Program

Universidad del Pacifico Winter Camp in International Economics and Finance Paracas 2000

PROGRAM

Conference in Lima Latin America: The Road After the Crisis

Lima, January 12th, 2000 Swissotel Lima, Salón Paracas 3:30pm - 8:30pm

Panel I

Which Road Will Latin America Take?

Chair:

Guillermo Calvo (U. Maryland)

Why Latin America Lose the Steps?
Santiago Herrera (World Bank)

The Road Ahead
Liliana Rojas-Suarez (Deutsche Bank)

Discussants:
Agustín Carstens (IMF)
Alfredo Thorne (JP Morgan)
Valentín del Carril (Santander Investment)*

Panel II
Emerging Best Practices in Corporate Restructuring
Co-organized with the Superintendencia de Banca y Seguros

Chair: Martín Naranjo (SBS)

The Macroeconomic Consequences of Corporate Distress
Javier Hamann (IMF)

Policy Options in Corporate Restructuring
Daniela Klingebiel (World Bank)

The Chilean Experience
Claudio Skarmeta (Consultant)

The Peruvian Experience
Armando Cáceres (Indecopi)

Brainstorming Sessions at Paracas

Paracas, January 13-15, 2000 Hotel Paracas

First Session

Thursday 13, 3pm-8pm

8:30am	Bus departs to Paracas from Swissotel Lima
11:00am	Check-in at Hotel Paracas
1:00-3:00pm	Lunch
3:00-4:30pm	Guillermo Calvo & Carmen Reinhart (U. Maryland) Fear of Floating: Theory vs Evidence
4:30-5:00pm	Coffee Break
5:00-630pm	Eduardo Levy-Yeyati & Federico Sturzenegger (UTDT) Classifying Exchange Rate Regimes: Deeds vs Words
6:30-8:00pm	Ricardo Hausmann, Ugo Panizza & Ernesto Stein (IADB) Why Countries Float the Way They Float?

Second Session
Friday 14, 3pm-8pm

8:00-12:30pm Flight over Nazca Lines or Natural Reserve of Paracas

1:00-3:00pm Lunch

3:00-4:30pm Eduardo Fernandez-Arias (IADB) & Ernesto Talvi (CERES)
Deflation or Devaluation? Adjustment in Liability Dollarized Economies

4:30-5:00pm Coffee Break

5:00-630pm Michael Kumhof (Stanford)
Inflation Targeting under Imperfect Credibility

6:30-8:00pm Eric Parrado (NYU)
Inflation Targeting and Exchange Rate Rules in an Open Economy

Third Session
Saturday 15, 10am-430pm

8:00-10:00am Visit to Ballestas Islands

10:00-10:30am Coffee Break

10:30-12:00m Cesar Calderon (Rochester), Norman Loayza (Central Bank of Chile) & Luis Serven (World Bank)
External Sustainability: A Stock Equilibrium Perspective

12:00-1:30pm Gaetano Antinolfi (Washington Univ.), Elisabeth Huybens (ITAM) and Todd Keister (ITAM)
Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort

1:30-3:00pm Lunch

3:00-4:30pm Pablo Druck (CEMA)
Banking Crises, Implicit Government Guarantees and Optimal Insurance Schemes

5:30-8:00pm Bus to Swissotel - Lima

- all papers are available in PDF - *to be confirmed

HOME

8:00-12:30pm	Flight over Nazca Lines or Natural Reserve of Paracas
1:00-3:00pm	Lunch
3:00-4:30pm	Eduardo Fernandez-Arias (IADB) & Ernesto Talvi (CERES) Deflation or Devaluation? Adjustment in Liability Dollarized Economies
4:30-5:00pm	Coffee Break
5:00-630pm	Michael Kumhof (Stanford) Inflation Targeting under Imperfect Credibility
6:30-8:00pm	Eric Parrado (NYU) Inflation Targeting and Exchange Rate Rules in an Open Economy

8:00-10:00am	Visit to Ballestas Islands
10:00-10:30am	Coffee Break
10:30-12:00m	Cesar Calderon (Rochester), Norman Loayza (Central Bank of Chile) & Luis Serven (World Bank) External Sustainability: A Stock Equilibrium Perspective
12:00-1:30pm	Gaetano Antinolfi (Washington Univ.), Elisabeth Huybens (ITAM) and Todd Keister (ITAM) Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort
1:30-3:00pm	Lunch
3:00-4:30pm	Pablo Druck (CEMA) Banking Crises, Implicit Government Guarantees and Optimal Insurance Schemes
5:30-8:00pm	Bus to Swissotel - Lima