SITE 2006 Summer Workshop

Emerging market firms' behavior: insights for finance and macroeconomics

co-sponsored by the

Stanford Institute for Theoretical Economics (SITE)

and the

Center for Global Business and the Economy

Stanford Graduate School of Business

June 19-21, 2006

Group Photo

Program

Monday, June 19

Session 1: Foreign Direct Investment: Effects on Fluctuations and Growth

9:00-9:30 breakfast
9:30 - 10:45 "The Composition of Capital Flows When Emerging Market Firms Face Financing Constraints" by Katherine Smith, US Naval Academy (with Diego Valderrama)
Discussant: Jing Zhang, University of Michigan
10:45 - 11:00 coffee
11:00 - 12:15 "Foreign Direct Investment, Financial Markets and Economic Growth" by Selin Sayek, Bilkent University (with Laura Alfaro, Areendam Chanda, and Sebnem Kalemli-Ozcan)
Discussant: Yan Bai, Arizona State University
12:30 - 2:00 lunch
2:00-3:15 "Firm Ownership and FDI Spillovers in China" by Cheryl Long, Colgate (with Galina Hale)
Discussant: Robert Dekle, USC
3:15-3:30 coffee
3:30-4:45 "Foreign Banks in Mexico: New Conquistadors or Agents of Change?" by Heiner Schulz, University of Pennsilvania
Discussant: Mark Spiegel, SF Fed
6:30 dinner


Tuesday, June 20

Session 2: Role of Financial Development, Integration and Openness

9:00-9:30 breakfast
9:30 - 10:45 "International Financial Integration and Entrepreneurship" by Laura Alfaro, HBS (with Andrew Charlton)
Discussant: Cheryl Long, Colgate University
10:45 - 11:00 coffee
11:00 - 12:15  "Enforcement, Incomplete Contracts, and Crisis" by Cristina Arellano, Minnesota (with Yan Bai and Jing Zhang)
Discussant: Roberto Chang, Rutgers
12:30 - 2:00 lunch
2:00-3:15 "Credit Constraints in Trade: Financial development and export composition" by Kalina Manova, Harvard
Discussant: Michael Klein, Fletcher School


Wednesday, June 21

Session 3:  Impacts of Financial Crises on Firm Financing

9:00-9:30 breakfast
9:30 - 10:45 "Sovereign Default and Asset Prices" by Sandro C. Andrade, UC Berkeley
Discussant: Sean Flynn, Vassar
10:45 - 11:00 coffee
11:00 - 12:15 "Currency Crises and Foreign Credit to Emerging Markets: Credit Crunch or Demand Effect?" by Galina Hale, Yale (with Carlos Arteta)
Discussant: Diego Valderrama, Federal Reserve Bank of San Francisco
12:30 - 2:00 lunch
2:00-3:15 "Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations" by Hoyt Bleakly, Chicago GSB (with Kevin Cowan)
Discussant:  Frank Warnock, Darden School


Organizers: Manuel Amador, Galina Hale, Peter Henry

We are most grateful for SITE and CGBE for financial support.  
This workshop would not be possible without instrumental help of Rafal Klopotowski, Margot Sutherland and Priscilla Williams.  
Logistical help from Jannie Parker and Kristin Baumgardner is much appreciated.