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Event

Ninth Meeting of the Latin-American Financial Network (LFN)


10/29/2013 - 10/30/2013

9 A.M. - 6 P.M.

Club de Banqueros de México, Calle 16 de Septiembre No. 27, Col. Centro, México D. F

México City, Mexico

Agenda

The Ninth Workshop of the Latin American Finance Network (LFN), co-organized by the Central Bank of México, the Inter-American Development Bank (IDB) and the World Bank’s Office of the Chief Economist for the Latin America and Caribbean Region, will be held in México City on October 30, 2013.

This year's LFN workshop will focus on the changing face of global and regional finance. Papers may be submitted on any topic related to finance in Latin America and the Caribbean, although papers on the areas listed below are particularly welcome:

  • Given that the ample liquidity supplied by advanced economy central banks may taper, and world interest rates may be set to rise, what will be the impact on global and regional financial markets? What are the main vulnerabilities of the region to this new environment and to what extent financial and regulatory policy could mitigate potential adverse effects?

  • What implications might these developments have on capital flows to Latin America and the Caribbean, on exchange rates, and what are the implications for monetary policy in the region? Also, what implications might interest rates rises have on fiscal sustainability, and are commodity exporters particularly vulnerable, given potential price falls?

  • During the recent years of low world interest rates, how have LAC firms taken advantage of the relatively easy financial conditions, have they increased foreign funding, what do corporate balance sheets look like, are there substantial currency mismatches, particularly considering firms in the non-tradeable sector, that may be a cause for concern?

  • Domestic credit has also grown strongly in several countries, has it grown too fast? What sectors have benefitted the most? What is the relation between credit cycles and cycles in the real economy? What are the main risks to financial intermediaries in the current environment? What policy actions might best mitigate the risks?

  • New proposals to revise financial regulations are causing much debate, how will these new rules impact LAC banking and financial markets? Should LAC supervisors also implement these new standards?

  • In Central America and the Caribbean, high sovereign debts and low growth has implied fiscal austerity. What are countries’ experiences to date in managing high debt ratios, and what can be done under current circumstances?

  • Local financial markets (equities and bonds) have been growing in the region, are such markets useful for firms to raise finance? Housing finance has also been growing. Will changes in global financial conditions put a halt to these developments? What constrains the further growth and usefulness of such markets?

Participants whose papers are selected for presentation at the workshop will receive a stipend to cover their air travel and lodging. Accepted authors may be asked to act as a discussant or session chair.

The workshop will feature a small number of papers organized into thematic sessions with ample time for discussion. Submitted Papers will be assessed by an academic committee as follows:


  • Ana Aguilar, Banco de Mexico

  • Tito Cordella, The World Bank

  • Tatiana Didier, The World Bank

  • Alejandro Izquierdo, IDB

  • Andrew Powell, IDB

  • Roberto Rigobon, MIT

  • Alessandro Rebucci, IDB

  • Alberto Torres, Banco de Mexico



SELECTED PROPOSALS:

  • Francisco Adame, Financial considerations in a small open economy model for Mexico (Banco de México)

  • Juan Francisco Martinez, A New Liquidity Risk Measure for the Chilean Banking Sector (Central Bank of Chile)

  • Jose Rossi, Hedging, Selective Hedging, or Speculation? Evidence of the use of derivatives by Brazilian firms during the financial crisis (Insper Institute of Education and Research)

  • Guido Sandleris, The Political Economy of Sovereign Defaults (Universidad Torcuato Di Tella)

  • Sergio Schmukler, International Asset Allocation and Capital Flows: The Benchmark Effect (World Bank)

  • Rogerio Silva Junior, Public Debt Composition and Monetary Policy (Catholic University of Brasilia)

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