Topics in International Economics Seminar Universidad de Navarra April 3, 2008.
-
date post
20-Jan-2016 -
Category
Documents
-
view
215 -
download
0
Transcript of Topics in International Economics Seminar Universidad de Navarra April 3, 2008.
Topics in International Economics Seminar
Universidad de Navarra
April 3, 2008
Agenda Today
• Topics in International Economics: A Bird’s Eye View
• What are you required to do
• Groups
Topics in International Economics
• Monetary Policy Strategies for Open Economies
Topics in International Economics
• Monetary Policy Strategies for Open Economies– Monetary Policy Key to Fine-Tune any Economy
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
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
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?
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?
Topics in International Economics
• The future of the European Monetary Union (EMU)
Topics in International Economics
• The future of the European Monetary Union (EMU)– EMU: Amazing story… but real
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!
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?
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?
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?
Topics in International Economics
• Emerging Market Economy Dynamics
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)
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?
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?
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?
Topics in International Economics
• Capital Flows and Economic Growth
Topics in International Economics
• Capital Flows and Economic Growth– Big question: Are capital flows good for the
receiving country? And for the investor country?
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
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?
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
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
Topics in International Economics
• Global Imbalances
Topics in International Economics
• Global Imbalances– Are Large and Lasting Current Account Deficits
Sustainable?
Topics in International Economics
• Global Imbalances– Are Large and Lasting Current Account Deficits
Sustainable?– The US Current Account Deficit: Causes and
Consequences
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?
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
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
Topics in International Economics
• Balance of Payments Crises
Topics in International Economics
• Balance of Payments Crises– Fixed exchange rates and Speculative Attacks…
against a currency
Topics in International Economics
• Balance of Payments Crises– Fixed exchange rates and Speculative Attacks…
against a currency– Fiscal policy and Speculative Attacks
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
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
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
Topics in International Economics
• Recent Banking Crises
Topics in International Economics
• Recent Banking Crises– Banking Regulation
Topics in International Economics
• Recent Banking Crises– Banking Regulation– The sub-prime crises, so different from others?
Topics in International Economics
• Recent Banking Crises– Banking Regulation– The sub-prime crises, so different from others?– Anatomy of a standard banking crises
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
Topics in International Economics
• International Trade Issues
Topics in International Economics
• International Trade Issues– Bilateralism v/s Multilateralism
Topics in International Economics
• International Trade Issues– Bilateralism v/s Multilateralism– Trade Areas: Building Blocks or Stumbling
Blocks?
Topics in International Economics
• International Trade Issues– Bilateralism v/s Multilateralism– Trade Areas: Building Blocks or Stumbling
Blocks? – Tariff Reduction Schemes
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
What do you have to do?
• Nothing!
What do you have to do?
• Nothing!
• Just kidding…
What do you have to do?
• Prepare a Power-Point Presentation of one of the papers suggested in the syllabus
What do you have to do?
• 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?
• 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?
• 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?
• How should the presentation be?
What do you have to do?
• 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?
• 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?
• 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?
• You have to attend every session
What do you have to do?
• You have to attend every session
• You are encouraged to actively participate in the discussions
What do you have to do?
• 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
• Bernard Paternina• Meilssa Padilla• Juana Galíndez
• Fermín Alarcón• Rafael Mata• Julián Bermúdez• Mayte Serraclara
• Javier Olábarri• Raúl Bajo
Groups
• Claudia González • Javier López• Julián Bermúdez
• Fahey Sheble• Christine Cramblit• Claudia González• Javier López
• Carlos Eugui• Bo-Yun Liu
Groups