Conferences

Tenth Annual Conference of the Central Bank of Chile

Current Account and External Financing

Friday, November 10

Session VI: Key Note Address. Chair: José De Gregorio (Central Bank of Chile)

Time Expositor Subject
9:00-9:50 John Williamson

(Senior Fellow, Institute for International Economics)..

Exchange Rate Policies and Development
9:50-10:10 Coffee break.

 

Session VII: Panel on Global Imbalances. Chair: José De Gregorio (Central Bank of Chile)

Time Speaker Subject
10:10-12:10 Michael Dooley (UCSC)

Barry Eichengreen (UC Berkeley)

Roberto Zahler (Zahler y Co.)

Since the late 1990s most of the poor regions in the world have run current account surpluses, while the advanced nations as a group – and in particular, the United States – have posted large current account deficits. This session will address whether the current situation is transitory or permanent and the policy implications of each scenario.

Panel on Global Imbalances and Their Consequences for Latin American Economies
12:10-13:30 Lunch

 

Session VIII: Valuation Effects and External Adjustment. Chair: Sebastian Edwards (UCLA)

Time Speaker Subject
13:30-15:20 Pierre-Oliver Gourinchas

(University of California, Berkeley)

 Valuation Effects and External Adjustment: a Reviews
  Alfredo Pistelli, Jorge Selaive and Rodrigo Valdés

(Central Bank of Chile)

 Stocks, Flows and Valuation Effects of Foreign Assets and Liabilities: Do They Matter?
 

What are the implications of gross asset and liability positions for inter-temporal constraints in Chile? Do valuation effects help or hurt? How large are the magnitudes involved? Is Chile atypical compared to other emerging economies? Do assets positions or flows matter for reversals? Comments:

Federico Sturzenegger (Harvard University and Di Tella)

Luis Felipe Céspedes (Ministry of Finance Chile)

15:20-15:40 Coffee break  

Session IX: Country Experiences with Current Accounts. Chair: Enrique Marshall (Central Bank of Chile)

Time Speaker Subject
15:40-18:00 Chris Kent

(Reserve Bank of Australia)

 Current Account Deficits: The Australian Debate
  Juan Pablo Medina, Anella Munro, and Claudio Soto (Central Bank of Chile and Reserve Bank of New Zealand) What drives the Current Account in Commodity Exporting Countries? The cases of Chile and New Zealand
R. Moreno

(BIS)

 Experiences with current account deficits in Southeast Asia
  Comments:

Caroline Freund (World Bank)

Nicolás Eyzaguirre (CEPAL)

Juan Echavarria (Banco de la República de Colombia)

The papers in this session will review and analyze experiences of different regions with their current accounts (last few decades). It will describe the main economic developments, underpinning de current account dynamics in these countries.