5:00 PM

Welcome and opening remarks

5:30 PM

Inaugural lecture

Chair: Rogério Werneck (PUC-Rio)
Anne Krueger (IMF, Stanford University, NBER)

Mutual reinforcement: economic policy reform and financial market strength

7:00 PM

Cocktail

8:30 AM

Registration

9:00 AM

Session 1

Finance and Trade

Chair: Carlos Kawall (BNDES)

Joshua Aizenman (University of California at Santa Cruz and NBER)

Endogenous financial and trade openness in a volatile world

Comments:

Maria Cristina Terra (EPGE)

Thierry Verdier (PSE)

10:15 AM

Coffee Break

10:45 AM

Discussion Panel

Economic policy in Latin American Countries: revival of populism?

Chair: Pedro Malan (PUC-Rio)

Panelists:

Sebastian Edwards (UCLA and NBER)

Albert Fishlow (Columbia U. and NBER)

Dionisio Carneiro (PUC-Rio)

1:00 PM

Lunch

2:30 PM

Session 2

Capital Flows and Crises

Chair: Afonso Bevilaqua (BCB and PUC-Rio)

Márcio Garcia (PUC-Rio)

Ineffective controls on capital inflows under sophisticated financial markets: Brazil in the nineties

Comments:

Gustavo Franco (PUC-Rio)

Marcelo Abreu (PUC-Rio)

3:45 PM

Sebastian Edwards (University of California at Los Angeles and NBER)

Financial openness, crises and output losses

Comments:

Edmar Bacha (BBA-Itaú and IEPE/CdG)

Marcelo Muinhos (Banco Central do Brasil)

5:00 PM

Coffee Break

5:30 PM

Session 3

Global Financial Integration

Chair: Winston Fritsch (Rio Bravo and COPPEAD/UFRJ)

Viviana Fernandez (Universidad de Chile)

The international CAPM and a wavelet-based decomposition of value at risk

Comments:

Marcelo Medeiros (PUC-Rio)

Caio Ibsen (IBMEC)

6:45 PM

Sergio Schmukler (The World Bank)

Internationalization and stock market liquidity

Comments:

Ugo Panizza (IADB)

Eduardo Loyo (IMF)

8:00 PM

Cocktail

9:00 AM

Session 4

Credit

Chair: : Francisco Lopes (Macrométrica)

Anyl Kashyap (The University of Chicago and NBER)

Zombie lending and depressed restructuring in Japan

Comments:

Vinicius Carrasco (PUC-Rio)
Walter Novaes (PUC-Rio)

10:15 AM

João Manoel Pinho de Mello (PUC-Rio)

Judicial risk and creditor expropriation: micro evidence from Brazilian payroll loans

Comments:

Renato Flôres (EPGE/FGV)

Beny Parnes (BBM and PUC-Rio)

11:30 AM

Coffee Break

12:00 PM

Session 5

Economic Policy in Emerging Markets

Chair: Edmar Bacha (BBA-Itaú and IEPE/CdG)

Eduardo Levy-Yeyati (Universidad Torcuato di Tella)

Liquidity insurance in financially dollarized economy

Comments:

Marco Bonomo (EPGE)

Alejandro Werner (Subsecretaria de Hacienda y Credito Publico do México)

1:15 PM

Barry Eichengreen (University of California at Berkeley and NBER);

Sudden stops and IMF programs

Comments:

Ilan Goldfajn (PUC-Rio)

Affonso Celso Pastore (ACPastore & Associados)

2:30 PM

Closing remarks

2:45 PM

Adjourn