[Session 1: Capital Flows and Exchange Rates]

This session will evaluate various issues related to international capital flows and exchange rates. With global recovery not yet in sight, despite the implementations of both traditional and unconventional policies, international capital flows have been large and volatile, making the tasks of central banks around the world more complicated. Emerging economies have been expected to allow greater exchange rate flexibility, yet the impacts of this on foreign exchange market stability and the potential for capital reversals is unclear. How can we achieve a smooth exchange rate regime transition under conditions of fear of floating? A large portion of international portfolio flows may in fact be more passive than active, and how do we distinguish between these differing types of capital flows? Striking evidence on capital flows and exchange rates and their implications will be discussed during this session.

Moderator

Kyung Soo Kim  

Professor, Sungkyunkwan University

Speakers  

Linda Goldberg  

Senior Vice President, FRB of New York

“International Capital Flow Pressures”

Yanliang Miao  

Head of Research, SAFE Investment Center, China

“Fear of Floating, Overshooting, and Fear: Can Exchange Rate Regime Transitions be Smooth?”

Kyunghun Kim  

Research Fellow, KIEP  

“Exchange Rate Flexibility, Financial Market Openness, and Economic Growth”

Francis Warnock  

Professor, University of Virginia

“Decomposing International Portfolio Flows”

Discussants

Inseok Shin  

Member, Monetary Policy Board of the BOK

Signe Krogstrup  

Visiting Fellow, PIIE