Symposium on Global Imbalances with Vittorio Corbo, Governor of the Central Bank of Chile
Global Imbalances: Is a Crisis Inevitable?
The American current account deficit is 1.75% of world GDP and rising. This means that the US is attracting roughly 10% of the saving in the rest of the world. Foreigners own an increasing share of the US capital stock. How long can this trend continue? Will foreign investors lose confidence in the US precipitating the crisis?
This symposium is organized by the Rosenberg Institute of Global Finance.
Silver Auditorium in The Sachar International Center
Tuesday, March 7, 2006, 4:00 - 5:30
Professor Richard N. Cooper
Professor of International Economics at Harvard University
Richard N. Cooper is Maurits C. Boas Professor of International Economics at Harvard University. He has written extensively on questions of international economic policy. In 1990-92 he was chairman of the Federal Reserve Bank of Boston. He has served on several occasions in the U.S. government, as Chairman of the National Intelligence Council (1995-97), Under-Secretary of State for Economic Affairs (1977-1981), Deputy Assistant Secretary of State for International Monetary Affairs (1965-66), and senior staff economist at the Council of Economic Advisers (1961-63).
Professor Vittorio Corbo
Chairman of the Board of the Central Bank of Chile
Vittorio Corbo has been the Chairman of the Board of the Central Bank of Chile since May 2003. He has been Professor of the Economics School of the Catholic University of Chile since 1981. Professor Corbo graduated in business studies from the University of Chile in 1967 and received a Ph.D in Economics from the MIT in 1971. He is author of nine books and over a hundred articles published in books and international periodicals specialising in economic affairs.
Director General Research at the European Central Bank
Vitor Gaspar has been the Director General Research at the European Central Bank since 1998. He is author of numerous research papers and books including most recently, "The Transformation of the European Financial System." He was Director of Economic Studies at the Portuguese Ministry of Finance and Personal Representative of the Finance Minister in the Intergovernmental Conference that eventually led to the Maastricht Treaty, and chaired the Alternates Monetary Committee.
Professor at the Brandeis International Business School
Stephen Cecchetti joined the Brandeis faculty in 2003. He had previously taught at New York University Graduate School of Business and at the Economics Department of Ohio State University. More recently, he has been a Visiting Professor of Economics at Princeton University and Boston College.
View Professor Cecchetti's Profile
Articles on Global Imbalances
"The Unsustainable US Current Account Position Revisited"
Kenneth Rogoff and Maurice Obstfeld, November 2005
The Sustainability of the US External Deficit
Richard N. Cooper and others, CESifo Forum, Spring 2005
Global Imbalances or Bad Accounting? The Missing Dark Matter in the Wealth of Nations
Ricardo Hausmann and Federico Sturzenegger, CID Working Paper, January 2006
A Hitchhiker's Guide to the U.S. Current Account Problem
Owen F. Humpage, Federal Reserve Bank of Cleveland, October 2004
Dark Matter or Cold Fusion?
Willem Buiter, Goldman Sachs Global Economics Paper, January 2006
The US Current Account Deficit and the Euro Area
Edwin M. Truman, Institute for International Economics, July 2004
Global Imbalances: A Contemporary Rashomon Tale with Five Interpretations
Nouriel Roubini, RGE Monitor May 2005
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