Department of Economics

Preliminary Outline for Claremont-IIE Workshop on the Political Economy of

 Intermediate Exchange Rate Regimes (Including Managed Floating)

Wednesday, November 3, 2004

Peterson G. Peterson Conference Center

Institute for International Economics
1750 Massachusetts Avenue NW
Washington, DC  20036-1903

Please click here for papers

9:00-10:45 am:  Session I

            Introduction, Overview of Issues, and the Political Economy of Intermediate Regimes

Welcome and Overview

John Williamson, IIE

“The Political Economy of Exchange Rate Regimes and Currency Crises”

Tom Willett, Claremont

            “A New Way to Rationalize Intermediate Regimes”

            Michael Goldberg, New Hampshire

            “The Politics of the Unstable Middle”

            Brock Blomberg, Claremont McKenna College

and David Leblang, University of Colorado

Discussants:     Bill Bernhard, University of Illinois

William Clark, University of Michigan

                        Phil Keefer, World Bank

                        Shanker Satyanath, NYU

10:45-11:00 am:  Break

11:00-1:00 pm:  Session II

Country Case Studies:  Why Have Some Intermediate Regimes Avoided Crisis and Others Not

Part A  Pegged Rates that Worked

            “Austria and Greece”

 Eduard Hochreiter, Central Bank of Austria

 
               “Bosnia”
            Ellen Meade, Brookings

“Denmark”

Finn Østrup, Copenhagen Business School

Part B  Managed Floats and Crawling Bands

            “Chile”

            Guillermo le Fort, IMF

            “Hungary”

            Pierre Siklos, Wilfrid Laurier

            “India”

            Ashima Goyal, Gandhi Institute and Claremont

            “Korea”

            Deok Ryong Yoon, KIEP

            “Singapore”

 Ramkishen Rajan, Singapore National University

             Lead Discussant:  Dalia Hakura, IMF

1:00-2:00 pm:  Lunch

2:00-4:15 pm:  Session III

 Large N Empirical Studies on Exchange Rate Regimes

“Are Pegged and Intermediate Regimes More Crisis Prone?”

Andrea Bubula and Inci Otker-Robe, IMF 

           “Extensions of Bubula and Otker-Robe”
           Penny Angkinand, Eric Chiu, and Tom Willett, Claremont

           “The Role of Exchange Rate Regimes and Capital Controls in the Asian Crises”

            Tom Willett, Claremont and Ekniti Nitithanprapas, World Bank

            From “The Asian Crisis Reexamined”

"Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies."

            Ashoka Mody, IMF

 “Exchange Rate Management in a Small Open Emerging Economy: Lessons from the East Asian Currency Crisis”

Junggun Oh, Bank of Korea

“Monetary Policy Under a Managed Floating Regime: Between Exchange Rate and Inflation Targeting”

            Pierre Siklos, Wilfrid Laurier

Discussants:     David Bearce, University of Pittsburgh

                        Kwanho Shin, Korea University and Claremont

                        Arvind Subramanian, IMF

4:15-4:30 am:  Break

4:30-5:30 pm:  Session IV

Wrap Up Discussion:  Policy Implications and Directions for Future Research

5:30 pm:  Reception

Financial assistance from the
National Science Foundation 

and the

Freeman Foundation Program in Asian Political Economy at the Claremont Colleges

is gratefully acknowledged