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Symposium with Governor of the Central Bank of Chile

Symposium on Global Imbalances with Vittorio Corbo, Governor of the Central Bank of Chile

Global Imbalances: Is a Crisis Inevitable?
March 1, 2006

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?

Guest Speakers

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 CorboChairman 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.

Vitor Gaspar, 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.

Stephen Cecchetti, 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.