Preliminary Agenda

Global Linkages Project

Economic Forum:
The 'Links' That Bind
January 31, 2003

Global Linkages Pre-conference

Research at the IMF

IMF Seminars, Conferences, and Workshops

Global Linkages Conference
Washington, DC, January 30-31, 2003
International Monetary Fund
Meeting Hall A

The International Monetary Fund organized a conference on "Global Linkages" in Washington, D.C. on January 30-31, 2003, to explore how economic linkages across countries have changed in recent years and what implications these changes have for policy makers in developed and emerging markets. A main goal of the conference was to bring together researchers from academia, the IMF, and other policy institutions to discuss the policy implications of new empirical research in this area. The conference was jointly organized by Robin Brooks (IMF), Kristin Forbes (MIT) and Ashoka Mody (IMF).

Use the free Adobe Acrobat Reader to view a brief overview of the conference motivation and papers (PDF file 110 kb).


Thursday, January 30


8:30am - 9:00am

Coffee and pastries


9:00am - 9:10am

Welcome and opening comments
Kenneth Rogoff, IMF



Financial Market Comovement and Real Linkages


Chair: David Robinson, IMF


9:10am - 10:00am

"Firm-level Evidence on International Stock Market Comovement"


By Robin Brooks (IMF) and Marco Del Negro (Federal Reserve Bank of Atlanta)


Discussant: Kathryn Dominguez (University of Michigan)


10:00am - 10:50am

"A Decomposition of Global Linkages in Financial Markets Over Time"


By Kristin Forbes (MIT-Sloan) and Menzie Chinn (University of California-Santa Cruz)


Discussant: Andy Rose (University of California-Berkeley)


10:50am - 11:20am

Coffee Break



Global Linkages During Financial Crises


Chair: Montek Ahluwalia, IMF


11:20am - 12:10pm

"The Center and the Periphery: The Globalization of Financial Turmoil"


By Graciela Kaminsky (George Washington) and Carmen Reinhart (IMF)


Discussant: Andrew Ang (Columbia Business School)


12:15pm - 1:30pm




A Closer Look at Specific Linkages in Financial Markets


Chairs: Carmen Reinhart (IMF) (Before the Coffee Break)


Mark Allen (IMF) (After the Coffee Break)


1:30pm - 2:20pm

"U.S. Investors' Emerging Market Equity Portfolios: A Security-Level Analysis"


By Hali Edison (IMF) and Frank Warnock (Federal Reserve Board)


Discussant: Robert Flood, IMF


2:20pm - 3:10pm

"Are Daily Cross-Border Equity Flows Pushed or Pulled?"


By John Griffin (Arizona State), Federico Nardari (Arizona State), and René Stulz (Ohio State)


Discussant: Steve Kamin (Federal Reserve Board)


3:10pm - 3:40pm

Coffee Break


3:40pm - 4:30pm

"Time Varying Synchronicity in Individual Stock Returns: A Cross-Country Comparison"


By Randall Morck (University of Alberta) and Bernard Yeung (New York University)


Discussant: John Campbell (Harvard)


4:30pm - 5:20pm

"The Role of ADRs in the Development and Integration of Emerging Equity Markets"


By G. Andrew Karolyi (Ohio State)


Discussant: Sergio Schmukler (World Bank)



Cocktails and dinner (by invitation only)


IMF Dining Room

Friday, January 31


8:30am - 9:00am

Coffee and pastries



Real Sector Comovements and Business Cycles


Chair: Barry Bosworth (Brookings Institution)


9:00am - 9:50am

"Trade, Finance, Specialization and Synchronization"


By Jean Imbs (London Business School)


Discussant: Marianne Baxter (Boston University)


9:50am - 10:40am

"Understanding The Evolution of World Business Cycles"


By M. Ayhan Kose (IMF), Christopher Otrok (University of Virginia), and Charles Whiteman (University of Iowa)


Discussant: David Backus (New York University)


10:40am - 11:10am

Coffee Break



Global Linkages over the Long Term


Chair: Gerd Häusler, IMF


11:10am - 12:00pm

"Long-Term Global Market Correlations"


By K. Geert Rouwenhorst (Yale), William Goetzmann (Yale), and Lingfeng Li (Yale)


Discussant: Yishay Yafeh (Hebrew University)


12:00pm - 1:30pm



1:30pm - 3:00pm

Economic Forum*: The 'Links' That Bind


Introduction and Moderator: Ashok Mody (IMF)


Stefano Cavaglia (UBS Asset Management)


Randy Kroszner (Council of Economic Advisors and University of Chicago)

  Anoop Singh (IMF)

Vincent Reinhart (Federal Reserve Board)

* Open to the public, IMF Auditorium R-710.