Capital Flows and Financial Development in Emerging Markets – CEMP-CIEPS-HKUST IEMS Workshop

Published on: 2015-03-04

SHARE THIS:

Co-sponsored by HKUST IEMS and the Claremont Institute for Economic Policy Studies (CIEPS) at Claremont Graduate University (CGU), the Center for Emerging Market Policies (CEMP) at George Mason University School of Policy, Government and International Affairs (GMU-SPGIA) hosted its 5th annual research forum on the theme of capital flows and financial development in emerging market economies (EMEs). The annual research forum brought together leading scholars from all over the world to present, discuss and deliberate cutting edge research work on policy issues of concern to EMEs, intended to benefit the research and policy community at large.

The research forum covered contemporary macroeconomic and financial policy issues of relevance to EMEs including the impact of quantitative easing policies on EMEs, implications of financial openness on financial development and volatility, exchange rate regimes and transmission of business cycles as well as impact of capital flow surges, reversals and controls on EMEs.

One of the first sessions of the forum examined the impact of quantitative easing policies and its impact on emerging markets. A paper by Dr. Nicholas Coleman, an economist at the Federal Reserve Board, provided rich empirical evidence on the effect of internal liquidity management of banks in Brazil on local lending at the municipality level, following the “taper tantrum” when the market began to anticipate the Federal Reserve’s shift away from accommodative monetary policies. Using the “taper tantrum” as an exogenous shock to bank funding conditions in Brazil, Dr. Coleman and his co-authors find that following the liquidity shock there was no differential impact on the net due positions of the headquarters and non-headquarters localities, though they found that the net due to position of government banks relative to private banks became significantly larger following the taper.

The forum also featured an interesting session on capital controls where Dr. Andres Fernandez from the Inter-American Development Bank presented new evidence that capital controls on both inflows and outflows have been acylical unconditionally over the business cycle. One of the significant findings of the paper he presented relates to the fact that over the past decade and a half, countries around the world have not systematically applied capital controls in a countercyclical fashion as advocated by a large theoretical literature.

The research forum hosted leading economists both from prestigious multilateral institutions like the Board of Governors of the Federal Reserve System, the International Monetary Fund (IMF), The World Bank and Inter-American Development Bank (IDB) as well as reputed national and global universities including George Washington University (GWU), College of William and Mary, Claremont Graduate University (CGU), Claremont Mckenna College (CMC), Hong Kong University of Science and Technology (HKUST) and George Mason University (GMU).

The final program of the workshop can be found here.

PANELIST BIOS

Sven ARNDT is Charles M. Stone Professor of Money, Credit and Trade at Claremont McKenna College.

Meghana AYYAGARI is an Associate Professor at School of Business and Elliott School of International Affairs at George Washington University.

Ravi BALAKRISHNAN is Deputy Chief, North American Division, Western Hemisphere Department of the International Monetary Fund.

Nicholas COLEMAN is an Economist in the International Finance division of the Board of Governors of the Federal Reserve System

Nathan CONVERSE is an Economist in the International Finance division of the Board of Governors of the Federal Reserve System

Levan EFREMIDZE is a Visiting Assistant Professor of Finance at Graziadio School of Business at Pepperdine University.

Andres FERNANDEZ is a Research Economist in the Research Department at the Inter-American Development Bank.

Poonam GUPTA is a Senior Economist in the Development Economics Vice Presidency of the World Bank.

Sasidaran GOPALAN is a Post-Doctoral Research Fellow at the Institute for Emerging Market Studies and Institute for Advanced Study at the Hong Kong University of Science and Technology.

 Andrew HUGHES HALLET is University Professor at the School of Policy, Government and International Affairs, GMU and Professor of Economics at University of St Andrews, Scotland.

Lance KENT is an Assistant Professor of Economics at College of William and Mary.

Ramkishen S. RAJAN is a Professor at the School of Policy, Government and International Affairs, GMU and a Visiting Professor, at the LKY School of Public Policy, National University of Singapore.

 Sergio SCHMUKLER is a Lead Economist Development Research Group at the World Bank.

Ranil SALGADO is a Division Chief in the Strategy, Review, and Policy Department of the International Monetary Fund.

Sita SLAVOV is Professor at the School of Policy, Government and International Affairs, GMU.

Tom WILLETT is the Director of the Claremont Institute for Economic Policy Studies and Horton Professor of Economics at Claremont Graduate University and Claremont McKenna College.

Venkataramana YANAMANDRA is a Research Consultant at Corporate Executive Board.

For Registration and more details about the Workshop, click here.

Leave a Reply

Your email address will not be published. Required fields are marked *