Day 1
Friday, April 11, 2008      UCSC Seymour Center – Los Feliz Room

Session I
8:00-8:45am   Continental Breakfast
8:45-9:00am   Welcoming Remarks - Michael Hutchison and Sheldon Kamieniecki
9:00-10:00am Joseph Gruber and Steven B. Kamin   
Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?
Discussant: Ken Kasa
10:00-11:00am Diego Bastourre, Jorge Carrera, Javier Ibarlucia 
What is Driving Reserve Accumulation? A Dynamic Panel Data Approach
Discussant: Javier Gomez Biscarri
11:00-11:15am Coffee Break
11:15-12:15pm Alex Mandilaras, Helen Popper 
Capital Flows, Capitalization, and Openness in Emerging East Asian Economies
Discussant: Ilan Noy
12:15-1:15pm Suparna Chakraborty, Robert Dekle   
Can International Productivity Differences Explain U.S. Current Account Deficits?
Discussant: Jose Galdon
1:15-2:30pm   Lunch

Session II
2:30-3:30pm   Pietro Cova, Massimiliano Pisani, Nicoletta Batini, Alessandro Rebucci      
Productivity and Global Imbalances: The Role of Non-Tradable TFP in Advanced Economies
Discussant: Galina Hale
3:30-4:30pm   Avner Bar-Ilan and Nancy Marion  -  Paper Presented by Federico Ravenna
A Macroeconomic Perspective on Reserve Accumulation
Discussant: Federico Ravenna & Michael Dooley
4:30-5:30pm Joshua Aizenman, Reuven Glick
Sterilization, Monetary Policy, and Global Financial Integration
Discussant: Ramkishen S. Rajan

6:00-7:00pm   Reception (University Center Rotunda, Bar, Lanai)
7:00-9:00pm   Dinner (University Center Bhojwani Dining Room)
*Keynote Address by Michael Dooley
Is the sub prime crisis the end of Bretton Woods II?

Day 2
Saturday, April 12, 2008 UCSC Seymour Center – Los Feliz Room

Session III  
8:00-8:30am   Continental Breakfast
8:30-9:30am  Mark M. Spiegel 
Monetary and Financial Integration in the EMU: Push or Pull?
Discussant: Clas Wihlborg
9:30-10:30am Jaewoo Lee   
Option Pricing Approach to International Reservess
Discussant: Katheryn Russ
10:30-10:45am Coffee Break
10:45-11:45pm Yin-Wong Cheung, XingWang Qian   
Hoarding of International Reserves: Mrs Machlup’s Wardrobe and the Joneses
Discussant: Viktoria Hnatkovska
11:45-12:45pm Jie Li, Ozan Sula, Thomas D. Willett
Exchange Rate Regimes and Optimal Reserve Holdings in a World of Capital Account Crises
Discussant: Ronald McKinnon
12:45 -1:00pm Closing Remarks Box Lunches
1:00-5:00pm Wine Tasting Tour of Santa Cruz (optional)