NIPFP-DEA Program on Capital Flows:
Meetings

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.

9:30-10:00Coffee
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


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