Mynd af Seđlabanka Íslands
Seđlabanki Íslands

The challenges of globalisation for small open economies with independent currencies




 Central Bank of Iceland – International Monetary Fund


The Challenges of Globalisation for Small Open Economies with Independent Currencies


In Reykjavík, Iceland  May 31 and June 1 2007


Venue: Radisson SAS (Hótel Saga)




Day 1. Thursday 31 May




08:30-08:50     Registration and coffee


08:50-09:05     Welcome address: Davíđ Oddsson, Chairman of the Board of Governors, Central Bank of Iceland



Session 1.       Challenges of globalisation to monetary policy in small open economies


                        Chair: Ingimundur Friđriksson


09:05-9:20       Arnór Sighvatsson:    Paddling in an ocean of global money: The problems of running independent monetary policy at times of large demand shock and ample global liquidity  Other Documents


09:25-9:40       Mark A. Wynne:  How have small open economies responded to the challenge of globalization?      Other Documents 


09:45-10:00     Audun Grönn:  Optimal monetary policy in a small open economy 


10:05-10:20     Alex Bowen: Globalisation, import prices and inflation targeting


10:25- 10:45    Coffee break



Session 2.       Monetary policy regime, economic structure and performance


Chair: John Driffill


10:45-11:00     Anders Möller Christiansen:  Monetary policy regime and macroeconomic performance


11:05-11:20     Klaus Schmidt-Hebbel:  Does inflation targeting make a difference? 


11:25-11:40     Thórarinn G. Pétursson:  Is inflation control more difficult in very small open economies?       Other Documents


11:45-12:00     Stephen G. Cecchetti: Housing Booms, Inflation Measurement, and Monetary Policy   Other Documents


12:05-12:20     Ásgeir Jónsson: Basel II and monetary policy in small open economies 


12:30-14:00     Lunch break



Session 3.       Economic policy and globalisation


                        Chair: Harri Hasko


14:00-14:30     Ben Hunt: Will globalization speed the Icelandic rollercoaster or will the right policy frameworks smooth the ride?


14:35-14:50     Thorsteinn Thorgeirsson:  Fiscal policy in Iceland and the challenges of globalisation


14:55-15:10     Torben Andersen: Fiscal policy and globalization


15:15-15:30     Gylfi Arnbjörnsson: Flexibility in the wage formation in Iceland and its impact on monetary policy regime


15:35-15:55     Coffee break


Session 4.       External imbalances and carry trade


                        Chair: Li Lian Ong


16:00-16:15     Vilhjálmur Egilsson: Rich or bankrupt?   Rich or bankrupt? Is the current account deficit in Iceland overstated?


16:20-16:35     Beat Siegenthaler: Abundant Global Liquidity and the Chase for High-Yielding Currencies


16:40-16:55     Thorvardur Tjörvi Ólafsson: Carry trade and monetary policy in a very small open economy: The Icelandic Saga             







Day 2. Friday 1 June


09:00-09:15     Coffee


Session 5.       Summary Session


09:15-10:45     Li Lian Ong: Summary of the main findings 


10:45-11:00     General Discussion


11:00-11:15     Coffee Break


Session 6.       Roundtable discussion


11:15-12:45     The challenges of globalisation for small open economies with independent currencies


Moderator:       Tony Annett    


Participants:      Alex Bowen, Anders Möller Christensen, Arnór Sighvatsson, Ásgeir Jónsson, Audun Grønn, Beat Siegenthaler, Ben Hunt, Gylfi Arnbjörnsson, Harri Hasko, Wynne, John Driffill, Klaus Schmith-Hebbel, Sephen G. Cecchetti, Torben Andersen, Thórarinn G. Pétursson, Thorvardur Tjörvi Ólafsson, Thorsteinn Thorgeirsson, Vilhjálmur Egilsson


12:45-             Lunch






Social Programme


Thursday May 31     



17:00-18:00     Cocktail by the invitation of the International Monetary Fund


19:30-              Dinner (by invitation only)



Friday June 1



15:00-              Excursion





© 2005 Seđlabanki Íslands - Öll réttindi áskilin
Póstfang: Kalkofnsvegi 1, 150 Reykjavik - Netfang:
Sími: 569 9600 - Bréfasími: 569 9605

Prentvćn útgáfa
Byggir á LiSA vefumsjónarkerfi frá Eskli