Conference

A conference to present and discuss a series of new papers written as part of the global linkages project was held on January 30-31, 2003 at the International Monetary Fund in Washington, DC. The conference was attended by researchers from academia, Washington institutions and think tanks, and policy makers from around the world. A selection of papers presented at the conference will be published in a symposium of The Review of Economics and Statistics.

A few of the main findings of the conference are:

	There is a positive and significant association between comovement across national stock markets and trade integration across countries, both at the firm level through international sales of businesses and at the macroeconomic level through bilateral trade links.
	Regional financial centers and the global business cycle play an important role in the transmission of shocks to emerging markets.
	Long-run factors (such as convergence in the sectoral composition of output across countries) and financial innovations (such as cross-listings and ADRs) are playing an important role in the increasing synchronization of financial markets and real activity.

The conference agenda (a pdf file)

Conference Schedule, Papers, and Presentations

January 30
8:30am - 9:00am	Coffee and pastries
9:00am - 9:10am	Welcome and opening remarks Kenneth Rogoff (IMF)
9:10am	Financial Market Comovement and Real Linkages Chair: David Robinson (IMF)
9:10am - 10:00am	Firm-level Evidence on International Stock Market Comovements By Robin Brooks (IMF) and Marco Del Negro (Federal Reserve Bank of Atlanta) Discussant: Kathryn Dominguez (University of Michigan) Conference Paper \| Presentation \| Discussion \| Revised Paper
10:00am - 10:50am	A Decomposition of Global Linkages in Financial Markets over Time By Kristin Forbes (MIT-Sloan) and Menzie Chinn (UC-Santa Cruz) Discussant: Andy Rose (UC-Berkeley) Conference Paper \| Presentation \| Discussion \| Revised Paper
10:50am - 11:20am	Coffee Break
11:20am	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 (Colombia Business School) Conference Paper \| Presentation \| Discussion \| Revised Paper
12:15pm - 1:30pm	Lunch
1:30pm	A Closer Look at Specific Linkages in Financial Markets Chair: Charles Collyns (IMF) - before break Chair: Shang-Jin Wei (IMF) - after the 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) Conference Paper \| Presentation \| Discussion \| Revised Paper
2:20pm - 3:10pm	Are Daily Cross-Border Equity Flows Pushed or Pulled? By John Griffin (Arizona State), Federico Nardari (Arizona State), and Rene Stulz (Ohio State-Fisher School) Discussant: Steven Kamin (Federal Reserve Board) Conference Paper \| Presentation \| Discussion \| Revised Paper
3:10pm - 3:40pm	Coffee Break
3:40pm - 4:30pm	Time Varying Synchronicity in Individual Stock Returns: A Cross-Country Comparison By Kan Li (University of Alberta), Randall Morck (University of Alberta), Fan Yang (University of Alberta), and Bernard Yeung (NYU) Discussant: John Campbell (Harvard) Conference Paper \| Presentation \| Discussion \| Revised Paper
4:30pm - 5:20pm	The Role of ADRs in the Development and Integration of Emerging Equity Markets By G. Andrew Karolyi (Ohio State-Fisher School) Discussant: Sergio Schmukler (World Bank) Conference Paper \| Presentation \| Discussion \| Revised Paper
6:30pm	Cocktails and dinner (by invitation only) IMF Dining Room
January 31
8:30am - 9:00am	Coffee and pastries
9:00am	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) Conference Paper \| Presentation \| Discussion \| Revised Paper
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 (NYU) Conference Paper \| Presentation \| Discussion \| Revised Paper
10:40am - 11:10am	Coffee Break
11:10am	Global Linkages Over the Long Term Chair: Gerd Hausler (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) Conference paper \| Presentation \| Discussion
12:00pm - 1:30pm	Lunch
1:30pm - 3:00pm	Panel on Global Linkages Introduction and moderator: Ashoka Mody (IMF) - presentation Stefano Cavaglia (UBS Asset Management) - presentation Randall Kroszner (CEA and University of Chicago) Anoop Singh (IMF) Vincent Reinhart (Federal Reserve Board) - presentation