Symposium on the “Revived Bretton Woods System: A New Paradigm for Asian Development?”


Friday, February 4, 2005

  Federal Reserve Bank of San Francisco
February 4, 2005
Organizers: Reuven Glick, Federal Reserve Bank of San Francisco
Andrew Rose, UC Berkeley
Mark Spiegel, Federal Reserve Bank of San Francisco

Agenda Download (PDF – 32kb)

Conference Summary


12:00   Lunch
1:15 p.m.   Welcome Remarks:
      Janet Yellen, Federal Reserve Bank of San Francisco
1:30 p.m.   Introduction:
      Michael Dooley, UC Santa Cruz
Peter Garber, Deutsche Bank

The Revived Bretton Woods System: Alive and Well
Dollars and Deficits: Where Do We Go From Here?
The Cosmic Risk: An Essay on Global Imbalances and Treasuries
Asian Reserve Diversification: Does It Threaten the Pegs?
The US Current Account Deficit: Collateral for a Total Return Swap
Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery
An Essay on the Revived Bretton Woods System
2:00 p.m.   Panel 1
Barry Eichengreen, UC Berkeley
Paper: Global Imbalances and the Lessons of Bretton Woods
Current Account Sustainability:
Maurice Obstfeld, UC Berkeley
Paper: The Unsustainable US Current Account Position Revisited
Powerpoint: Sustainability and the US Current Account: Dark Musings (.ppt file)
Reserve Currencies, Center/Anchor Countries:
Nouriel Roubini, New York University
Paper: Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006
3:30 p.m.   Coffee Break
4:00 p.m.   Panel 2
Nicholas Lardy, Institute for International Economics
Asia ex-China:
Steven Kamin, Board of Governors
Paper: The Revived Bretton Woods System: Does It Explain Developments in Non-China Developing Asia?
Exchange Rates:
Ronald McKinnon, Stanford University

Exchange Rates, Wages, and International Adjustment: Japan and China versus the United States
US, Europe:
Edwin Truman, Institute for International Economics

Budget and External Deficits: Not Twins but the Same Family
Speech: The U.S. Current Account Deficit and the Euro Area (off-site)
5:45 p.m.   Reception