International Financial Crises: What Follows the Washington Consensus?

Conference Outline

As new governments are in place in both Brazil and Argentina, and movements on “sovereign bankruptcy procedures” have been made at the IMF and World Bank spring meetings, the time seems suitable to take stock of international financial developments since the “Washington Consensus” first emerged in the early 1990s. The 2003 CSGR Annual Conference and the Warwick Summer Research Workshop, to be held at the University of Warwick, will focus on these topics, also bearing in mind the closely related theme of the reform of the International Financial Architecture.

The two events are organised by CSGR and the Economics Department of the University of Warwick. We hope this joint organisation will encourage some useful synergies: the workshop will keep its traditional economic angle, while the Conference will be more focussed on economic policy issues, by bringing together economists, political scientists, scholars from other disciplines and policy-makers in order to encourage an exchange of different perspectives on the subject.

Programmes

Conference Programme

Summer Economic Workshop Programme

Calls for Papers

Attendance to the Workshop and the Conference, funded by the ESRC and CSGR, is by invitation. Those with research in this area and with a paper to offer are welcome to send details to Marcus Miller (Marcus.miller@warwick.ac.uk), Richard Higgott (Richard.Higgott@warwick.ac.uk) or Gianluca Grimalda (G.F.Grimalda@warwick.ac.uk ). In particular, the topics we expect to cover are the following:

• The Instruments to Reform the International Financial Architecture:

a) Collective Action Clauses (CACs)

b) Codes of Conduct

c) Sovereign Debt Restructuring Mechanism (SDRM)

• International Flows to Developing Countries: Equity and Direct Investment Channels (The Rogoff Plan)
• Case Studies: Argentina, Brazil, etc.
• A comparative Evaluation of the Different Crises, e.g. South-East Asia vs. Latin America
• Economic Development and Capital Markets: Theoretical Underpinnings; Empirical Evidence; Policy Implications
• Washington Consensus: An Ex-post appraisal
• "Monterrey Consensus”; “An Agenda for Restoring Growth and Reform"
• What Follows the Washington Consensus? Issues of Global Governance; The Reform of the International Financial Architecture
   

Confirmed participants:

Kern Alexander	Cambridge University
Patrizia Baudino	European Central Bank
Amar Bhattacharya	The World Bank
Mario Blejer	Bank of England
Frank Bohm	University of Essex
Olli Castren	European Central Bank
Christophe Chamley	Boston University
Shurojit Chatterji	Centro de Investigación Económica - ITAM
Luisa Corrado	University of Roma Tor Vergata
Tatiana Damjanovvic	University of Essex
Gabriel Desgranges	Université de Cergy-Pontoise
Heribert Dieter	German Institute for International and Security Affairs (SWP) and CSGR
John Driffill	Birbeck College
Mardi Dungey	Australian National University
Gianluca Femminis	Universita' Cattolica di Milano
Matthew Fisher	International Monetary Fund (IMF)
Javier Garcia Fronti	University of Warwick - Universidad de Buenos Aires
Sayantan Ghosal	University of Warwick
Andrew Haldane	Bank of England
Daniel Heymann	Economic Commission for Latin America and the Caribbean (ECLAC) and Universidad de Buenos Aires
Kannika Kampanishvong	University of Warwick
Peter Kenen	Princeton University
Kenneth Kletzer	University of California
Dennis Leech	University of Warwick
Marcia Leon	Instituto Nacional de Matemática Pura e Aplicada (IMPA)
Silvia Marchesi	Universita' di Siena
Ellen Meade	London School of Economics (LSE)
Rodrigo Olivares Caminal	Warwick University
Georges Pineau	European Central Bank
Richard Portes	London Business School and CEPR
Andrew Powell	Universidad Torcuato Di Tella (UTDT)
Eugenio Proto	University of Bristol
Olwen Renowden	Birbeck College
Victoria Saporta	Bank of England
Demosthenes Tambakis	University of Cambridge
David Vines	University of Oxford
Ngaire Woods	University of Oxford

Paper Presenters and Titles

Presenter	Title of Paper	Paper
Mario Blejer Bank of England	On Currency Collapses and Bank Runs: Argentine Twin Crises	Presentation
Heribert Dieter German Institute for International and Security Affairs	Exchange Rate Policy After the Crash in Argentina: A Free Float As The Only Alternative?	Paper
Matthew Fisher IMF	Building on a Decade of Experience: Crisis Prevention and Resolution (joint with Ann Krueger)	Paper
Andrew Haldane and Victoria Saporta Bank of England	Analytics of Sovereign Debt Restructuring	Paper
Kenneth Kletzer University of California	Crisis Resolution: Next Steps (joint with Barry Eichengreen and Ashoka Mody)	Paper
Dennis Leech University of Warwick	Weighted Voting in International Financial Institutions (joint with Robert Leech)	Paper
Marcia Leon Instituto Nacional de Matemática Pura e Aplicada	Speculative Attacks on Debt and Optimum Currency Area: A Welfare Analysis (joint with Aloisio Araujo)	Paper
Richard Portes London Business School	Resolution of Sovereign Debt Crises: The New Old Framework (joint with Daniel Cohen)	Paper
Andrew Powell Universidad Torcuato Di Tella (UTDT)	Liquidity Protection Versus Moral Hazard: the Role of the IMF (joint with Leandro Arozamena)	Paper Appendix1 Appendix2
Demosthenes Tambakis Cambridge University	Strategic Liquidity and Default Risk with Implications for International Capital Controls	Paper
David Vines Oxford University	The Efficient Resolution of International Capital Account Crises: How to Avoid Moral Hazard (joint with Gregor Irwin)	Paper