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Washington, DC, March 7 and 8, 2011

Macro and Growth Policies in the Wake of the Crisis

SESSION IV: Capital Account Management

The crisis revealed the tight links that financial globalization has created across countries. Initially, large capital outflows created serious funding problems in many economies. Now, we are seeing the tensions coming from large capital inflows. Many emerging market countries are considering—and some are actually implementing—capital controls, blaming policies in advanced countries for generating excessive and volatile capital flows.

Where do we stand on the issue of financial openness?

Background notes on capital account management


CHAIR

Zanny Minton-Beddoes

Beyond Bretton Woods 2

How to stop a currency war

Fundamental Questions

Zanny Minton-Beddoes is The Economist’s Economics Editor, based in Washington DC. She oversees the magazine’s global economics coverage, managing a team of writers around the world.

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DISCUSSANTS

Ricardo J. Caballero

A Caricature (Model) of the World Economy

The 'Other' Imbalance and the Financial Crisis

Feasible Global Rebalancing: A Case for Monitored and Temporary Dual Exchange Rates

Understanding Global Turmoil: It's the General Equilibrium, Stupid

Ricardo J. Caballero is the Head of the Department of Economics, the Ford International Professor of Economics, and Co-Director of the World Economic Laboratory at the Massachusetts Institute of Technology, and an NBER Research Associate in economic fluctuations and growth.

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Arminio Fraga

Arminio Fraga Neto is Chairman and CIO at Gavea Investimentos, an investment management firm he founded in August 2003, based in Rio de Janeiro, Brazil.

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Rakesh Mohan

Liberalisation and Regulation of Capital Flows: Lessons for Emerging Market Economies

Managing the Impossible Trinity: Volatile Capital Flows and Indian Monetary Policy

Capital flows and emerging market economies

Rakesh Mohan is currently Professor of in the Practice of International Economics and Finance at the School of Management and Senior Fellow of the Jackson Institute for Global Affairs at Yale University.

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José Antonio Ocampo

The Role of Preventative Capital Account Regulations

Capital-Account and Counter-Cyclical Prudential Regulations in Developing Countries

Colombia’s experience with reserve requirements on capital inflows

José Antonio Ocampo, a Colombian citizen, holds a B.A. in Economics and Sociology from the University of Notre Dame (1972), and a Ph.D. in Economics from Yale University (1976).

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