Topics in International Economics Seminar Universidad de Navarra April 3, 2008.
-
date post
20-Jan-2016 -
Category
Documents
-
view
217 -
download
0
Transcript of Topics in International Economics Seminar Universidad de Navarra April 3, 2008.
![Page 1: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/1.jpg)
Topics in International Economics Seminar
Universidad de Navarra
April 3, 2008
![Page 2: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/2.jpg)
Agenda Today
• Topics in International Economics: A Bird’s Eye View
• What are you required to do
• Groups
![Page 3: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/3.jpg)
Topics in International Economics
• Monetary Policy Strategies for Open Economies
![Page 4: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/4.jpg)
Topics in International Economics
• Monetary Policy Strategies for Open Economies– Monetary Policy Key to Fine-Tune any Economy
![Page 5: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/5.jpg)
Topics in International Economics
• Monetary Policy Strategies for Open Economies– Monetary Policy Key to Fine-Tune any Economy– Monetary Policy in an Open Economy brings up
additional and important dimensions with respect to Closed Economies
![Page 6: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/6.jpg)
Topics in International Economics
• Monetary Policy Strategies for Open Economies– Monetary Policy Key to Fine-Tune any Economy– Monetary Policy in an Open Economy brings up
additional and important dimensions with respect to Closed Economies
– Exchange Rate Key variable in these economies
![Page 7: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/7.jpg)
Topics in International Economics
• Monetary Policy Strategies for Open Economies– Monetary Policy Key to Fine-Tune any Economy– Monetary Policy in an Open Economy brings up
additional and important dimensions with respect to Closed Economies
– Exchange Rate Key variable in these economies– Why so many small and emerging open
economies fix their exchange rate?
![Page 8: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/8.jpg)
Topics in International Economics
• Monetary Policy Strategies for Open Economies– Monetary Policy Key to Fine-Tune any Economy– Monetary Policy in an Open Economy brings up
additional and important dimensions with respect to Closed Economies
– Exchange Rate Key variable in these economies– Why so many small and emerging open
economies fix their exchange rate?– Is inflation targeting appropriate for these
economies?
![Page 9: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/9.jpg)
Topics in International Economics
• The future of the European Monetary Union (EMU)
![Page 10: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/10.jpg)
Topics in International Economics
• The future of the European Monetary Union (EMU)– EMU: Amazing story… but real
![Page 11: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/11.jpg)
Topics in International Economics
• The future of the European Monetary Union (EMU)– EMU: Amazing story… but real– Monetary Policy in the EMU context not an easy
task!
![Page 12: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/12.jpg)
Topics in International Economics
• The future of the European Monetary Union (EMU)– EMU: Amazing story… but real– Monetary Policy in the EMU context not an easy
task!– Will the business cycle be ever synchronized
among different countries such as Finland and Spain?
![Page 13: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/13.jpg)
Topics in International Economics
• The future of the European Monetary Union (EMU)– EMU: Amazing story… but real– Monetary Policy in the EMU context not an easy
task!– Will the business cycle be ever synchronized
among different countries such as Finland and Spain?
– Will countries be tempted to leave the euro?
![Page 14: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/14.jpg)
Topics in International Economics
• The future of the European Monetary Union (EMU)– EMU: Amazing story… but real– Monetary Policy in the EMU context not an easy
task!– Will the business cycle be ever synchronized
among different countries such as Finland and Spain?
– Will countries be tempted to leave the euro?– Will the euro become more important than the
dollar in the foreign exchange markets?
![Page 15: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/15.jpg)
Topics in International Economics
• Emerging Market Economy Dynamics
![Page 16: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/16.jpg)
Topics in International Economics
• Emerging Market Economy Dynamics– A fact: Up to now, most of the world economic
growth has been concentrated in three areas: Western Europe, North America and Japan (less than 20% of the world population)
![Page 17: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/17.jpg)
Topics in International Economics
• Emerging Market Economy Dynamics– A fact: Up to now, most of the world economic
growth has been concentrated in three areas: Western Europe, North America and Japan (less than 25% of the world population)
– India and China’s growth: How will affect the distribution of wealth across countries and across individuals?
![Page 18: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/18.jpg)
Topics in International Economics
• Emerging Market Economy Dynamics– A fact: Up to now, most of the world economic
growth has been concentrated in three areas: Western Europe, North America and Japan (less than 25% of the world population)
– India and China’s growth: How will affect the distribution of wealth across countries and across individuals?
– Is their growth sustainable? Will they ever converge to standard free-market economies?
![Page 19: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/19.jpg)
Topics in International Economics
• Emerging Market Economy Dynamics– A fact: Up to now, most of the world economic
growth has been concentrated in three areas: Western Europe, North America and Japan (less than 25% of the world population)
– India and China’s growth: How will affect the distribution of wealth across countries and across individuals?
– Is their growth sustainable? Will they ever converge to standard free-market economies?
– What are their challenges ahead?
![Page 20: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/20.jpg)
Topics in International Economics
• Capital Flows and Economic Growth
![Page 21: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/21.jpg)
Topics in International Economics
• Capital Flows and Economic Growth– Big question: Are capital flows good for the
receiving country? And for the investor country?
![Page 22: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/22.jpg)
Topics in International Economics
• Capital Flows and Economic Growth– Big question: Are capital flows good for the
receiving country? And for the investor country?– What kinds of flows are good? Short-run v/s
Long-run. Capital flows/ Portfolio Flows v/s FDI
![Page 23: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/23.jpg)
Topics in International Economics
• Capital Flows and Economic Growth– Big question: Are capital flows good for the
receiving country? And for the investor country?– What kinds of flows are good? Short-run v/s
Long-run capital flows/ Portfolio Flows v/s FDI– How should a developing country open their
capital account? What should the timing be?
![Page 24: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/24.jpg)
Topics in International Economics
• Capital Flows and Economic Growth– Big question: Are capital flows good for the
receiving country? And for the investor country?– What kinds of flows are good? Short-run v/s
Long-run capital flows/ Portfolio Flows v/s FDI– How should a developing country open their
capital account? What should the timing be?– Capital controls: Theory and evidence
![Page 25: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/25.jpg)
Topics in International Economics
• Capital Flows and Economic Growth– Big question: Are capital flows good for the
receiving country? And for the investor country?– What kinds of flows are good? Short-run v/s
Long-run capital flows/ Portfolio Flows v/s FDI– How should a developing country open their
capital account? What should the timing be?– Capital controls: Theory and evidence– Positive Spillover Effects of Capital Flows for the
receiving country
![Page 26: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/26.jpg)
Topics in International Economics
• Global Imbalances
![Page 27: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/27.jpg)
Topics in International Economics
• Global Imbalances– Are Large and Lasting Current Account Deficits
Sustainable?
![Page 28: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/28.jpg)
Topics in International Economics
• Global Imbalances– Are Large and Lasting Current Account Deficits
Sustainable?– The US Current Account Deficit: Causes and
Consequences
![Page 29: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/29.jpg)
Topics in International Economics
• Global Imbalances– Are Large and Lasting Current Account Deficits
Sustainable?– The US Current Account Deficit: Causes and
Consequences– The adjustment through the exchange rate. Was
the depreciation of the dollar expected?
![Page 30: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/30.jpg)
Topics in International Economics
• Global Imbalances– Are Large and Lasting Current Account Deficits
Sustainable?– The US Current Account Deficit: Causes and
Consequences– The adjustment through the exchange rate. Was
the depreciation of the dollar expected?– Do Current Account Deficits lead to recessions?
The Case of Spain
![Page 31: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/31.jpg)
Topics in International Economics
• Global Imbalances– Are Large and Lasting Current Account Deficits
Sustainable?– The US Current Account Deficit: Causes and
Consequences– The adjustment through the exchange rate. Was
the depreciation of the dollar expected?– Do Current Account Deficits lead to recessions?
The Case of Spain– Surplus in Current Accounts and International
Reserve Accummulation
![Page 32: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/32.jpg)
Topics in International Economics
• Balance of Payments Crises
![Page 33: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/33.jpg)
Topics in International Economics
• Balance of Payments Crises– Fixed exchange rates and Speculative Attacks…
against a currency
![Page 34: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/34.jpg)
Topics in International Economics
• Balance of Payments Crises– Fixed exchange rates and Speculative Attacks…
against a currency– Fiscal policy and Speculative Attacks
![Page 35: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/35.jpg)
Topics in International Economics
• Balance of Payments Crises– Fixed exchange rates and Speculative Attacks…
against a currency– Fiscal policy and Speculative Attacks– Opening the Capital Account and Speculative
Attacks
![Page 36: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/36.jpg)
Topics in International Economics
• Balance of Payments Crises– Fixed exchange rates and Speculative Attacks…
against a currency– Fiscal policy and Speculative Attacks– Opening the Capital Account and Speculative
Attacks– Banks’ Balance Sheets and Speculative Attacks
![Page 37: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/37.jpg)
Topics in International Economics
• Balance of Payments Crises– Fixed exchange rates and Speculative Attacks…
against a currency– Fiscal policy and Speculative Attacks– Opening the Capital Account and Speculative
Attacks– Banks’ Balance Sheets and Speculative Attacks– Predicting Balance of Payments Crises
![Page 38: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/38.jpg)
Topics in International Economics
• Recent Banking Crises
![Page 39: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/39.jpg)
Topics in International Economics
• Recent Banking Crises– Banking Regulation
![Page 40: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/40.jpg)
Topics in International Economics
• Recent Banking Crises– Banking Regulation– The sub-prime crises, so different from others?
![Page 41: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/41.jpg)
Topics in International Economics
• Recent Banking Crises– Banking Regulation– The sub-prime crises, so different from others?– Anatomy of a standard banking crises
![Page 42: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/42.jpg)
Topics in International Economics
• Recent Banking Crises– Banking Regulation– The sub-prime crises, so different from others?– Anatomy of a standard banking crises– Relation Between Banking Crises and Balance of
Payments Crises
![Page 43: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/43.jpg)
Topics in International Economics
• International Trade Issues
![Page 44: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/44.jpg)
Topics in International Economics
• International Trade Issues– Bilateralism v/s Multilateralism
![Page 45: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/45.jpg)
Topics in International Economics
• International Trade Issues– Bilateralism v/s Multilateralism– Trade Areas: Building Blocks or Stumbling
Blocks?
![Page 46: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/46.jpg)
Topics in International Economics
• International Trade Issues– Bilateralism v/s Multilateralism– Trade Areas: Building Blocks or Stumbling
Blocks? – Tariff Reduction Schemes
![Page 47: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/47.jpg)
Topics in International Economics
• International Trade Issues– Bilateralism v/s Multilateralism– Trade Areas: Building Blocks or Stumbling
Blocks? – Tariff Reduction Schemes– Trade and Poor Countries
![Page 48: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/48.jpg)
What do you have to do?
![Page 49: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/49.jpg)
• Nothing!
What do you have to do?
![Page 50: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/50.jpg)
• Nothing!
• Just kidding…
What do you have to do?
![Page 51: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/51.jpg)
• Prepare a Power-Point Presentation of one of the papers suggested in the syllabus
What do you have to do?
![Page 52: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/52.jpg)
• Prepare a Power-Point Presentation of one of the papers suggested in the syllabus
• A 30 mins (aprox.) presentation
What do you have to do?
![Page 53: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/53.jpg)
• Prepare One Power-Point Presentation of one of the papers suggested in the syllabus
• Do A 30 mins (aprox.) presentation
• It will be discussed here in front of Faculty and students
What do you have to do?
![Page 54: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/54.jpg)
• Prepare a Power-Point Presentation of one of the papers suggested in the syllabus
• A 30-35 mins (aprox.) presentation
• It will be discussed here in front of Faculty and students
• You will be working in groups
What do you have to do?
![Page 55: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/55.jpg)
• How should the presentation be?
What do you have to do?
![Page 56: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/56.jpg)
• How should the presentation be?– Informed
• Really learn the topic and paper you are presenting. You can look up other papers, ask us… ask questions
What do you have to do?
![Page 57: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/57.jpg)
• How should the presentation be?– Informed
• Really learn the topic and paper you are presenting. You can look up other papers, ask us… ask questions
– Clear!• Talk loud• Do not write many things per power-point
overhead• Graphs, we love graphs
What do you have to do?
![Page 58: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/58.jpg)
• How should the presentation be?– Informed
• Really learn the topic and paper you are presenting. You can look up other papers, ask us… ask questions
– Clear!• Talk loud• Do not write many things per power-point
overhead• Graphs, we love graphs
– Structure• Motivation: Why is this topic important?• Summary of the paper: Main Points, Message• Strong Points of the paper• Your own critique of the paper
What do you have to do?
![Page 59: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/59.jpg)
• You have to attend every session
What do you have to do?
![Page 60: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/60.jpg)
• You have to attend every session
• You are encouraged to actively participate in the discussions
What do you have to do?
![Page 61: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/61.jpg)
• Margarita Pérez López • Laura Riba• Marta Goñi• Mercedes Robles
• Galder del Campo • Josu Rodríguez Sedano• Rubén Romera
• Mercedes Erdozáin• Rita Ruiz de Alda• Jaime Piñeiro
Groups
![Page 62: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/62.jpg)
• Bernard Paternina• Meilssa Padilla• Juana Galíndez
• Fermín Alarcón• Rafael Mata• Julián Bermúdez• Mayte Serraclara
• Javier Olábarri• Raúl Bajo
Groups
![Page 63: Topics in International Economics Seminar Universidad de Navarra April 3, 2008.](https://reader035.fdocuments.us/reader035/viewer/2022070415/56649d4b5503460f94a29468/html5/thumbnails/63.jpg)
• Claudia González • Javier López• Julián Bermúdez
• Fahey Sheble• Christine Cramblit• Claudia González• Javier López
• Carlos Eugui• Bo-Yun Liu
Groups