On 22-23 November 2018, the Bank of Italy has organised the XVIth ESCB Emerging Markets Workshop, entitled "Managing risks and policy challenges in an increasingly complex environment". Since its inception in 2003, the Workshop has served as a relevant forum for central banks' economists to discuss and compare the results of their research on macroeconomic and financial issues related to emerging market economies. This year edition is focused on: the challenges posed by the impact of monetary policy normalisation/re-calibration in developed countries on liquidity, credit conditions and financial markets more broadly in emerging ones; the ensuing optimal monetary, exchange rate and macro-prudential policies needed to buffer the occurrence of external adverse shocks; the financial stability and real economy risks related to the dimension and structure of non-financial private sector debt; opportunities and threats related to the commodity cycle.
XVIth ESCB Emerging Markets Workshop "Managing risks and policy challenges in an increasingly complex environment"Rome, 22-23 November 2018
Program
- Programpdf 168.0 KB Publish date::07 January 2019
Session I: Macroprudential policies and capital controls
- Examining macroprudential policy and its macroeconomic effects - some new evidence - Paperpptx 1.7 MB Soyoung Kim (Seoul National University) and Aaron Mehrotra (Bank for International Settlements) Publish date::07 January 2019
- Examining macroprudential policy and its macroeconomic effects - some new evidence - Discussionpdf 149.7 KB Soyoung Kim (Seoul National University) and Aaron Mehrotra (Bank for International Settlements) - Lead off discussant: Mariarosaria Comunale (European Central Bank and Lietuvos Bankas) Publish date::07 January 2019
- Capital control spillovers - Paperpdf 1.7 MB Valerio Nispi Landi (Banca d'Italia) Publish date::07 January 2019
- Capital control spillovers - Discussionpdf 729.5 KB Valerio Nispi Landi (Banca d'Italia) - Lead off discussant: Nikhil Patel (Bank for International Settlements) Publish date::07 January 2019
- Policy rules for capital controls - Paperpdf 1.1 MB Gurnain Kaur Pasricha (Bank of Canada) Publish date::07 January 2019
- Policy rules for capital controls - Discussionpdf 148.0 KB Gurnain Kaur Pasricha (Bank of Canada) - Lead off discussant: Valerio Nispi Landi (Banca d'Italia) Publish date::07 January 2019
Session II: Credit cycles
- Has private sector credit in CESEE approached levels justified by fundamentals? A post-crisis assessment - Paperpdf 1.8 MB Mariarosaria Comunale (European Central Bank and Lietuvos Bankas), Markus Eller and Mathias Lahnsteiner (Oesterreichische Nationalbank) Publish date::07 January 2019
- Has private sector credit in CESEE approached levels justified by fundamentals? A post-crisis assessment - Discussionpptx 160.6 KB Mariarosaria Comunale (European Central Bank and Lietuvos Bankas), Markus Eller and Mathias Lahnsteiner (Oesterreichische Nationalbank) - Lead off discussant: Alessio Ciarlone (Banca d'Italia) Publish date::07 January 2019
- Commodity and credit cycles in resource-rich economies - Paperpdf 1.1 MB Marina Tiunova (Central Bank of the Russian Federation) Publish date::07 January 2019
- Commodity and credit cycles in resource-rich economies - Discussionpptx 1.4 MB Marina Tiunova (Central Bank of the Russian Federation) - Lead off discussant: Marco Jacopo Lombardi (Bank for International Settlements) Publish date::07 January 2019
Session III: Labour markets
- What does the strange crisis in Russia indicate about labor supply? - Paperpptx 754.7 KB Risto Herrala (Suomen Pankki) and Timo Kuosmanen (Aalto University School of Business) Publish date::07 January 2019
- What does the strange crisis in Russia indicate about labor supply? - Discussionpdf 123.2 KB Risto Herrala (Suomen Pankki) and Timo Kuosmanen (Aalto University School of Business) - Lead off discussant: Salvatore Lo Bello (Banca d'Italia) Publish date::07 January 2019
- Migration intentions in CESEE. Socio-demographic profiles of prospective emigrants and their motives to move - Paperpdf 447.7 KB Anna Katharina Raggl (Oesterreichische Nationalbank) Publish date::07 January 2019
- Migration intentions in CESEE. Socio-demographic profiles of prospective emigrants and their motives to move - Discussionpdf 206.0 KB Anna Katharina Raggl (Oesterreichische Nationalbank) - Lead off discussant: Enrica di Stefano (Banca d'Italia) Publish date::07 January 2019
- Labour market conditions and wage inflation in CEE economies - Paperpptx 1.5 MB Simone Auer (Banca d'Italia) Publish date::07 January 2019
- Labour market conditions and wage inflation in CEE economies - Discussionpptx 794.0 KB Simone Auer (Banca d'Italia) - Lead off discussant: Aaron Mehrotra (Bank for International Settlements) Publish date::07 January 2019
Session IV: Spillovers
- The policy trilemma and the global financial cycle: evidence from the international transmission of unconventional monetary policy - Paperpdf 2.3 MB Alessandro Galesi (Banco de España) and Stéphane Dées (Banque de France) Publish date::07 January 2019
- The policy trilemma and the global financial cycle: evidence from the international transmission of unconventional monetary policy - Disc.pdf 1.4 MB Alessandro Galesi (Banco de España) and Stéphane Dées (Banque de France) - Lead off discussant: Martin Feldkircher (Oesterreichische Nationalbank) Publish date::07 January 2019
- Asset price volatility in EU6 economies: how large is the role played by the ECB? - Paperpptx 3.6 MB Alessio Ciarlone and Andrea Colabella (Banca d'Italia) Publish date::07 January 2019
- Asset price volatility in EU6 economies: how large is the role played by the ECB? - Discussionppt 234.0 KB Alessio Ciarlone and Andrea Colabella (Banca d'Italia) - Lead off discussant: John Beirne (European Central Bank) Publish date::07 January 2019
Session V: Capital flows
- Capital flows across developing countries: is there an allocation puzzle? - Paperpdf 84.9 KB Josef Schroth (Bank of Canada) Publish date::07 January 2019
- Capital flows across developing countries: is there an allocation puzzle? - Discussionpdf 136.7 KB Josef Schroth (Bank of Canada) - Lead off discussant: Flavia Corneli (Banca d'Italia) Publish date::07 January 2019
- The impact of ECB's quantitative easing policy on the capital flows in the CESEE region - Paperpdf 853.4 KB Anita Angelovska-Bezhoska, Ana Mitreska and Sultanija Bojcheva-Terzijan (National Bank of the Republic of Macedonia) Publish date::07 January 2019
- The impact of ECB's quantitative easing policy on the capital flows in the CESEE region - Discussionpdf 150.8 KB Anita Angelovska-Bezhoska, Ana Mitreska and Sultanija Bojcheva-Terzijan (National Bank of the Republic of Macedonia) - Lead off discussant: Ines Buono (Banca d'Italia) Publish date::07 January 2019
- The effect of Fed's future policy expectations on country shares in emerging market portfolio flows - Paperpdf 792.3 KB Zelal Aktas, Yasemin Erduman and Nesliahn Kaya Eksi (Central Bank of Turkey) Publish date::07 January 2019
- The effect of Fed's future policy expectations on country shares in emerging market portfolio flows - Discussionpptx 841.1 KB Zelal Aktas, Yasemin Erduman and Nesliahn Kaya Eksi (Central Bank of Turkey) - Lead off discussant: Jacopo Timini (Banco de España) Publish date::07 January 2019
Session VI: Monetary policy
- The monetary policy of the South African Reserve Bank: stance, communication and credibility - Paperpptx 1.2 MB Alberto Coco (Banca d'Italia) and Nicola Viegi (South African Reserve Bank Professor of Monetary Economics, University of Pretoria) Publish date::07 January 2019
- The monetary policy of the South African Reserve Bank: stance, communication and credibility - Discussionpptx 313.7 KB Alberto Coco (Banca d0Italia) and Nicola Viegi (South African Reserve Bank Professor of Monetary Economics, University of Pretoria) - Lead off discussant: Iikka Korhonen (Suomen Pankki) Publish date::07 January 2019
- Interest rate pass-through in Serbia: evidence from individual bank data - Paperpptx 401.5 KB Mirjana Miletic (Narodna banka Srbije) Publish date::07 January 2019
- Interest rate pass-through in Serbia: evidence from individual bank data - Discussionpdf 35.0 KB Mirjana Miletic (Narodna banka Srbije) - Lead off discussant: Josef Schroth (Bank of Canada) Publish date::07 January 2019
Session VII: Other issues relevant for emerging market economies
- International price system, intermediate inputs and regional trade - Paperpdf 1.7 MB David Cook (Hong Kong University of Science and Technology) and Nikhil Patel (Bank for International Settlements) Publish date::07 January 2019
- International price system, intermediate inputs and regional trade - Discussionpdf 282.7 KB David Cook (Hong Kong University of Science e Technology) and Nikhil Patel (Bank for International Settlements) - Lead off discussant: Alessandro Borin (Banca d'Italia) Publish date::07 January 2019
- Extracting local and global shocks indices in emerging exchange rate markets - Paperpdf 1.0 MB Pinar Erdem and Utku Bora Geyikci (Central Bank of Turkey) Publish date::07 January 2019
- Extracting local and global shocks indices in emerging exchange rate markets - Discussionpdf 672.1 KB Pinar Erdem and Utku Bora Geyikci (Central Bank of Turkey) - Lead off discussant: Alessandro Galesi (Banco de España) Publish date::07 January 2019
