International Conference  

International Conference

Titel: “Intra-European Imbalances, Global Imbalances, International Banking, and International Financial Stability”
September 17th/18th 2012
Paper Submission Deadline: July 1st 2012
Participant Registration: August 20th 2012 (Registration form)
Venue: DIW Berlin
Organizers: Ansgar Belke (DIW and University Duisburg Essen) and Gunther Schnabl (IEP, University Leipzig)

Location map: Link

Official group photo of the conference

Topic and Aim

The discussion about global imbalances and intra-European imbalances has intensified following the recent subprime market crisis and European sovereign debt crisis. It is generally acknowledged that the global and intra-European imbalances are linked to crisis, financial instability, economic instability and international economic policy conflicts. We aim to provide new academic insights on the determinants and consequences of current account imbalances.

The best and most innovative papers will be published in special issues of the Review of International Economics and Kredit und Kapital:



as PDF
Monday 17th September 2012
9:00 – 9:15

Opening of the conference
Ansgar Belke (University of Duisburg-Essen and DIW)

Gunther Schnabl (Institute for Economic Policy, University of Leipzig)

9:15 - 10:00

Keynote Speaker 1: Gian-Maria Milesi-Ferretti (IMF)

"Global imbalances after the crisis"

10:00 - 10:30
Coffee break
10:30 - 12:00Session 1a: Determinants of Intra-European Imbalances
(Session leader: Christian Dreger)

A. Gehringer (University of Göttingen) 

"Imbalances of current accounts in Europe and their real determinants: An empirical assessment" (pdf)

F. Körner (University of Oldenburg), H. Zemanek (University of Leipzig) 

"On the brink? Intra-euro area imbalances and the sustainability of foreign debt" (pdf)

A. Belke (University of Duisburg-Essen), C. Dreger (DIW Berlin)
"Current account imbalances in the euro area: Does catching up explain the development?" (pdf)

10:30 - 12:00Session 1b: The Chinese-US Trade Imbalance
(Session leader: Ulrich Volz)

J. Hailong, K. Choi (Both: Iowa State University)

"China's profits and losses from currency intervention" (pdf)

G. Ma, R. McCauley, L. Lam (All: Bank for International Settlements)

"The roles of saving, investment and the renminbi in rebalancing the Chinese economy" (pdf)

H. Ito (Portland State University), U. Volz (German Development Institute)

"China and global imbalances from a view of sectorial reforms" (pdf)

12:00 - 12:15Break
12:15 - 13:00

Keynote Speaker 2: Thomas Mayer (Senior Advisor, Deutsche Bank)

"TARGET2 imbalances as a new facet of global imbalances"

13:00 - 14:00Lunch
14:00 - 15.30Session 2a: The East Asian Current Account Surplus
(Session leader: Jean-Baptiste Gossé)

N. Yoshino (Keio University, Japan)

"The global imbalance and the development of capital flows among Asian countries"

R. Unger (Deutsche Bundesbank)

"Global savings glut or global liquidity glut? - Conceptualizing the debate" (pdf)

J.-B. Gossé (Cambridge University), C. Guillaumin (University of Grenoble)

"Can external shocks explain the Asian side of global imbalances? Lessons from a structural VAR model with block exogeneity" (pdf)

14:00 - 15.30Session 2b: Tackling Intra-European Imbalances
(Session leader: Benjamin Carton)

A. Hobza, C. Cuerpo, S. Zeugner (All: European Commission)

"EU's approach to tackling macroeconomic imbalances" (pdf)

S. Gomes (Bank of Portugal), P. Jacquinot (European Central Bank), M. Pisani (Bank of Italy)

"Rebalancing the euro area, unit labor costs and price competitiveness: A model-based analysis" (pdf)

B. Carton (CEPII), K. Hervé (Banque de France)

"Some major intra Euro Area exchange rate misalignments: Is there any way to fix them?" (pdf)

15:30 - 16:00Coffee Break
16:00 - 17:30Session 3a: Exchange Rate Adjustment
(Session leader: Mathilde Maurel)

V. Coudert, C. Couharde, V. Mignon (All: University of Paris Ouest)

"On currency misalignments within the euro area" (pdf)

N. Müller-Plantenberg (Autonomous University of Madrid)

"Boom-and-bust cycles marked by capital inflows, current account deterioration and a rise and fall of the real exchange rate" (pdf)

E. Kočzenda (Charles University Prague), M. Maurel (University of Paris Sorbonne-Panthéon), G. Schnabl (University of Leipzig)

"Short and long-term growth effects of exchange rate adjustment" (pdf)

16:00 - 17:30Session 3b: Adjustment Strategies for Current Account Imbalances
(Session leader: Lukas Vogel)

C. Van Nieuwenhuyze (National Bank of Belgium)

"Debt, assets and imbalances in the euro area: An urgent call for rebalancing instead of deleveraging" (pdf)

M. Brzoza-Brzezina, M. Kolasa, K. Makarski (All: National Bank of Poland and Warsaw School of Economics)

"Macroprudential policy and imbalances in the euro area" (pdf)

L. Vogel (European Commission)

"The impact of structural policies on external accounts in finite-horizon versus infinite-horizon models" (pdf)

17:30 - 18:00Coffee break
18:00 - 19:30Session 4a: The Role of International Banking
(Session leader: Giovanni Di lasio)

B. Böninghausen (Munich Graduate School of Economics), M. Köhler (Deutsche Bundesbank)

"Diversification and determinants of international credit portfolios: Evidence from German banks" (pdf)

D. Reinhardt (Bank of England), L. A. Ricci, T. Tressel (Both: International Monetary Fund)

"International capital flows and development: Financial openness matters" (pdf)

G. Di Iasio, F. Pierobon (Both: Bank of Italy)

"Shadow banking, sovereign risk and collective moral hazard" (pdf)

18:00 - 19:30Session 4b: Financial Instability and Crisis
(Session leader: Martin Schmitz)

U. Albertazzi, M. Bottero (Both: Bank of Italy)

"The procyclicality of foreign bank lending: Evidence from the global financial crisis" (pdf)

J. Saadaoui (University of Paris North)

"Global imbalances and capital account openness: An empirical analysis" (pdf)

M. Schmitz (European Central Bank)

"Financial remoteness and the net external position" (pdf)

Starting 20:00Conference dinner
Tuesday 18th September 2012
08:45 - 09:30

Keynote Speaker 3: Menzie Chinn (University of Wisconsin)

"China, US and the perpetuation of global imbalances"

09:30 - 09:45 Break
09:45 - 11:15
Session 5a: Beggar-thy-Neighbor and Income Inequality
(Session leader: Samba Mbaye)

F. Al-Hussami, A. Remesal (Both: Kiel Institute for the World Economy)

"Current account imbalances and income inequality: Theory and evidence" (pdf)

X. Gu, B. Huang (Both: University of Macau)

"Inequality, saving, and global imbalances: Theory and evidence" (pdf)

S. Mbaye (University of Auvergne)

"Beggar-thy-Neighbor effects of currency undervaluation: Is China the tip of the iceberg?" (pdf)

09:45 - 11:15 Session 5b: The Role of Monetary Policy
(Session leader: Adalbert Winkler)

C. Fahrholz, A. Freytag (Both: University of Jena)

"Will TARGET2-balances be reduced again after an end of the crisis?" (pdf)

E. Beretta (Università della Svizzera Italiana)

"The economics of systemic disorder: Roots of and remedies for unsustainable monetary imbalances" (pdf)

U. Bindseil (European Central Bank), A. Winkler (Frankfurt School of Finance)

"Dual liquidity crises under alternative monetary frameworks – a financial accounts perspective" (pdf)

11:15 - 11:45Coffee break
11:45 - 12:30

Keynote Speaker 4: Ludger Schuknecht (German Ministry of Finance)

"Fiscal and competitiveness adjustment in Europe: Where do we stand?"

12:30 - 13:30Lunch
13:30 - 15:00Session 6a: The Role of Fiscal Policy
(Session leader: Andreas Steiner)

P. Engler (Freie Universität Berlin), S. Voigts (Humboldt University of Berlin)

"A transfer mechanism for a monetary union" (pdf)

S. Hohberger, B. Herz (Both: Univerity of Bayreuth)

"Fiscal Policy, monetary regimes and current account dynamics" (pdf)

A. Steiner (Univerity of Osnabrück)

"A tale of two deficits: Current account balance and public budget under the dollar standard" (pdf)

13:30 - 15:00Session 6b: Global Savings Glut and European Debt Crisis
(Session leader: Marta Giagheddu)

S. Jauch (LMU Munich)

"The global savings glut, corporate savings and the role of share repurchases" (pdf)

D. Gorea (Goethe University Frankfurt), D. Radev (Gutenberg University Mainz)

"Euro Area sovereign debt crisis: Can contagion spread from the periphery to the core?" (pdf)

M. Giagheddu (Bocconi University)

"On the duration of current account imbalances in the European Monetary Union" (pdf)

Starting 15:15Closing Remarks by Ansgar Belke and Gunther Schnabl

"Stiftung Geld und Währung" and "Sparkassen-Finanzgruppe"

The conference is supported by “Stiftung Geld und Währung” and "Wissenschaftsförderung der Sparkassen-Finanzgruppe e. V.". Invited speakers will be provided two nights of accommodation in Berlin. Funding of travel can be provided for single speakers and PhD students upon application.

letzte Änderung: 05.10.2016