2nd atelier BoE BdF FMI OCDE BdI sur les Flux de Capitaux Internationaux et les Politiques Financières

14.30

Opening remarks

Sylvie Goulard, Deputy Governor, Banque de France

14.40

Session 1: Distributional Effects and Drivers of Capital Flows

Chair: Valerio Nispi Landi, Banca d’Italia

14:40

“Beware the Side Effects: Capital Controls Cause Misallocation and Reduce Welfare”
Eugenia Andreasen (University of Chile), Sofía Bauducco (Central Bank of Chile), Evangelina Dardati (Centro de Estudios Públicos) and Enrique G. Mendoza (University of Pennsylvania and NBER)

15:05

Discussion: Fadi Hassan (Banca d’Italia, CEP and CEPR)

15:15

Q&A

15:20

“Why Does Capital Flow from Equal to Unequal Countries?”
Sergio de Ferra (University of Oxford and CEPR), Federica Romei (University of Oxford and CEPR) and Kurt Mitman (Stockholm University and CEPR)

15:45

Discussion: Anusha Chari (University of North Carolina at Chapel Hill, NBER and CEPR)

15:55

Q&A

16:00

Coffee break

16.15

Policy Panel: The Changing Landscape of Capital Flows. New Patterns, Actors and Regulatory Aspects

16:15

Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF
Claudia M. Buch, Vice-President, Deutsche Bundesbank
Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England
Luigi Federico Signorini, Deputy Governor, Banca d’Italia
Moderator: Mathilde Mesnard, Acting Director, Directorate for Financial and Enterprise Affairs, OECD

17:30

End of the first day meeting
                                                                   

14.30

Session 2: Spillovers through Global Financial Cycles and Networks

Chair: Martin Kaufman, IMF

14:30

“Leaning against the Global Financial Cycle”
Andrea Ferrero (Oxford University and CEPR), Maurizio Michael Habib (ECB), Livio Stracca (ECB) and Fabrizio Venditti (Banca d’Italia)

14:55

Discussion: Deniz Igan (IMF)

15:05

Q&A

15:10

“Risk Sharing and Amplification in the Global Financial Network”
Leslie Sheng Shen (Federal Reserve Board) and Tony Zhang (Federal Reserve Board)

15:35

Discussion: Iñaki Aldasoro (BIS)

15:45

Q&A

15:50

Coffee break

16.05

Session 3: Policies for Capital Flow Management and Covid-19

Chair: Pierre-François Weber, Banque de France

16:05

“Asset Purchases as a Remedy to the Original Sin Redux ”
Yasin Mimir (Norges Bank) and Enes Sunel (OECD)

16:30

Discussion: Alessandro Rebucci (Johns Hopkins University, CEPR and NBER)

16:40

Q&A

16:45

“Capital Markets, COVID-19 and Policy Measures”
Martina Hengge (IMF) and Khalid ElFayoumi (IMF)

17:10

Discussion: Stefan Goldbach (Deutsche Bundesbank)

17:20

Q&A

17:25

End of the second day meeting