International Monetary Fund


Seminars and Conferences

Economic Linkages, Spillovers and the Financial Crisis

Paris, 28-29 January 2010

BdF, PSE, IMF Conference


The International Monetary Fund and the Banque de France Chair of the Paris School of Economics are organizing a conference on “Economic Linkages, Spillovers and the Financial Crisis”, which will be held in Paris on the 28th and 29th of January 2010.

The conference will bring together leading academics and policy makers working on current global policy issues, including global imbalances, international trade, international business cycles, financial bubbles, and relevant aspects of the financial crisis. The conference will be concluded by a policy panel, which will be open to the Press.

The conference will take place at the Palais Brongniart, 75002, Paris. Registrations can be sent at the following email address: Invitations will be allocated on a first-come, first-served basis.


The website contains papers and web links to papers that will be considered at the PSE, BdF, IMF Conference. 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.


Preliminary program, as of January 18, 2009
Economic Linkages, Spillovers and the Financial Crisis
Thursday, 28 January 2010
8:45-9:00 Welcome address: Joint address by François Bourguignon (PSE) and Pierre Jaillet (BdF, TBC)
1st session
Chair: Pierre Jaillet (BdF)

Global Imbalances and the Financial Crisis: Products of Common Causes (tentative title)

Maury Obstfeld (UC Berkeley) and Ken Rogoff (Harvard)

Discussant: Frank Smets (ECB)

Emerging Markets and the Global Financial Crisis

Olivier Blanchard (IMF) and Hamid Faruqee (IMF)

Discussant: Hélène Rey (London Business School)

11:00-11:20 ***Coffee Break***
2nd session
Banks and Bubbles

Chair: Benoit Coeuré (DGT)

Global Banks and International Shock Transmission: Evidence from The Crisis

Linda Goldberg and Nicola Cetorelli (NY Fed)

Discussant: Romain Rancière (PSE)

Theoretical Notes on Bubbles and the Current Crisis

Jaume Ventura and Alberto Martin (CREI Barcelona)

Discussant: Stavros Panageas (Chicago Business School)

12:30-14:00 ***Lunch***
3rd session

Financial Linkages


Chair: François Bourguignon (PSE)

The First Global Recession in Decades

Jean Imbs (Lausanne/PSE)

Discussant: Fabio Canova (ICREA-UPF)

Market Freedom and the Global Recession

Lucrezia Reichlin (LBS), Domenico Giannone and Michele Lenza (ECB)

Discussant: Galina Hale (San Francisco Fed)

16:00-16:20 ***Coffee Break***
4th session

Credit Constraints and Currency Collapses

Chair: Daniel Cohen (PSE)

Chronicle of Currency Collapses: Re-examining the Effects on Output

Matthieu Bussière (BdF), Sweta Saxena (IMF) and Camilo Tovar (BIS)

Discussant: Sergio Schmukler (World Bank)

Credit Constraints, Cyclical Fiscal Policy and Industry Growth

Philippe Aghion (Harvard), David Hemous (Harvard) and Enisse Kharroubi (BdF)

Discussant: Florin Bilbiie (HEC/PSE)

Dinner at Banque de France
(Galerie Dorée)
By Invitation Only
Dinner speech / Keynote address
Tommaso Padoa-Schioppa
2nd Day, Friday, 29 January 2010

Welcome and registration starts at 8:30, Palais Brongniart
5th session

Trade Collapse

Chair: Pierre-Olivier Gourinchas (Berkeley)


The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun

Linda Tesar, Logan Lewis, and Andrei Levchenko (University of Michigan)

Discussant: Lionel Fontagné (PSE)

The Great Trade Collapse of 2008-09: An Inventory Adjustment?

George Alessandria (Philly Fed), Joe Kaboski (Ohio State University), Virgiliu Midrigan (NYU)

Discussant: Thierry Mayer (Sciences Po.)

10:30-10:50 ***Coffee Break***
6th session

Propagation Through Trade and Finance


Chair: Roger Guesnerie (PSE)

The Role of Vertical Linkages in the Propagation of the Global Downturn of 2008

Kei-Mu Yi (Philly Fed), Rudolfs Bems (IMF) and Robert C. Johnson (Dartmouth))

Discussant: Julian di Giovanni (IMF)

The Cross-Country Incidence of the Global Crisis

Gian Maria Milesi-Ferretti (IMF) and Philip Lane (Trinity College Dublin)

Discussant: Giancarlo Corsetti (EUI)

13:00-14:30 ***Lunch***
Hollywood Savoy
7th session

Policy Panel (open to the Press)
Chair: Jean-Pierre Landau (BdF)

Olivier Blanchard (IMF), François Bourguignon (PSE), Daniel Cohen (PSE), Jean-Luc Schneider, OECD, Beatrice Weder di Mauro (Uni Mainz and Sachverständigenrat).