Capital Flows — IMF Seventh Jacques Polak Annual Research Conference

November 9–10, 2006
HQ1-R-710, IMF Headquarters
Washington, D.C.

This website contains papers and web links to papers that will be considered at the Seventh Jacques Polak Annual Research Conference (ARC). The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.

The International Monetary Fund held the Seventh Jacques Polak Annual Research Conference (ARC) at its headquarters in Washington, DC, on November 9–10, 2006. The conference intended to provide a forum for discussing innovative research in economics, undertaken both by IMF staff and by outside economists, and to facilitate the exchange of views among researchers and policymakers.

The conference was open to the public. To obtain (registration and) conference information, please send an e-mail with your name and affiliation to The deadline for public registration was Friday, November 3, 2006. Please note that, for this event, invitations for visa purposes was extended only to the conference speakers.


Day 1: Thursday, November 9, 2006
8:45 Introductory Remarks: Raghuram Rajan (IMF)
9:00–11:00 Session 1: Capital flows and Global Financial Imbalances
  Chair: Jaime Caruana (IMF) Discussant: Aart Kraay (World Bank) — ARC Presentation Discussant: Menzie Chinn (University of Wisconsin) — ARC Presentation Discussant: Linda Goldberg (Federal Reserve Bank of New York) — ARC Presentation
11:00–11:15 Coffee Break
11:15–12:45 Session 2: Why Doesn’t Capital Flow from Rich to Poor Countries?
  Chair: Leslie Lipschitz (IMF) Discussant: Chang-Tai Hsieh (University of California, Berkeley) — ARC Presentation Discussant: Rui Albuquerque (Boston University)ARC Presentation
12:45–2:30 Lunch (by invitation, IMF Gallery)
Luncheon remarks: Rodrigo de Rato (Managing Director, IMF)
2:30–4:00 Session 3: Capital Flows and Macroeconomic Volatility in Emerging Market Countries
  Chair: Mohsin Khan (IMF) Discussant: Bent Sorensen (University of Houston) — ARC Presentation Discussant: Fabrizio Perri (New York University) — ARC Presentation
4:00–4:15 Coffee Break
4:15–5:45 Mundell-Fleming Lecture
  Current Account Deficits in Rich Countries by Olivier Blanchard (Massachusetts Institute of Technology) — ARC Presentation
7:00 Dinner (by invitation)
Day 2: Friday, November 10, 2006
9:00–10:30 Session 4: International Financial Integration and Economic Development: Micro-evidence
  Chair: Jonathan Ostry (IMF) Discussant: Stijn Claessens (World Bank) — ARC Presentation Discussant: Jean Imbs (University of Lausanne) — ARC Presentation
10:30–10:45 Coffee Break
10:45–12:45 Session 5: Balance-of-payments Crises: Prevention and Recovery
  Chair: Anoop Singh (IMF) Discussant: Mark Aguiar (University of Rochester) — ARC Presentation Discussant: Carmen Reinhart (University of Maryland) — ARC Presentation Discussant: Roberto Rigobon (Massachusetts Institute of Technology)— ARC Presentation
12:45–2:30 Lunch (by invitation, IMF Gallery)
2:30–4:00 Session 6: Economic Forum: How Does Capital Account Liberalization Affect Economic Growth?

Moderator: Raghuram Rajan (IMF)

Panelists: Kristin Forbes (MIT), Joaquim V. Levy (Inter-American Development Bank), Eswar Prasad (IMF), Dani Rodrik (Harvard University).

Organizing committee: Olivier Jeanne (Chair), Gianni De Nicolo, Andre Faria, Jaewoo Lee, Andrei Levchenko, Eduardo Ley, and Nicola Spatafora.