Araújo (Banco Central do Brasil)


14:30 – 15:40 Gian Maria Milesi-Ferretti (International Monetary Fund and CEPR)

Co-author: Philip Lane (Trinity College Dublin and CEPR)  

The Cross-Country Incidence of the Global Crisis

Discussant: Nelson Ferreira Souza Sobrinho (Banco Central do Brasil)

15:40 – 16:50 Patrick Kehoe (Princeton University and FRB Minneapolis)

Co-author: V. V. Chari (University of Minnesota and FRB Minneapolis)

Bailouts, Time Inconsistency and Optimal Regulation

Discussant: Pedro Teles (Bank of Portugal, Univ. Católica Portuguesa and CEPR)

16:50 – 17:20 Coffee Break

17:20 – 19:00 Policy Session – The Challenges of Financial Regulation in the Aftermath of the Global Crisis

Alexandre Tombini (Banco Central do Brasil)

Augusto de la Torre (World Bank)

Andrew Powell (IADB)

Rubens Sardenberg (Febraban)

19:00 – 21:00 Welcome cocktail hosted by Banco Central do Brasil

Friday 9

10:00 – 11:10 George Alessandria (FRB Philadelphia)

Co-authors: Joseph Kaboski (Ohio State University and NBER) and Virgiliu Midrigan (New York University and NBER)

The Great Trade Collapse of 2008-2009: An Inventory Adjustment?

Discussant: Isabel Correia (Bank of Portugal, Univ. Católica Portuguesa and CEPR)

11:10 – 11:30 Coffee Break

11:30 – 12:40 Brent Neiman (University of Chicago)

Co-authors: Jonathan Eaton (Penn State University and NBER), Sam Kortum (University of Chicago and NBER) and John Romalis (University of Chicago and NBER)

Trade and the Global Recession

Discussant: Timothy Kehoe (University of Minnesota)

12:40 – 13:40 Lunch

13:40 – 14:50 Elías Albagli (Harvard University)

Co-authors: Christian Hellwig (UCLA) and Aleh Tsyvinski (Yale University)

Information Aggregation and Investment Decisions

Discussant: Carlos da Costa (Fundação Getulio Vargas, MIT) 

14:50 – 15:10 Coffee Break

15:10 – 16:20 Tatiana Didier (World Bank)

Co-authors: Roberto Rigobon (MIT and NBER) and Sergio Schmukler (World Bank).

Unexploited Gains from International Diversification: Patterns of Portfolio Holding around the World

Discussant: Rafael Chaves Santos (Banco Central do Brasil)

16:20 – 17:30 Javier Bianchi (University of Maryland)

Overborrowing and Systemic Externalities in the Business Cycle

Discussant: Alessandro Rebucci (IADB)

20:00 – 23:00 Dinner hosted by World Bank

 Saturday 10

9:30 – 10:40 Pablo Kurlat (MIT)

Lemons, Market Shutdowns and Learning

Discussant: Raquel Fernández (New York University)

10:40 – 11:00 Coffee Break 

11:00 – 12:10 Emanuel Farhi (Harvard University and Toulouse School of Economics)

Co-Authors: Jean Tirole (Toulouse School of Economics)

Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts

Discussant: Pricila Maziero (University of Pennsylvania)

12:10 – 13:20 V. V. Chari (University of Minnesota and FRB Minneapolis)

Co-authors: Ali Shourideh and Ariel Zetlin-Jones (University of Minnesota and FRB Minneapolis) 

Reputation and Sudden Collapse in Secondary Loan Markets

Discussant: Hugo Hopenhayn (UCLA)

13:20 – 14:30 Lunch