Claremont Exchange Rate Workshop, April 1st and 2nd, 2004

April 1-2, 2004

 Co Sponsored by:

Freeman Program in Asian Political Economy at the Claremont Colleges

Claremont Institute for Economic Policy Studies

The Lowe Institute of Political Economy

BACKGROUND READING MATERIAL

 Thursday, April 1st

Founder’s Room (Bauer North), CMC

8:30 – 9:00    Coffee and Welcome

9:00 – 10:15    Session 1: Overview on the Political Economy of Exchange 
Rate Regimes  

“Towards a Political Economy for Analysing Exchange Rates and 
Currency Crises” - Tom Willett (CMC and CGU) 

“Overview of Large N Quantitative Studies of Exchange Rate Regimes”
 - Brock Blomberg (CMC) and David Leblang (Univ. of Colorado)

                        General Discussion

10:15 – 10:30    Coffee Break

Exchange Rate Policies: Country Sessions

10:30 – 12:15    Session 2: Australia and the Americas

                        Canada - Eric Helleiner (Trent University)

                        Mexico - Nancy Auerbach (Scripps College)

Australia - Paul Bowles (University of Northern British Columbia)

                        Chile - Bill Keech (Carnegie Mellon)

                        General Discussion

12:15 – 1:30    Lunch

1:30 – 3:15      Session 3: Asia

                        Singapore - Peter Wilson (National Univ. of Singapore)

              Korea - Jung Sik Kim (Yonsei Univ.) and Junggun Oh
             (The Bank of  Korea)

                        Nepal - Nephil Maskay (Central Bank of Nepal)

                        General Discussion

 3:15 – 3:30   Coffee Break

 3:30 – 5:30    Session 4: Europe

                     Hungary - Pierre Siklos (Wilfred Laurier U.)

                     Macedonia and Ukraine - King Banaian (St. Cloud State Univ.)

                     Poland - Shale Horowitz (U. of Wisconsin, Milwaukee)

                     Sweden - Clas Wihlborg (Copenhagen Business School)

                     General Discussion

 5:30 – 6:15   Reception  

Friday, April 2nd

Albrecht Auditorium, CGU 

8:30 – 9:00      Coffee and Welcome 

9:00 – 10:00    Session 5: Exchange Rate Issues in Asia: Measurement Issues

                         “Measuring and Classifying Exchange Rate Regimes in Asia”  
                        - Jeff Kim (CGU) and Tom Willett (CMC and CGU) 

“Exchange Rate Volatility after the Crisis in Korea 
- Kwanho Shin (CMC & Korea Univ.) 

                        General Discussion

10:00 – 10:15   Coffee Break  

10:15 – 12:00  Session 6: General Exchange Rate Issues  

                        "Sustainable Exchange Rate Regimes for the Ten Countries Soon 
to Accede to the EU" - James Dean (Simon Fraser Univ.)

                        “Monetary and Financial Integration: Evidence from Portuguese Borrowing  
                        Patterns” -  Mark Spiegel (FRB, San Francisco)                       

“Exchange Rate Regimes and Economic Linkages” - - Jong Wha Lee
 (Korea Univ.) and Kwanho Shin (CMC & Korea Univ.)

                         “Fiscal Deficits and Foreign Exchange Pressures in Latin America Crises” 
                        - Alex Mandilaras (Univ. of Surrey) and Graham Bird (Univ. of Surrey)

                        “Openness, Integration and Macroeconomic Performance” - 
                        Finn Østrup (Copenhagen Business School) and 
                        Clas Wihlborg (Copenhagen Business School)

12:00 – 1:15     Lunch

1:15 – 3:00      Session 7: Exchange Rate Exposure and Trade in Asia  

“Exchange Rate Pegs and Foreign Exchange Exposure in East and South 
East Asia” - Helen Popper (Santa Clara U)

“Exchange Rate Fluctuations, Financing Constraints, Hedging, and 
Exports: Evidence from Firm Level Data” - Robert Dekle (USC) 
and Heajin Heidi Ryoo (UC, Santa Cruz)

                         “Implications of Production Fragmentation for Exchange Rate Regime” 
                        - Sven Arndt (CMC) and Alex Huemer (CMC)

“Basket Pegs in Asia” - Slavi Slavov (Pomona College) 

3:00 – 3:15       Coffee Break                        

3:15 – 4:45       Session 8: China’s Exchange Rate Policy 

“Some Political Economy Questions Concerning the Renminbi Debate”
 – Paul Bowles, University of Northern British Columbia.

“The Reform Initiatives of RMB Exchange Rate Determining Mechanism” 
- Cao Honghui, Chinese Academy of Social Sciences.

 “Tendency of RMB Exchange Rate” 
- Wang Guogang, Chinese Academy of Social Sciences.

 4:45 – 5:30     Wrap-up Session: Exchange Rate and Monetary
                        Co-operation Issues in Asia 

                         All participants

  5:30 – 6:15     Reception

 Our thanks to the Freeman Program in Asian Political Economy for providing the funding to make this event possible

  For further information, please contact Lynda.Marquez@cgu.edu  

BACKGROUND READING MATERIAL

BACKGROUND READING MATERIAL

1. Bird, Graham and Rajan, Kishen S. "Optimal Currency Baskets And The Third Currency Phenomenon: Exchange Rate Policy In Southeast Asia", 2002.  

2. Cao,  Honghui. "The Reform Initiatives of RMB Exchange Rate Determining Mechanism", April 2004.

3. Dean, James. "Adopting the Euro: Dilemmas and Tradeoffs Facing EU Accession Countries" March 2004.

4. Helleiner, Eric. "A Fixation With Floating: The Political Basis Of Canada’s Exchange Rate Regime ", March, 2004.

5. Keech, William R. "Democracy, Dictatorship and Economic Performance in Chile", 2004.

6. Kim, Jung Sik. "International Reserve Management in East Asia ", March 2004.

7. Kim, Soyoung; Kim, Sunghyun H. and Wang, Yunjong. "Financial Integration and Consumption Risk Sharing in East Asia", January, 2004.

8. Mandilaras, Alex  and Bird, Graham. "Fiscal Deficits and Foreign Exchange Pressures in Latin America Crises", March 2004.   

9. Nitithanprapas, Isriya and Willett, Thomas D. "Classifying Exchange Rate Regimes", September 2002.              

10. Østrup, Finn and Wihlborg, Clas. "Fiscal Policy, Financial Integration and Currency Crises in the EU",  March, 2004.

11. Parsley, David and Popper, Helen. "Exchange Rate Pegs and Foreign Exchange Exposure in East and South East Asia", October 2003.

12. Rajan, Kishen S, "Choosing an Appropriate Exchange Rate Regime for Small and Open Emerging Economies", Briefing Notes in Economics, No. 59, December 2003/January 2004.

13. Rajan, Kishen S and Siregar, Reza. "Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)", 2002.

14. Rajan, Kishen S. "Exchange Rate Policy Options for Post-Crisis East Southeast Asia: Is there a case of Currency Baskets?" 2002.

15. Ryou, Jai-Won and Wang, Yunjong.  "Monetary Cooperation in East Asia: Major Issues and Future Prospects", July 2003.

16. Slavov1, Slavi T. "A Brave Exercise In Measuring The Effects Of G-3 Exchange Rate Volatility On Small Open Economies In Eastern Europe And East Asia", December, 2003.

17. Slavov1, Slavi T. "Should Small Open Economies Keep All Their Eggs In One Basket: The Role Of Balance Sheet Effects", November, 2003.  

18. Wang, Guogang. "Tendency of RMB Exchange Rate," April, 2004.

19. Willett, Thomas D. "Optimum Currency Area and Political Economy Approaches to Exchange Rate Regimes: Towards a Framework for Integration", March 2004.  

20. Willett, Thomas D."The Renminbi Debate", February 2004.

21. Willett, Thomas D; Nitithanprapas, Ekniti; Nitithanprapas, Isriya and Rongala, Sunil. "The Asian Crises Reexamined", February, 2004.

22. Willett, Thomas D. "The Political Economy of Exchange Rate Regimes and Currency Crises", March, 2004. 

23. Wilson, Peter. "Don’t Frighten the Horses – the Political Economy of Singapore’s Foreign Exchange Rate Regime since 1981 ", April 2004.