NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

INTER-AMERICAN SEMINAR ON ECONOMICS

The Aftermath of Debt Restructuring and Default

Sebastian Edwards and Roberto Rigobon, Organizers

Royal Sonesta Hotel
5 Cambridge Parkway
Cambridge, Massachusetts

July 14, 2003

PROGRAM

MONDAY, JULY 14:

 8:30 AM                   Coffee and Pastries

 9:00 AM                   FERNANDO BRONER, University of Maryland
                   GUIDO LORENZONI, Princeton University
                   SERGIO SCHMUKLER, The World Bank
                   Why Do Emerging Markets Borrow Short Term?

                   Discussant: MARK AGUIAR, University of Chicago

 9:50 AM                   Break

10:00 AM                   GASTON GELOS, International Monetary Fund
                   SHANG-JIN WEI, International Monetary Fund and NBER
                   Transparency and International Investor Behavior

                   Discussant: GRACIELA KAMINSKY, George Washington University

10:50 AM                   Break

11:00 AM                   MICHAEL KREMER, Harvard University and NBER
                   SEEMA JAYACHANDRAN, Harvard University
                   Odious Debt

                   Discussant: ILAN GOLDFAJN, Brazil's Central Bank

12:00 N                   Lunch

 1:30 PM                   MARCIO GARCIA and ALEXANDRE LOWENKRON, PUC-Rio
                   Cousin Risks: The Extent and the Causes of Positive Correlation between
                   Country and Currency Risks


                   Discussant: EDUARDO FERNANDEZ-ARIAS, Inter-American Development Bank
                  

 2:20 PM                   JUAN CARLOS ECHEVERRY, Universidad de los Andes
                   ROBERTO STEINER, International Monetary Fund
                   LEOPOLDO FERGUSSON, Universidad de los Andes
                   Determinants and Consequences of Foreign Indebtedness
                   In Colombian Firms


                   Discussant: ALEJANDRO WERNER, Ministerio de Hacienda, Mexico.

 3:10 PM                   Break

 3:20 PM                   FREDERICO STURZENEGGER, Universidad Torcuato Di Tella
                   Default Episodes in the 90's: Factbook, Toolkit and Preliminary Lesson

                   Discussant: JOSE DE GREGORIO, Banco Central de Chile

 4:10 PM                   LAURA ALFARO, Harvard University
                   FABIO KANCZUK, University of São Paolo
                   Sovereign Debt with Adverse Selection: A Quantitative Approach

                   Discussant: EDUARDO LEVY-YEYATI, Universidad Torcuato Di Tella

 5:00 PM                   Adjourn

 7:00 PM                   Group Dinner
                   Royal Sonesta Hotel


6/26/03