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Tsinghua Columbia Workshop in International Economics 2009The Global Crisis and Reforms of International Financial ArchitectureCo-sponsors: Hong Kong Institute for Monetary Research and European Central BankJune 26-27, 2009Venue: Conference Room, School of Economics and Management, Tsinghua UniversityJune 26, 20098:30-8:40 Welcome RemarksSession 1: Cyclicality, Crisis, and Corrective ActionsChair: 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 ElasticitiesDiscussant: Vivian Yue (NYU)9:45-10:00 Break10:00-11:00 Hui Tong (IMF) and Shang-Jin Wei (Columbia, Tsinghua, and NBER): The Composition Matters: Capital Flows and Liquidity Crunch during the 2007-09 Global CrisisDiscussant: 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 JapanDiscussant: James Barth (Milken Institute)12:00-1:30 LunchSession 2: Regional and Global Linkages in Crisis and Tranquil TimesChair: 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 Break3:00-4:00 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 TimesDiscussant: 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 WorldDiscussant: Andrew Feltenstein (US National Science Foundation)6:30 DinnerJuly 27, 2009Session 3: Crisis and Cross-border InvestmentChairman: 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 StatesDiscussant: Taeyoon Sung (Yongsei University)10:00-10:15 Break10:15-11:15 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 ActDiscussant: Jiandong Ju (IMF and University of Oklahoma)12:15-1:30 Lunch1:30-2:30 Speech by a Senior Policy MakerIntroduction by Yingyi Qian (Dean, Tsinghua Universitys School of Economics and Management)2:30-2:45 Break3:00-4:30 Panel Discussion: The Global Crisis, Global Reforms and the Role of ChinaModerator: 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`Ohvhs5PJhDC5PJhv5PJhsP5PJnHo(tHhvhv5PJ ha@PJhpPJnHo(tH hvPJhQE;hv5>*PJ hQE;PJ h!PJ hdPJ h>PJh hPJ hPJh hdPJh hd5PJh5PJh 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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