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THE Conference(s)

2013/01/03

For economists, the year is starting with a mega event: The annual meetings of the American Economic Association and other members of the Allied Social Science Associations will take place from January 4 to 6 in San Diego, CA. The preliminary program is huge. In the light of the ongoing financial crises in the United States and Europe, the large variety of contributions dealing with financial markets and institutions, crisis phenomena and policies for crisis management and prevention does not surprise. Here comes a little selection.

Financial crises

Amon the sessions focusing directly on the crises are

–      the one on Finance, Distribution and the Financial Crisis organized by the Association for Evolutionary Economics/Association for Social Economics,  with Robert Shiller (Yale University) presiding. The papers are:

Households’ Knowledge of their Own Finances: Evidence from the SCF J-codes Martha A. Starr (American University)

Household Debt and Income Distribution Robert Scott (Monmouth University), Steven Pressman (Monmouth University)

The Asset Price Meltdown and the Wealth of the Middle Class Edward Nathan Wolff (New York University)

Taken for a Ride: How the Bubble Economy Destroyed America’s Economic Security Christian E. Weller (Centre for American Progress and University of Massachusetts-Boston)

A Template for a Public Credit Rating Agency Susan K. Schroeder (University of Sydney, Australia)

Discussants: Brian Bucks (Consumer Financial Protection Bureau), Christopher Brown (Arkansas State University)

–      a session on Bank Governance and Crisesof the International Banking, Economics & Finance Association, with David Mayes (University of Auckland) presiding, including the following contributions:

The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis Allen N. Berger (University of South Carolina), Bjorn Imbierowicz (Goethe University), Christian Rauch (Goethe University)

Does Financial Experience Help Banks during Credit Crises? Nuno Fernandes (IMD International), Eliezer Fich (Drexel University)

Political Influence and Incentive: The Lending Behavior of a State-Owned Bank in the Global Financial Crisis Chun-Yu Ho (Shanghai Jiaotong University), Dan Li (Fudan University), Suhua Tian (Fudan University)

Takeover Targets’ Decision to Market Themselves: The Role of Governance Elijah Brewer (DePaul University), William Jackson (University of Alabama), Larry Wall (Federal Reserve Bank of Atlanta)

Discussants: Isil Erel (Ohio State University), W. Scott Frame (University of North Carolina-Charlotte), Gerard Caprio (Williams College), Antonio Macias (Texas Christian University)

–      an AEA session on Financial Intermediation and Financial Crisis, with Jianjun Miao (Boston University) presiding. These are the contributions:

Capital Regulation and Credit Fluctuations Hans Gersbachy (Center of Economic Research at ETH), Jean-Charles Rochet (University of Zurich, SFI and Toulouse School of Economics)

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Banking Bubbles and Financial Crisis Jianjun Miao (Boston University), Pengfei Wang (Hong Kong University of Science and Technology)

Demand Creates its Own Supply Christophe Chamley (Boston University)

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The Lehman Shock and the Dynamics of the Crisis Gary Gorton (Yale University), Andrew Metrick (Yale University), Lei Xie (Yale University)

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Discussants: Anton Korinek (University of Maryland), Zhiguo He (University of Chicago), John Leahy (New York University), Simon Gilchrist (Boston University)

–      Also interesting seems a session organized by the Association for Comparative Economic Studies on Once Bitten Twice Shy? International Banking after the Crisis, with John Bonin (Wesleyan University) presiding, including the following contributions:

Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed? Eugenio M. Cerutti (International Monetary Fund), Stijn Claessens (International Monetary Fund), Patrick McGuire (Bank for International Settlements)

Foreign Banks: Trends, Impact and Financial Stability Stijn Claessens (International Monetary Fund), Neeltje van Horen (Den Nederlandsche Bank)

Changing Forces of Gravity: How the Crisis Affected Cross-Border Banking, Claudia M. Buch (University of Tübingen and member of the German Council of Economic Experts), Katja Neugebauer (IAW), Christoph Schröder (ZEW)

Bank Lending Patterns in the Aftermath of the Global Financial Crisis: Exploring Differences between Latin America and Eastern Europe John P. Bonin (Wesleyan University), Robert Cull (World Bank), Maria Soledad Martinez Peria (World Bank)

Discussants: John P. Bonin (Wesleyan University), Claudia M. Buch (University of Tübingen and member of the German Council of Economic Experts), Katheryn N. Russ (University of California-Davis)

Related themes

–      One conference highlight is the AEA session on International Policy Coordination with Dominick Salvatore (Fordham University) presiding and this remarkable assembly of contributors and themes:

International Policy Coordination in the Eurozone Martin Feldstein (Harvard University)

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International Policy Coordination and Transmission Robert Mundell (Columbia University)

International Macroeconomic Policy Coordination with Debt Overhang Kenneth Rogoff (Harvard University)

International Monetary Rebalancing John B. Taylor (Stanford University)

International Policy Coordination in the Euro Area: Towards an Economic and Financial Federation Jean-Claude Trichet (Banque de France)

Discussants: Dominick Salvatore (Fordham University), Martin Feldstein (Harvard University), Robert Mundell (Columbia University), Kenneth Rogoff (Harvard University), John B. Taylor (Stanford University), Jean-Claude Trichet (Banque de France)

–      Another interesting AEA session is on Speculation, Insurance and Financial Regulation. Presiding: Andrei Kirileinko (Massachusetts Institute of Technology). Contributions:

Benefit-Cost Analysis for Financial Regulation Eric Posner (University of Chicago), Eric Glen Weyl (University of Chicago)

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Financial Innovation and Portfolio Risks Alp Simsek (Harvard University)

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Reflections on Finance and the Good Society Robert J. Shiller (Yale University)

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Can Financial Engineering Cure Cancer?: A New Approach to Funding Large-Scale Biomedical Innovation Jose-Maria Fernandez (Massachusetts Institute of Technology), Andrew W. Lo (Massachusetts Institute of Technology), Roger Stein (Moody’s)

Discussants: Hayne E. Leland (University of California-Berkeley), Darrell Duffie (Stanford University), Patrick Bolton (Columbia University), Markus K. Brunnermeier (Princeton University)

–      A currently widely noticed strand of research is the role banks’ networks play in a financial crisis. There is an AEA session with Ethan Cohen-Cole (University of Maryland) presiding on Financial Networks including

Financial Networks and Contagions Matthew Elliott (Microsoft Research and CalTech), Benjamin Golub (Harvard University), Matthew O. Jackson (Stanford University)

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Systemic Risk and Stability in Financial Networks Daron Acemoglu (Massachusetts Institute of Technology), Asuman Ozdaglar (Massachusetts Institute of Technology), Alireza Tahbaz-Salehi (Massachusetts Institute of Technology)

Endogenous Intermediation in Over-the-Counter Markets Ana Babus (Imperial College London)

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Systemic Risk and Network Formation in the Interbank Market Ethan Cohen-Cole (University of Maryland), Eleonora Patacchini (La Sapienza University of Rome), Yves Zenou (Stockholm University)

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Discussants: Matthew O. Jackson (Stanford University), Daron Acemoglu (Massachusetts Institute of Technology), Ethan Cohen-Cole (University of Maryland)

–      Foreign exchange markets are one aspect in an AEA session on International Finance with Hendrik Van Den Berg (University of Nebraska-Lincoln) presiding over the following contributions:

A global monetary tsunami? On the spillovers of US Quantitative Easing Roland Straub (European Central Bank), Marcel Fratzscher (European Central Bank)

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International Evidence on Government Support and Risk-Taking in the Banking Sector Luis Brandao Marques (International Monetary Fund), Ricardo Correa (Federal Reserve Board), Horacio Sapriza (Federal Reserve Board)

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Menu Costs, Trade Flows, and Exchange Rate Volatility Logan T. Lewis (Federal Reserve Board)

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Equilibrium Dynamics in Repressive Economies: Evidence from the Belarusian Black Market for Foreign Exchange Matthias Krapf (University of Vienna), Hannes Huett (University of Konstanz), Selver Derya Uysal (Institute for Advanced Studies (IHS) Vienna)

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Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flows Concerns Gurnain Kaur Pasricha (Bank of Canada), Joshua Aizenman (University of California-Santa Cruz)

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The Cross-Section of Currency Order Flow Portfolios Andreas Schrimpf (Bank for International Settlements), Lukas Menkhoff (Leibniz University Hannover), Lucio Sarno (Cass Business School, London), Maik Schmeling (Leibniz University Hannover)

–      Another interesting highlight will be the Bank for International Settlements Special Panel on Property Markets, Financial Stability, and Macroprudential Policies of the American Real Estate & Urban Economic Association. It will be moderated by Frank Packer (BIS) with Kiyohiko Nishimura (Bank of Japan), Yongheng Deng (National University of Singapore), Ken Kuttner (Williams College), Timothy M. Riddiough (University of Wisconsin-Madison) and Frank Warnock (University of Virginia).

Euro Area

Papers on the euro crisis are scattered over many sessions. These are some examples:

–      The Association for Evolutionary Economics will hold a special session on European Economic and Financial Crises and Capital Flows (Ayres Visiting Scholar Session): James Galbraith (University of Texas-Austin) will be presiding and there will be contributions on:

Financial Crises and Centre-Periphery Capital Flows Ali Tarhan (Central Bank of the Republic of Turkey)

Is the Euro Crisis Fuelling Europe’s Evolution into Closer Unity or Just a Case of Reverse Alchemy? Yanis Varoufakis (University of Athens, Greece, University of Texas-Austin, and Valve Corporation (Ayres Visiting Scholar 2013))

Dutch Bankers on the Financial Crisis: Views on Formal and Informal Institutions in 2012 Irene van Staveren (Institute of Social Studies, The Netherlands)

Sovereign Debt Crises in European Varieties of Capitalism Klaus Nielsen (University of London, UK)

Debt Crises: Is a Global Restructuring Implementable? David Cayla (Universite d’Angers, France)

Discussants: Wolfram Elsner (University of Bremen, Germany), John Marangos (University of Crete, Greece)

–      Another interesting paper by an interesting contributor is found in a session of the Association for Comparative Economic Studies. This is on

European Monetary Union: Convergence and Divergence by Helmut Wagner (University of Hagen)

–      There is a comparably strong presence of German participants in a session organized by the Association for Comparative Economic Studies on The Euro-Area Debt Crisis, Current Account Imbalances, and Economic Growth, with Christian Dreger (DIW Berlin) presiding. The contributions are:

Debt Leveraging and the Exchange Rate Pierpaolo Benigno (LUISS Guido Carli and NBER), Frederica Romei (LUISS Guido Carli)

Determinants of Euro Area Public Expenditure Policies Sebastian Hauptmeier (German Ministry of Finance), A. Jesus Sanchez-Fuentes (U. Complutense de Madrid), Ludger Schuknecht (German Ministry of Finance)

Current Account Imbalances in the Euro Area: Does Catching Up Explain the Development? Ansgar Belke (University of Duisburg-Essen), Christian Dreger (DIW Berlin)

Sovereign Debt Crises and Economic Growth in Emerging European Countries Balazs Egert (OECD), Ali M. Kutan (Southern Illinois University-Edwardsville), Hakan Yilmazkuday (Florida International University)

Discussants: David Papell (University of Houston), Nicolas Veron (Bruegel and The Peterson Institute), David Kemme (University of Memphis), Josef Brada (Arizona State University)

–      The Association for Evolutionary Economics will also be holding a session on The Euro Crisis. Presiding: Philip Arestis (University of Cambridge, UK and University of the Basque Country, Spain). Contributions:

The Euro Crisis: When Might it End? Philip Arestis (University of Cambridge, UK and University of the Basque Country, Spain), Malcolm Sawyer (University of Leeds, UK)

How “Greek” is the Euro Crisis? Georgios Chortareas (University of Athens, Greece)

Modeling Moments of Crisis: The Case of Ireland Stephen Kinsella (University of Limerick, Ireland)

Wrong Institutional Design and Unsatisfactory Economic Performance: An Explanation of the Huge Spanish Unemployment Rate Jesus Ferreiro (University of the Basque Country, Spain), Felipe Serrano (University of the Basque Country, Spain)

The Euro Debt Crisis and Germany’s Euro Trilemma Joerg Bibow (Skidmore College and Levy Economics Institute)

Focus on Asia

There are two interesting sessions focusing on Asian monetary and financial themes:

–      One session organized by the American Committee on Asian Economic Studies/American Economic Association on Empirical Assessments of International Shock Transmission for Asia, with Michael Plummer (Johns Hopkins University) presiding, and including the following contributions:

Do Foreign Banks Cut Their Bank Lending More during a Crisis? Robert Dekle (University of Southern California), Mihye Lee (Bank of Korea)

How Close is ASEAN to a Common Global-Currency Basket? Reid W. Click (George Washington University)

International Transmission of Emerging Economy Supply Shocks: Analysis of a Three-Country DSGE Model Naohisa Hirakata (Bank of Japan), Yuto Iwasaki (Bank of Japan), Masahiro Kawai (ADB Institute)

Do Policy-Related Shocks Affect Real Exchange Rates of Asian Developing Countries? Taya Dumrongrittikul (Monash University)

Discussants: Pierre L. Siklos (Wilfrid Laurier University), Mordechai E. Kreinin (Michigan State University), Richard Pomfret (University of Adelaide, Australia), Steven Husted (University of Pittsburgh)

–      The  Chinese Economists Society has a session on Some Issues of RMB Exchange Rates on Price Convergence, Investment, Inflation and Stock Market Responses with Yangru Wu (Rutgers University and Central University of Finance and Economics) presiding. The contributions are:

On the Role of Variable Input in the Relationship between Investment and Exchange Rate Volatility: An Empirical Analysis Guangzhong Li (Central University of Finance and Economics), Jie Li (Zhejiang University)

Does the RMB Exchange Rate Reform Make a Difference? Evidence from Cross-Listed Chinese Companies Jimmy Ran (Lingnan University and Central University of Finance and Economics), Laurel Rong (EPRO Systems, Hong Kong)

Currency Devaluation and Stock Market Response: An Empirical Analysis Dilip K. Patro (Office of the Comptroller of the Currency), John K. Wald (University of Texas-San Antonio), Yangru Wu (Rutgers University and Central University of Finance and Economics)

RMB Foreign Exchange Market Intervention and Export Competitiveness Jie Li (Central University of Finance and Economics), Wu-kuang Cun (Rutgers University)

Modeling the Transition Towards Renminbi’s Full Convertibility: Implications for China’s Growth and the Global Economy Luigi Bonatti (Universita di Trento), Andrea Fracasso (Universita di Trento)

Discussants: Dayong Huang (University of North Carolina-Greensboro), Xi Chen (Yale University), Mary E. Lovely (Syracuse University), Hong Ma (Tsinghua University), Daniel Santabárbara (European Central Bank)

Other topics

There is so much more. Here are some examples of the diversity, and I want to refer you to the program site for details:

–      Blinded by Incentives: Do Rank and File Stock Options Deter Employee Whistle-Blowing? Andrew Call (University of Georgia), Simi Kedia (Rutgers University), Shivaram Rajgopal (Emory University) (There is a related earlier paper and it might be interesting to follow the progress made.)

–      Trader Twitter Chatter and Corn Futures Price Volatility Mindy Mallory (University of Illinois-Urbana-Champaign), Sung Won Kim (University of Oklahoma)

–      Keynes the Stock Market Investor David Chambers (Cambridge Judge Business School), Elroy Dimson (London Business School)

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–      Financial Innovation in Late-Eighteenth Century Netherlands: The Case of American Land Securities Rik Frehen (Tilburg University), William N. Goetzmann (Yale University), Geert Rouwenhorst (Yale University)

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–      Currency Safe Havens during Global Financial Stress: India vs. Other Emerging Markets Valerie Cerra (International Monetary Fund), Sweta Saxena (International Monetary Fund)

–      de Soto vs. Yunus: Microfinance, Property Rights, and Development Policy M. Shahe Emran (Columbia University), Forhad Shilpi (World Bank), Joseph E. Stiglitz (Columbia University)

–      Happiness Puzzles Angus S. Deaton (Princeton University), Arthur Stone (SUNY-Stony Brook)

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–      Gender and Connections Among Wall Street Analysts Lily Fang (INSEAD), Sterling Huang (INSEAD)

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–      Employment and Competitive Issues Involving Japanese Financial Conglomerates: A Case Study of Shinsei Bank Masaharu Kuhara (Kyushu University)

–      The Home Economics of E-Money: Velocity, Cash Management, and Discount Rates of M-Pesa Users Isaac Mbiti (Southern Methodist University), David N. Weil (Brown University)

–      Access to Finance and Entrepreneurship: New Evidence from 4 African Countries Ousman Gajigo (African Development Bank), Thouraya Triki (African Development Bank), Issa Faye (African Development Bank)

–      Financial Services Liberalization in a Natural Resource Rich Economy, Sheikh Shahnawaz (California State University), Hatem Samman (Booz & Co.)

–      What’s So Funny About Making Monetary Policy? Kevin W. Capehart (American University)

I give up. This has become far too long. You have to see for yourself. Enjoy it!

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