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    Conference On the Causes and Consequences of Structural Reforms

    February 28–29, 2008
    Washington, D.C.


    Conference Agenda

    The conference, sponsored by the IMF's Research Department, aims to provide a forum for discussing theoretical and empirical research on the causes and consequences of structural reforms—especially in terms of their effect on growth, macroeconomic stability, and resilience to shocks. The aim is to cover structural reforms very broadly, to include reforms of domestic financial sectors, labor markets, product markets, trade and capital accounts, and the public sector. The papers should shed light on aspects of how such reforms operate in practice, how they interact with each other as well as with macroeconomic policies and political institutions. The organizers envisage that the papers would cover experience across all segments of the IMF's membership, including industrial, emerging market, and low-income countries. The conference aims to advance our understanding of these issues, especially in relation to the following topics:

    • New datasets for measuring financial, labor, product, trade, and public sector reforms

       

    • Determinants of structural reforms (including domestic political conditions, international linkages, exogenous shocks, and economic crises).

       

    • Impact of structural reforms on economic growth and welfare

       

    • Timing and sequencing of structural reforms, and the consequences thereof

       

    • Interactions between structural reforms and macroeconomic policies

       

    • Structural reforms and political institutions

       

    Papers that do not fit into these categories but are related to the main theme of the conference are also welcome.

    Submission of Papers

    Interested authors should submit either a draft of the paper or a detailed abstract by January 15, 2008 to RESReformConf@imf.org. The final versions of the papers selected for the conference are due by February 15, 2008.

    Registration:
    The conference is open to the public; registration is required.
    To register for the conference, please send an e-mail to RESReformConf@imf.org.
    The deadline for public registration is Friday, February 15, 2008.
    Registered attendees will be required to present photo identification on entering the IMF at the Visitor Center entrance at 720 19th street, N.W., Washington DC (through the white tent).
    Only IMF/World Bank staff should enter through the main 700 19th street entrance.

    Inquiries:
    Inquiries about the conference may be directed to RESReformConf@imf.org or (202) 623-7601.

    Expenses:
    Travel (economy class) and accommodation expenses of paper presenters and discussants will be covered.

    Conference Organizers:
    Chris Papageorgiou (Chair), Alessandro Prati, Antonio Spilimbergo, Lone Christiansen, Rodney Ramcharan, Martin Schindler, Stephen Tokarick, Prachi Mishra, and Thierry Tressel.

    Program

    Day 1: Thursday, February 28, 2008 (HQ1-03-500AB - Meeting Halls A&B)
    9:00–9:15 Welcome: Simon Johnson (IMF)
    9:15–11:15 Session 1: Reform Interactions and Complementarities
      Chair: Jonathan D. Ostry (IMF)
    • Openness and Domestic Financial Liberalization: Which Comes First?
      David Hauner (IMF) and Alessandro Prati (IMF)
    Discussant: Ronald McKinnon (Stanford University)
    • Trade and Financial Sector Reforms: Interactions and Spillovers
      Ashley Taylor (LSE)
    Discussant: Enrica Detragiache (IMF)
    • Cyclical Macro Policy and Industry Growth: The Effect of Counter-Cyclical Fiscal Policy
      Philippe Aghion (Harvard University),and Enisse Kharroubi (Banque de France)
    Discussant: Ashoka Mody (IMF)
    11:15–11:30 Coffee Break
    11:30–1:00pm Session 2: Labor and Product Market Reforms
      Chair: Mark Allen (IMF)
    • Product Market Regulation and Market Work: A Benchmark Analysis
      Lei Fang (Arizona State University) and Richard Rogerson (Arizona State University and NBER)
    Discussant: Yongsung Chang (University of Rochester)
    • Employment Outcomes and the Interaction Between Product and Labor Market Deregulation: Are They Substitutes or Complements?
      Giuseppe Fiori (Boston College), Giuseppe Nicoletti (OECD), Stefano Scarpetta (OECD and IZA), and Fabio Schiantarelli (Boston College and IZA)
    Discussant: Andrew Hughes Hallett (George Mason University)
    1:00–2:30 Lunch
    (By invitation, IMF Gallery)
    Remarks by Anne O. Krueger (Johns Hopkins University)
    2:30–4:30 Session 3: Consequences of Reforms
      Chair: Michael Deppler (IMF)
    • Foreign Direct Investment and Structural Reforms: Panel Evidence from Eastern Europe and Latin America
      Nauro Campos (Brunel University), and Yuko Kinoshita (IMF)
    Discussant: Aart Kraay (World Bank)
    • Unbundling the Effects of Reforms
      Thierry Tressel (IMF)
    Discussant: Sergio Schmukler (World Bank)
    • Foreign Bank Acquisitions and Outreach, Evidence from Mexico
      Thorsten Beck (World Bank), Maria Soledad Martinez Peria (World Bank)
    Discussant: Stijn Claessens (IMF)
    Day 2: Friday, February 29, 2008 (HQ1-03-500AB - Meeting Halls A&B)
    9:00–11:00 Session 4: Political Economy and Reforms
      Chair: Teresa Ter-Minassian (IMF)
    • Economics and Politics of Alternative Institutional Reforms
      Francesco Caselli (LSE and NBER), and Nicola Gennaioli (CREI, Universitat Pompeu Fabra)
    Discussant: Allan Drazen (University of Maryland)
    • Democracy and Reforms
      Paola Giuliano (IMF and Harvard University)
      Prachi Mishra (IMF), and Antonio Spilimbergo (IMF and CEPR)
    Discussant: Francesco Giavazzi (Bocconi and MIT)
    • The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century
      Efraim Benmelech Harvard University and NBER)
      Tobias Moskowitz (University of Chicago and NBER)
    Discussant: Arvind Subramanian (Peterson Institute for International Economics)
    11:00–11:15 Coffee Break
    11:15–12:45 Economic Forum: Where Have All the Reforms Gone?
     

    Moderator:John Lipsky (First Deputy Managing Director, IMF)

    Panelists:

    Philippe Aghion (Harvard University)
    Francesco Giavazzi (Bocconi and MIT)
    Peter Henry (Stanford University)
    John Williamson (Peterson Institute for International Economics)

    Organizing Committee: Chris Papageorgiou (Chair), Alessandro Prati, Antonio Spilimbergo, Lone Christiansen, Prachi Mishra, Rodney Ramcharan, Martin Schindler, Stephen Tokarick, and Thierry Tressel.
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