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Tsinghua Columbia Workshop in International Economics 2009 The Global Crisis and Reforms of International Financial Architecture Co-sponsors: Hong Kong Institute for Monetary Research and European Central Bank June 26-27, 2009 Venue: Conference Room, School of Economics and Management, Tsinghua University June 26, 2009 8:30-8:40 Welcome Remarks Session 1: Cyclicality, Crisis, and Corrective Actions Chair: Chong-En Bai (Tsinghua University) 8:45-9:45 Charles Engel (University of Wisconsin, Madison, and NBER) and Jian Wang (Federal Reserve Bank of Dallas) International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities Discussant: Vivian Yue (NYU) 9:45-10:00 Break 10:00-11:00 Hui Tong (IMF) and Shang-Jin Wei (Columbia, Tsinghua, and NBER): The Composition Matters: Capital Flows and Liquidity Crunch during the 2007-09 Global Crisis Discussant: Anusha Chari (University of North Carolina and NBER) 11:00-12:00 Takeo Hoshi (UCSD and NBER) and Anil K. Kashyap (Univ of Chicago Booth School of Business and NBER) Will the U.S. Bank Recapitalization Succeed? Lessons from Japan Discussant: James Barth (Milken Institute) 12:00-1:30 Lunch Session 2: Regional and Global Linkages in Crisis and Tranquil Times Chair: Dong He (Hong Kong Monetary Authority and HKIMR) 1:45-2:45 Michael Ehrmann (ECB), Marcel Fratzscher (ECB) and Arnaud Mehl (ECB) What Has Made the Current Financial Crisis Truly Global? Discussant: Vivek Arora (IMF) 2:45-3:00 Break 3:00-4:00 Dong He, Zhiwei Zhang, and Honglin Wang (all HKMA) Hong Kongs Financial Market Interactions with the U.S. and Mainland China in Crisis and Tranquil Times Discussant: Qing Liu (Tsinghua University) 4:00 5:00 James Barth (Auburn University and Milken Institute), Lin Chen (The City University of Hong Kong), Yue Ma (Lingnan University), Jesus Seade (Lingnan University), and Frank Song (University of Hong Kong) Bank Regulations around the World Discussant: Andrew Feltenstein (US National Science Foundation) 6:30 Dinner July 27, 2009 Session 3: Crisis and Cross-border Investment Chairman: Filippo di Mauro (European Central Bank) 9:00-10:00 Anusha Chari (UNC and NBER) Foreign Ownership and Firm Performance: Evidence from Emerging Market Acquisitions in the United States Discussant: Taeyoon Sung (Yongsei University) 10:00-10:15 Break 10:15-11:15 Woochan Kim (KDI School of Management and Public Policy), Taeyoon Sung (Yonsei University), and Shang-Jin Wei (Columbia, Tsinghua and NBER) Does Corporate Governance at Home Affect Investment Patterns Abroad? Discussant: Anusha Chari (UNC and NBER) 11:15-12:15 Dhammika Dharmapala (Harvard), C. Fritz Foley (Harvard Business School) and Kristin Forbes (MIT) Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act Discussant: Jiandong Ju (IMF and University of Oklahoma) 12:15-1:30 Lunch 1:30-2:30 Speech by a Senior Policy Maker Introduction by Yingyi Qian (Dean, Tsinghua Universitys School of Economics and Management) 2:30-2:45 Break 3:00-4:30 Panel Discussion: The Global Crisis, Global Reforms and the Role of China Moderator: Shang-Jin Wei (Columbia University, Tsinghua University, and NBER) David Dollar (Country Director for China and Mongolia, the World Bank) Takeo Hoshi (Professor, UCSD) Beatrice Weder di Mauro (Professor, University of Mainz, and Member of German Council of Economic Experts) James Barth (Eminent Scholar, Milken Institue, and former Chief Economit, U.S. Office of Thrift Supervision) =>?w: ; < J T V g r s  ȹ­ȭȧ~tg`Y`Ohvhs5PJ hDC5PJ hv5PJhsP5PJnHo(tHhvhv5PJ ha@PJhpPJnHo(tH hvPJhQE;hv5>*PJ hQE;PJ h!PJ hdPJ h>PJh hPJ hPJh hdPJh hd5PJ h5PJh h&5PJ h,kPJ h&5PJh hX>oPJ>?: ; < J K f g ? @ 7$8$H$gdX4 `^``gdsP^gdsPgdsP$a$gd$a$gd    ? @ A    ! 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