6th Research Meeting, 9-10 March, 2010
Amaltas Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.
9 March 2010
| 9:00 - 9:30 | Coffee with Snacks |
| 9:30 - 10:00 | Inaugural Session C. Rangarajan, Chairman, NIPFP |
| Chairman, Kaushik Basu, DEA | |
| 10:00 - 10:50 | Capital inflows: The role of controls, [paper] [slideshow] Atish Ghosh, IMF Discussant: Giovanni Veronese, Bank of Italy |
| 10:50 - 11:40 | Domestic investment by firms who expand overseas, [paper] Ila Patnaik, NIPFP Discussant: Aradhna Aggarwal, University of Delhi |
| 11:40 - 12:00 | Coffee |
| 12:00 - 12:45 | Productivity and outbound FDI in software services: A reversal of the HMY model, [paper] [slideshow] Rudrani Bhattacharya, NIPFP Discussant: Vani Archana, |
| 12:45 - 13:30 | Monetary regime switches in India: Policy or structure?, [paper] [slideshow] Nirvikar Singh, University of California, Santa Cruz Discussant: Ila Patnaik, NIPFP [slideshow] |
| 13:30 - 14:15 | Lunch |
| Chairman, Suman Bery, NCAER | |
| 14:15 - 15:00 | The global financial crisis: Explaining cross-country differences in the output impact, [paper] [slideshow] James P. Walsh, IMF Discussant: Abhijit Sen Gupta, JNU |
| 15:00 - 15:45 | What are the effects of fiscal policy shocks in India?, [paper] [slideshow] Roberto Guimaraes, IMF Discussant: M. Govinda Rao, NIPFP |
| 15:45 - 16:00 | Coffee |
| 16:00 - 18:00 | Practitioner Session Chairman, C. B. Bhave, SEBI Algorithmic trading in the crisis, Gangadhar Darbha, Royal Bank of Scotland EM-DM differentiation in the post Lehman era, Hari Hariharan, New World Investments Private equity and venture capital in India: What comes next?, [slideshow] Sudhir Sethi, IDG Ventures India Advisors |
| 19:30 - 21:00 | Dinner, at the 'Maple Room' at India Habitat Centre |
10 March 2010
| 9:00 - 9:30 | Coffee with Snacks |
| Chairman, Subir Gokarn, RBI | |
| 9:30 - 10:20 | Bank involvement with SMEs: Beyond relationship lending, [paper] [slideshow] Sergio Schmukler, World Bank Discussant: Ajay Shah, NIPFP |
| 10:20 - 11:00 | Inclusive, balanced, sustained growth in the Asia-Pacific, [paper] [slideshow] Wendy Dobson, University of Toronto Discussant: Ulrich Bartsch, World Bank |
| 11:00 - 11:15 | Coffee |
| 11:15 - 12:05 | Securities markets and foreign investors in the aftermath of a corporate scandal: Evidence from the Satyam episode, [paper] Ajay Shah, NIPFP Discussant: Sergio Schmukler, World Bank |
| 12:05 - 12:50 | Reforming China’s monetary policy framework, [paper] Richard Herd, OECD Discussant: Vivek Moorthy, IIMB |
| 12:50 - 13:35 | Lunch |
| Chairman, R. Gopalan, DFS | |
| 13:35 - 14:15 | Dollar debt of firms and dollar reserves of central bank: A case of moral hazard?, [paper] [slideshow] Rajeswari Sengupta, University of California, Santa Cruz Discussant: Roberto Guimaraes, IMF |
| 14:15 - 15:05 | A new global database on the de facto exchange rate regime, [paper] [slideshow] Ila Patnaik, NIPFP Discussant: Atish Ghosh, IMF |
| 15:05 - 15:45 | Estimation of value at risk for the Indian capital market: Filtered historical simulation approach using GARCH model with suitable mean specification, [paper] [slideshow] Indrajit Roy, RBI |
| 15:45 - 16:00 | Coffee |
| 16:00 - 18:00 | Policymakers Roundtable Chairman, Ashok Chawla, DEA Unwinding fiscal and monetary stimuli, Jahangir Aziz, J P Morgan Current thinking in the Ministry of Finance on financial reforms, K. P. Krishnan, DEA |
| 19:30 - 21:00 | Dinner, at the 'Maple Room' at India Habitat Centre |
5th Research Meeting, 16-17 September, 2009
Magnolia Conference Room
India Habitat Centre
Lodhi Road
New Delhi
The entry is from the IHC Gate number 3
16 September 2009
| 9:00 - 9:30 | Coffee with Snacks |
| 9:30 - 10:15 | Inaugural Session C. Rangarajan, Chairman, NIPFP Montek Singh Ahluwalia, Deputy Chairman, Planning Commission |
| Chairman, Arvind Virmani, DEA | |
| 10:15 - 11:00 | Cross-Border Capital Flows and the Financial Crisis, [slideshow] Gian Maria Milesi-Ferretti, IMF Discussant: Michael M. Hutchison, University of California, Santa Cruz [slideshow] |
| 11:00 - 11:45 | Asset Fire Sales and Purchases and the International Transmission of Funding Shocks, [paper] [slideshow] Tarun Ramadorai, Oxford University Discussant: Viral Acharya, Stern School of Business, New York University [slideshow] |
| 11:45 - 12:30 | Technology adoption and production organisation in India, [paper] [slideshow] Sourafel Girma, Nottingham University Business School Discussant: Rudrani Bhattacharya, NIPFP [slideshow] |
| 12:30 - 13:05 | Lunch |
| Chairman, Shankar Acharya, ICRIER | |
| 13:05 - 13:55 | Have China and India decoupled?, [paper] [slideshow] Jarko Fidrmuc, Munich Graduate School of Economics Discussant: Radhika Pandey, NIPFP [slideshow] |
| 13:55 - 14:40 | Multinationals and the effectiveness of capital controls, [paper] [slideshow] Ajay Shah, NIPFP Discussant: Sanjaya Panth, IMF [slideshow] |
| 14:40 - 15:25 | Central bank preventing appreciation vs. preventing depreciation, [paper] [slideshow] Matthieu Stigler, Federal Department of Economic Affairs, Switzerland Discussant: Gian Maria Milesi-Ferretti, IMF [slideshow] |
| 15:25 - 15:40 | Coffee |
| Chairman, Roberto Zagha, World Bank | |
| 15:40 - 16:30 | The costs and benefits of informalisation in a two-sector new Keynesian model, [paper] [slideshow] Paul Levine, University of Surrey Discussant: Annabelle Mourougane, OECD [slideshow] |
| 16:30 - 17:20 | Crisis vulnerability of Indian corporations, [slideshow] Hiroko Oura, IMF Discussant: V Ravi Anshuman, IIM, Bangalore [slideshow] |
| 17:20 - 18:00 | Outbound FDI by Indian software firms, [paper] [slideshow] Rudrani Bhattacharya, NIPFP Discussant: Sourafel Girma, Nottingham University Business School [slideshow] |
| 19:30 - 21:00 | Dinner, at the 'Maple Room' at India Habitat Centre |
17 September 2009
| 9:00 - 9:30 | Coffee with Snacks |
| Chairman, Sanjaya Panth, IMF | |
| 9:30 - 10:20 | Transmission of the subprime crisis to emerging markets, [paper] [slideshow] Michael M. Hutchison, University of California, Santa Cruz Discussant: Hiroko Oura, IMF [slideshow] |
| 10:20 - 11:10 | The long and short of emerging market debt, [paper] [slideshow] Sergio Schmukler, World Bank Discussant: Raimundo Soto, Pontificia Universidad Católica de Chile [slideshow] |
| Chairman, | |
| 11:10 - 11:55 | The effects of fiscal policy on output and debt sustainability, [paper] [slideshow] Annabelle Mourougane, OECD Discussant: Paul Levine, University of Surrey [slideshow] |
| 11:55 - 12:40 | Tracking Indian Growth in Real Time, [slideshow] Giovanni Veronese, Bank of Italy Discussant: Sudipto Mundle, NIPFP |
| 12:40 - 13:20 | Lunch |
| Chairman, Sudipto Mundle, NIPFP | |
| 13:20 - 14:10 | What has happened with exchange rate regimes in Asia?, [paper] [slideshow] Ila Patnaik, NIPFP Discussant: Sergio Schmukler, World Bank [slideshow] |
| 14:10 - 15:00 | The impact of capital inflows on asset prices in emerging Asia, [paper] [slideshow] Soyoung Kim, Seoul National University Discussant: Sajjid Chinoy [slideshow] |
| 15:00 - 15:20 | Coffee |
| 15:20 - 18:00 | New Thinking on Policy Chairman, Vijay Kelkar, Thirteenth Finance Commission |
| 15:20 - 15:40 | Lessons for emerging markets from the crisis, [paper] [slideshow] Pankaj Kumar & Binod Bhoi, RBI |
| 15:40 - 16:00 | Financial stability thinking in emerging markets, [paper] [slideshow] Michael Pomerleano, Bank of Israel |
| 16:00 - 16:20 | A good immune system for facing macroeconomic shocks: experiences from Latin America, [slideshow] Raimundo Soto, Pontificia Universidad Católica de Chile |
| 16:20 - 16:40 | Policy issues with derivatives in India, [slideshow] Viral Acharya, Stern School of Business, New York University |
| 16:40 - 17:00 | Discussion, Jayanth R. Varma, IIM, Ahmedabad |
| 17:00 - 17:20 | Discussion, K. P. Krishnan, DEA |
| 17:20 - 18:00 | Floor Discussion |
| 19:30 - 21:00 | Dinner, at the 'Willow Room' at India Habitat Centre |
4th Research Meeting, 24-25 March, 2009
Amaltas Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.
24 March 2009
| 9:00 AM | Coffee with Snacks |
| 9:30 - 10:30 | Chairman: Isher J. Ahluwalia, ICRIER Rebalancing growth in Asia, [paper] [slideshow] Eswar Prasad, Cornell University Montek Singh Ahluwalia, Planning Commission |
| 10:30 - 10:50 | Coffee |
| 10:50 - 13:30 | Chairman: Isher J. Ahluwalia, ICRIER Unexploited gains from international diversification, [paper] [slideshow] Sergio Schmukler, World Bank Discussant: Tarun Ramadorai, University of Oxford [slideshow] Implications of the choice of exchange rate regime, [paper] [slideshow] Atish Ghosh, IMF Discussant: Russell A. Green, U.S. Treasury Deptt. [slideshow] Corporate choice for overseas borrowings: The Indian Evidence, [paper] [slideshow] Bhupal Singh, RBI Discussant: P. V. Viswanath, Pace University [slideshow] |
| 13:30 - 14:30 | Lunch | 14:30 - 15:30 | Eurocoin: Tracking growth in realtime, [paper] [slideshow] Giovanni Veronese, Bank of Italy Discussant: Sanjaya Panth, IMF [slideshow] |
| 15:30 - 16:00 | Coffee |
| 16:00 - 18:00 | Tales from the trenches: What practitioners see Chairman: Ashok Chawla, DEA The currency futures market, [slideshow] Ravi Narain, National Stock Exchange The outlook for private equity flows and FDI, [slideshow] Vishal Nevatia, India Value Fund Associates The environment for borrowing abroad by Indian companies, [slideshow] Rajeev Ahuja, Citibank The environment for borrowing abroad by Indian companies, [slideshow] K. Venkataraman, State Bank of India |
| 19:30 - 21:00 | Dinner, at the `Maple Room' at India Habitat Centre |
25 March 2009
| 8:30 AM | Coffee with Snacks |
| 9:00 - 10:40 | Chairman: Shekhar Shah, World Bank Determinants of aggregate and bilateral trade flows and firms' decision to export, [paper] [slideshow] T. N. Srinivasan, Yale University Discussant: Sushanta Mallick, Queen Mary, University of London [slideshow] Graduating to globalisation: A study of Southern multinationals, [paper] [slideshow] Ila Patnaik, NIPFP Discussant: T. N. Srinivasan, Yale University [slideshow] |
| 10:40 - 11:10 | Coffee |
| 11:10 - 12:00 | Export intensity and financial policies of Indian firms, [paper] [slideshow] P. V. Viswanath, Pace University Discussant: Anmol Sethy, NIPFP [slideshow] |
| 12:00 - 12:50 | Pricing to market in India's exports: The role of market heterogeneity and product differentiation, [paper] [slideshow] Sushanta Mallick, Queen Mary, University of London Discussant: Rudrani Bhattacharya, NIPFP [slideshow] |
| 12:50-13:50 | Lunch | 13:50 - 14:40 | Exploring the pricing of Indian ADRs, [slideshow] Ajay Shah / Matthieu Stigler, NIPFP Discussant: Sergio Schmukler, World Bank |
| 14:40 - 15:10 | Coffee | 15:10 - 16:00 | Chairman: Arvind Virmani, DEA India's business cycle synchronisation, [paper] [slideshow] Ila Patnaik, NIPFP Discussant: Giovanni Veronese, Bank of Italy [slideshow] |
| 16:00 - 16:30 | Coffee |
| 16:30 - 18:30 | Policy Roundtable Chairman: Vijay Kelkar, Thirteenth Finance Commission Emerging markets in the global crisis, [slideshow] Sergio Schmukler, World Bank India in the global crisis, [slideshow] Ajay Shah, NIPFP Structural reform in the OECD in a time of crisis, Sean Dougherty, OECD |
| 19:30 - 21:00 | Dinner, at the `Maple Room' at India Habitat Centre |
3rd Research meeting, 30 Sep and 1 Oct, 2008
Amaltas Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.
30 September 2008
| 8:30 - 9:00 | Coffee |
| 9:00 - 10:00 | Inaugural C. Rangarajan, Chairman, NIPFP Ashok Chawla, Secretary, DEA C. B. Bhave, Chairman, Securities and Exchanges Board of India |
| 10:00 - 10:30 | Coffee |
| 10:30 - 12:45 | Macroeconomics Chairman: Arvind Virmani, DEA Inflation targeting and real exchange rates in emerging markets, [paper] [slideshow] Michael Hutchison, UC Santa Cruz Discussant: Vincent Koen, OECD [slideshow] East Asian experiences with capital flows, [paper] [slideshow] Masahiro Kawai, ADB Institute Discussant: Jahangir Aziz, DEA [slideshow] Financial exchange rates and international currency exposures, [paper] [slideshow] Philip Lane, Trinity College, Dublin Discussant: Michael Hutchison, UC Santa Cruz [slideshow] |
| 12:45-13:45 | Lunch |
| 14:00 - 15:30 | International economics Chairman: K. P. Krishnan, DEA Does openness to international financial flows contribute to productivity growth?, [paper] [slideshow] Eswar Prasad, Cornell University, Brookings Institution and NBER Discussant: Sourafel Girma, Nottingham Business School [slideshow] Fuller capital account opening in China and India: Mind the gap, [paper] [slideshow] Robert McCauley, BIS Discussant: Masahiro Kawai, ADB Institute |
| 15:30 - 16:00 | Coffee |
| 16:00 - 18:15 | International finance Chairman: TBA Trade misinvoicing: A channel for de facto capital account openness, [paper] [slideshow] Abhijit Sen Gupta, ICRIER Discussant: Eswar Prasad, Cornell University, Brookings Institution and NBER The value of control in emerging markets, [paper] [slideshow] Anusha Chari, University of North Carolina, Chapel Hill Discussant: Ajay Shah, NIPFP [slideshow] Patterns of international capital raisings, [paper] [slideshow] Sergio Schmukler, World Bank. Discussant: Nirvikar Singh, UC Santa Cruz |
| 7:30 - 9:00 | Dinner, at the `Maple Room' at India Habitat Centre |
1 October 2008
| 8:30 - 9:00 | Coffee |
| 9:00 - 11:30 | India - I Chairman: Shekhar Shah, World Bank Domestic investment by firms who expand overseas, [slideshow] Sourafel Girma, Nottingham Business School Discussant: Anusha Chari, University of North Carolina, Chapel Hill Indian capital control liberalisation: Estimates from NDF market, [paper] [slideshow] Nirvikar Singh, UC Santa Cruz Discussant: Ajay Shah and Matthieu Stigler, NIPFP [slideshow] Investment choices by foreign and domestic institutional investors, [paper] [slideshow] Ila Patnaik, NIPFP Discussant: Robert McCauley, BIS [slideshow] |
| 11:30 - 12:00 | Coffee |
| 12:00 - 13:00 | India - II Chairman: Jahangir Aziz, DEA Indian Rupee Market Intervention: Managing Volatility or Inducing Additional Capital Inflows?, [paper] [slideshow] Hiroko Oura, IMF Discussant: Ila Patnaik, NIPFP [slideshow] |
| 13:00 - 14:00 | Lunch |
| 14:00 - 15:30 | India - III Chairman: Suman Bery, NCAER Movement of trade balance and exchange rate sensitivity of industry trade flows, [paper] [slideshow] Rajarshi Mitra, University of Wisconsin, Milwaukee Discussant: S. Madhur, ADB One way bets on pegged exchange rates, [paper] [slideshow] Ajay Shah, NIPFP Discussant: Sergio Schmukler, World Bank [slideshow] |
| 15:30 - 16:00 | Coffee |
| 16:00 - 18:30 | Practitioner session Chairman: Sindushree Khullar, DEA Legal contradictions of the FII framework, [slideshow] Somasekhar Sundaresan, J. Sagar Associates The global market for Indian equities, [slideshow] Gautam Chand, Instanex The global market for derivatives on Indian underlyings, Sayee Srinivasan, Chicago Mercantile Exchange |
| 7:30 - 9:00 | Dinner, at the `Maple Room' at India Habitat Centre |
2nd Research meeting, 27-28 March 2008
Maple Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.
Photographs from the meeting. If you click on any of the images, you get the fullres underlying file.
27 March 2008
| 9:00 - 9:20 | Coffee and snacks |
| 9:20 - 9:30 | Welcome |
| 9:30 - 12:30 | Session on "Capital controls" Chairman: Arvind Virmani, Ministry of Finance Capital controls and international financial integration, [paper] [slideshow] Sergio Schmukler, World Bank Discussant: Ajay Shah, NIPFP [slideshow] Do capital controls foster exchange rate stability?, [paper] [slideshow] Michael Hutchison, UC Santa Cruz Discussant: Atish Ghosh, IMF Policy responses to capital flows, [paper] [slideshow] Juan Fernando Zalduendo, IMF Discussant: Abhijit Sen Gupta, ICRIER [slideshow] |
| 12:30-13:30 | Lunch |
| 13:30 - 15:30 | Session on "India's capital controls" Chairman: Subir Gokarn, Standard and Poors One way bets on pegged exchange rates, [paper] [slideshow] Ila Patnaik, NIPFP Discussant: Michael Hutchison, UC Santa Cruz [slideshow] India's capital controls, Nirvikar Singh, UC Santa Cruz [slideshow] Discussant: Sergio Schmukler, World Bank. [slideshow] |
| 16:00 - 18:00 | Session on "Exchange rates" Chairman: Suman Bery, NCAER Exchange rate pass-through, [paper] [slideshow] Rudrani Bhattacharya, NIPFP Discussant: Mandira Sarma, ICRIER Choice of exchange rate regime, [paper] [slideshow] Atish Ghosh, IMF Discussant: Ila Patnaik, NIPFP [slideshow] |
| 19:00-21:00 | Cocktails followed by dinner. |
28 March 2008
| 9:30 - 10:00 | Coffee and snacks |
| 10:00 - 13:30 | Session on "Internationalisation of firms" Chairman: Sindhushree Khullar, Ministry of Finance Outbound FDI from India, [slideshow] Jaya Prakash Pradhan, ISID, New Delhi Is emerging market money smart?, [paper] [slideshow] Anusha Chari, University of Michigan Discussant: Nirvikar Singh, UC Santa Cruz [comments] Graduating to globalisation, [paper] [slideshow] Dilek Demirbas, Newcastle Business School. Discussant: Shubhashis Gangopadhyay, Ministry of Finance What makes home bias abate?, [paper] [slideshow] Ajay Shah, NIPFP Discussant: Anusha Chari, University of Michigan. [slideshow] |
| 13:30-14:30 | Lunch |
| 14:30 - 17:30 | Session on "Tales from the trenches: What practitioners see" Chairman: K. P. Krishnan, Ministry of Finance Foreign capital for SMEs, [slideshow] Vipul Dalal, Elara Capital Implications of capital controls for domestic capital markets, [slideshow] Jayesh Mehta, DSP Merill Lynch Internationalisation of trading, Ravi Narain, National Stock Exchange |
| 19:00-21:00 | Cocktails followed by dinner. This is at the poolside. |
1st Research meeting, 4-5 December 2007
Photographs from the meeting. If you click on any of the images, you get the fullres underlying file.
4 December 2007
Venue: NIPFP, except for dinner.
| 10:00-10:45 | Inaugural session Welcome address, M. Govinda Rao, NIPFP. Inaugural address, C. Rangarajan, Chairman, EAC to the Prime Minister Introductory remarks, Sindhushree Khullar, Ministry of Finance. |
| 10:45-11:00 | Coffee |
| 11:00-13:15 | Session on "Exchange rate regimes and capital controls" Chairman: Percy Mistry, Oxford International Group Structural change and exchange rate regimes, [paper], [slideshow], Achim Zeileis, Vienna University of Economics and Business Administration Discussant: Ramkishen Rajan, George Mason University, [slideshow] Exchange rate regimes and unhedged currency exposure, [paper], [slideshow] Ila Patnaik, NIPFP Discussant: Barry Eichengreen, UC Berkeley, [slideshow] De facto convertibility, [paper], [slideshow] Gurnain Pasricha, UC Santa Cruz Discussant: Sergio Schmukler, World Bank, [slideshow] |
| 13:15-14:15 | Lunch |
| 14:15-15:45 | Session on "Internationalisation of shareholding" Chairman: K. P. Krishnan, Ministry of Finance Which firms from which countries go global?, [paper], [slideshow] Sergio Schmukler, World Bank Discussant: Rajesh Chakrabarti, ISB, [slideshow] Foreign ownership of Indian firms, [paper], [slideshow] Ajay Shah, NIPFP Discussant: Jayanth Varma, IIM, Ahmedabad |
| 16:00-17:30 | Session on "Monetary policy in China and India" Chairman: R. C. Srinivasan, Ministry of Finance Exchange rate pass-through in India, [paper], [slideshow] Ramkishen Rajan, George Mason University Discussant: Rudrani Bhattacharya, NIPFP The Chinese macroeconomic policy framework, [paper], [slideshow] Eswar Prasad, Cornell University Discussant: Ila Patnaik, NIPFP [slideshow] |
| 19:30-20:30 | Distinguished speaker: Barry Eichengreen, U. California, Berkeley Chairman: Montek Ahluwalia, Planning Commission. "The cautious case for capital flows", [paper], followed by dinner. Venue: Assocham Hall which is 47, Prithviraj Road. |
5 December 2007
Venue: NIPFP.
| 9:30-10:00 | Coffee |
| 10:00-13:00 | Session on "Capital controls and capital flows" Chairman: Suman Bery, NCAER Private equity, Sanjeev Sanyal, Deutsche Bank, [slideshow] Participatory notes, Dominique Dwor-Frecaut, ABN Amro, [slideshow] Participatory notes / ODIs, Jayanth Varma, IIM, Ahmedabad, [slideshow] The NDF market, Rajesh Chakrabarti, ISB, [slideshow], [note] Capital controls: a free lunch?, Josh Felman, IMF [slideshow] Capital flows in Asia, Rob Subbaraman, Lehman Brothers, [slideshow] |
| 13:00-14:00 | Lunch |