Financial Globalisation

BIS Papers No 32
December 2006

On 19-20 June 2006, the BIS held its fifth Annual Conference, on Financial Globalisation, in Brunnen, Switzerland. The event brought together some 60 senior representatives of central banks, academic institutions and the private sector to exchange views on this topic. This BIS Paper contains the opening address by William White (Economic Adviser, BIS), the keynote speech by Stanley Fischer (Governor, Bank of Israel), the contributions to the panel on "Review of recent trends and issues in financial sector globalisation", and the prepared remarks of the participants at the Policy Panel. The Policy Panel discussion was chaired by Malcolm D Knight (General Manager, BIS); the panellists were Vittorio Corbo (Banco Central de Chile), Raguram Rajan (IMF), Usha Torat (Reserve Bank of India) and Zdenek Tuma (Czech National Bank).

The individual research papers and the discussants' comments presented at this conference are published as BIS Working Papers:

Democracy and globalisation, BIS Working Papers No 219
by Barry Eichengreen and David Leblang
Comments by Harold James
Comments by Marc Flandreau

Financial globalisation, governance and the evolution of the home bias, BIS Working Papers No 220
by Bong-Chan Kho, René M Stulz and Francis E Warnock
Comments by Philip Lane

Phoenix miracles in emerging markets: recovering without credit from systemic financial crises, BIS Working Papers No 221
by Guillermo A Calvo, Alejandro Izquierdo and Ernesto Talvi
Comments by Takatoshi Ito

An equilibrum model of "global imbalances" and low interest rates, BIS Working Papers No 222
by Ricardo J Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Comments by Jeffrey Frankel
Comments by Michael Mussa