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06/12/2013 - 07/12/2013 : Conference on Current Account Imbalances and International Financial Integration

Conference jointly organised by the European Commission (DG-ECFIN), the Journal of International Money and Finance, and CEPR, as well as ECARES (Université libre de Bruxelles), the University of British Columbia, UC Santa Cruz, Tilburg University and the University of Wisconsin.

Date & location

December 6-7, 2013, European Commission, Brussels, Belgium


The idea of the conference is to bring together economists who have recently contributed new research on the interlinkages between current account imbalances and financial factors.  Suitable topics include (but are not limited to):

Conceptual framework:

  • Current accounts and external indebtedness: macro-prudential implications
  • The role of financial intermediation in international capital flows
  • Financial cycles and current account imbalances
  • The role of financial sector structure in current account deficits and surpluses
  • Real sectoral structure and current account imbalances
  • The role of real asset markets in external imbalances
  • Portfolio choice and the direction of international capital flows
  • Liquidity and current account imbalances

Policy challenges in Europe:

  • Financial inter-linkages and spillovers in monetary union
  • Current account rebalancing in the euro area: surpluses vs. deficits
  • Euro bias in financial flows and current account imbalances
  • Eurosystem liquidity support and unwinding of current account imbalances
  • The composition of financial flows within and outside the euro area
  • Financial fragmentation and external imbalances in the euro area


The program will include 12 papers. There will be a discussant for each paper.  Selected papers presented in the conference will be considered for a Journal of International Money and Finance (JIMF) special issue titled “Current Account Imbalances and International Financial Integration.”  To submit a paper to the conference, please follow the instructions in its call for papers.  In order to stimulate the debate on recent research advances, conference participation will be limited to authors and discussants.


European Commission (Alexandr Hobza, João Nogueira Martins and Stefan Zeugner), Joshua Aizenman (UC Santa Cruz, JIMF co-editor), Menzie Chinn (University of Wisconsin, JIMF co-editor), Mick Devereux (UBC and CEPR), Kees Koedijk (Tilburg University and CEPR, JIMF editor), Robert Kollmann (ECARES and CEPR).


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