1st Lille-Reading Workshop on International Finance

(co-funded by the Money, Macro and Finance Society, United Kingdom)

4-5 November 2021
University of Reading (online)


Thursday, 4 November 2021

13:45-13:50 Welcome: Robert van de Noort (University of Reading), Vice Chancellor

13:50-13:55 Welcome: Uma Kambhampati (University of Reading), Head of the School of Politics, Economics and International Relations (SPEIR)

13:55-14:00 Welcome: Alexander Mihailov (University of Reading), Director of the Economic Analysis Research Group (EARG) and workshop co-founder and local co-organiser

14:00-16:15 Session 1: International Reserves, Sudden Stops, and Uncertainty
Chair: Miguel Leon-Ledesma (University of Kent and CEPR)

14:00-14:45 “Currency Compositions of International Reserves and the Euro Crisis”
Paper with Jan Weidman (German Federal Ministry for Economic Affairs and Energy)
Presenter: Falk Hendrik Laser (Goethe University Frankfurt and Technische Universität Darmstadt)
Discussant: Jean-Christophe Poutineau (Université de Rennes 1)

14:45-15:30 “Sudden Stops, Productivity and the Optimal Level of International  Reserves for Small Open Economies”
Paper with Harun Nasir (Zonguldak University)
Presenter: Alexander Mihailov (University of Reading)
Discussant: Anna Lipinska (Federal Reserve Board)

15:30-16:15 “Interest Rate Uncertainty as a Policy Tool”
Paper with Fabio Ghironi (University of Washington, CEPR, EABCN, and  NBER)
Presenter: Galip Kemal Ozhan (Bank of Canada)
Discussant: Fabien Tripier (Université d’Evry)

16:15-16:30 Coffee Break

16:30-17:30 Keynote Talk: Gianluca Benigno (Assistant Vice President and Function Head, International Research Function, Federal Reserve Bank of New York, and London School of Economics and Political Science), “The Global Dollar”
Chair: Tommaso Monacelli (Università Bocconi, IGIER, and CEPR)

Friday, 5 November 2021 

10:00-13:00 Session 2: International Capital Flows, Global Risk, and the Dollar
Chair: Cedric Tille (Graduate Institute Geneva)

10:00-10:45 “How Does International Capital Flow?”
Paper with Phurichai Rungcharoenkitkul (Bank for International Settlements) and Andrej Sokol (European Central Bank, Bank of England and Centre for Macroeconomics)
Presenter: Michael Kumhof (Bank of England, CEPR and Centre for Macroeconomics)
Discussant: Jean-Bernard Chatelain (Université Paris 1 – Sorbonne)

10:45-11:30 “Global Risk and the Dollar”
Paper with Gernot Müller (University of Tübingen and CEPR) and Ben Schumann (Free University of Berlin)
Presenter: Georgios Georgiadis (European Central Bank)
Discussant: Etienne Farvaque (Université de Lille)

11:30-12:15 “Dash for Dollars”
Paper with Fernando Eguren-Martin (Bank of England and Centre for Macroeconomics)
Presenter: Ambrogio Cesa-Bianchi (Bank of England, CEPR, and Centre for Macroeconomics)
Discussant: Jagjit Chadha (National Institute of Economic and Social Research)

12:15-13:00 “Dilemma and Global Financial Cycle: Evidence from Capital Account Liberalization Episodes”

Presenter: Xiang Li, Halle Institute for Economic Research (IWH)
Discussant: Sophie Brana (Université de Bordeaux)

13:00-14:00 Lunch Break

14:00-16:15 Session 3: Monetary Union, Fiscal Policy, and International Spillovers
Chair: Antonio Afonso (Universidade de Lisboa)

14:00-14:45 “Exits and Bailouts in a Monetary Union”

Presenter: Michal Kobielarz (KU Leuven)
Discussant: Hubert Kempf (ENS Paris-Saclay and HSE Moscow)

14:45-15:30 “Fiscal Policy, International Spillovers, and Endogenous Productivity”
Paper with Ludger Linnemann (Technische Universität Dortmund)
Presenter: Mathias Klein (Sveriges Riksbank)
Discussant: Gulcin Ozkan (King’s College London)

15:30-16:15 “What Goes Around Comes Around: How Large Are Spillbacks from US Monetary Policy?”
Paper with Georgios Georgiadis (European Central Bank) and Ben Schumann (Free University of Berlin)
Presenter: Max Breitenlechner (University of Innsbruck)
Discussant: Balazs Egert (OECD, Paris)

16:15-16:20 Closing thanks: Florence Huart (Université de Lille), workshop co-founder and co-organiser