"EXCHANGE RATE AND FINANCIAL VULNERABILITY IN EMERGING MARKETS"

Organized by the Croatian National Bank
Dubrovnik, June 29-30,  2000

Scientific Committee

Organizing Committee

List of Participants

The Book: "FINANCIAL PROBLEMS AND POLICIES OF EMERGING MARKETS"
                  by Mario I. Blejer and Marko Skreb

About the Editors

SCIENTIFIC COMMITTEE

Mr. Marko Skreb - Chairman
Governor
Croatian National Bank

Mr. Pero Jurkovic
Chief Presidental Adviser for Economic Affairs
Office of the President of the Republic of Croatia

Mr. Robert A. Mundell
Professor
Columbia University

Mr. Mario I. Blejer
Senior Advisor
International Monetary Fund




ORGANIZING COMMITTEE

Mr. Marko Skreb - Chairman
Governor
Croatian National Bank

Mrs. Lidija Pleadin - Secretary
Advisor, Assistant to the Chief of Staff
Croatian National Bank

Mr. Mario Kastrapeli
Sales Manager
Travel Agency "Atlas"





LIST OF PARTICIPANTS

  1. Mr. France Arhar, Governor, Bank of Slovenia, Slovenia
  2. Mr. Mate Babic, CNB, Zagreb, Croatia
  3. Mr. Mate Babic, University of Zagreb, Croatia
  4. Mr. Belen Cristino, Ministry of Economy, Madrid, Spain
  5. Mr. Mario I. Blejer, IMF, Washington, USA
  6. Mr. Eduardo Borensztein, IMF, Washington, USA
  7. Ms. Graciana del Castillo, Columbia University, New York, USA
  8. Mr. Warren Coats, IMF, Washington, USA
  9. Mr. Mato Crkvenac, Ministry of Finance, Zagreb, Croatia
10. Mr. James W. Dean, Western Washington University, Bellingham, USA
11. Mr. Ilker Domac, The world Bank, Washington, USA
12. Mr. Barry Eichengreen, Universaty of California, Berkeley, USA
13. Mr. Edgar L. Feige, University of Wisconsin-Madison, Madison, USA
14. Mr. Renato Filosa, BIS, Basle, Switzerland
15. Mr. Hans Flickenschild, IMF, Washington, USA
16. Mr. Jacob A. Frenkel, Merrill Lynch, London, UK
17. Ms. Katja Gattin, CNB, Zagreb, Croatia
18. Mr. Gavin Gray, The Economist Intelligence Unit, London, UK
19. Mr. Ricardo Hausmann, Inter-American Development Bank, Washington, USA
20. Ms. Arntraud Hartmann, The World Bank, Washington, USA
21. Ms. Ana Julia Jatar-Hausmann, IADB, Washington, USA
22. Mr. Arend Kapteyn, IMF, Washington, USA
23. Mr. Grzegorz W. Kolodko, UCLA, Los Angeles, USA
24. Mr. Evan Kraft, CNB, Croatia
25. Mr. Ricardo Lago, EBRD, London, UK
26. Mr. Slavko Linic, Government of Croatia, Zagreb, Croatia
27. Mr. Jorge Braga de Macedo, OECD Development Centre, Paris, France
28. Mr. Dominique Menu, BNP-Dresdner Bank(Croatia), Zagreb, Croatia
29. Ms. Andrea Mervar, Institute of Economics, Zagreb, Croatia
30. Mr. Dubravko Mihaljek, BIS, Basle, Switzerland
31. Mr. Robert A. Mundell, Columbia University, New York, USA
32. Ms. Valerie Natsios, Sienna, Italy
33. Mr. Danijel Nestic, Institute of Economics, Zagreb, Croatia
34. Mr. Eric Nielsen, Goldman Sachs International, London, UK
35. Mr. Thomas Nowotny, Osterreichische Nationalbank, Wiena, Austria
36. Mr. Domenico Mario Nuti, London Business School, London, UK
37. Mr. Gary O'Callaghan, IMF Representative, Zagreb, Croatia
38. Mr. Marinko Papuga, Zagreb Stock Exchange, Zagreb, Croatia
39. Mr. James E. Payne, Institute of Economics, Zagreb, Croatia
40. Ms. Lidija Pleadin, CNB, Zagreb, Croatia
41. Mr. Arturo Porzecanski, ING-Barings, New York, USA
42. Mr. Bozo Prka, PBZ, Zagreb, Croatia
43. Ms. Andreja Pufnik, CNB, Zagreb, Croatia
44. Mr. Zeljko Rohatinski, Agrokor, Zagreb, Croatia
45. Mr. Jacek Rostowski, CEU, Budapest, Hungary
46. Mr. Moritz Schularick, Deutsche Bank Research
47. Mr. Soumitra Sharma, University of Zagreb, Zagreb, Croatia
48. Mr. Larry A. Sjaastad, The University of Chicago, Chicago, USA
49. Mr. Luke Drago Spaic, Lehman Brothers, London, UK
50. Mr. Pieter Stek, The World Bank, Washington, USA
51. Mr. Borislav Skegro, Ministry of Finance, Zagreb, Croatia
52. Mr. Marko Skreb, CNB, Zagreb, Croatia
53. Mr. Velimir Sonje, CNB, Zagreb, Croatia
54. Mr. Vedran Sosic, CNB, Zagreb, Croatia
55. Mr. Ljube Trpeski, National Bank of the Republic of Macedonia, Skopje
56. Ms. Ruzica Vuger, CNB, Zagreb, Croatia
57. Mr. Boris Vujcic, CNB, Zagreb, Croatia
58. Mr. Paul Wachtel, Leonard Stern School of Business, New York, USA
59. Mr. J. de Beaufort Wijnholds, IMF, Washington, USA
60. Mr. Stjepan Zdunic, Adviser to the President of Croatia, Zagreb, Croatia
61. Mr. Kresimir Zigic, CERGE-EI, Prague, Czech Republic
 




The book
"FINANCIAL POLICIES IN EMERGING MARKETS"
 by Mario I. Blejer and Marko Skreb


Contents:

I  INTRODUCTION
        
        1. Financial Vulnerability and Exchange Rate in Emerging Markets: An Overview
            Mario I. Blejer and Marko Skreb

II  EVIDENCE ON FINANCIAL POLICIES

        2. Original Sin, Passthrough, and Fear of Floating
            R. Hausmann, U. Panizza and E. Stein
        3. Banking Crises in Emerging Markets: Presumptions and Evidence
            B. Eichengreen and C. Arteta
        4. International Financial Crises: the Role of Reserves and SDR Allocation
            J Wijnholds and A. Kapteyn


III  THE EURO AND FINANCIAL POLICIES IN CENTRAL AND EASTERN EUROPE

        5. Unilateral Adoption of the EURO by EU Applicant Countries:
            The Macroeconomic Aspects
            J. Rostowski
        6. Costs and Benefits of Euro-isation in Central and Eastern Europe Before
            or Instead of EMU Membership
            D. M. Nuti
        7. Currency Substitution, Unofficial Dollarization and Estimates of 
            Foreign Currency Held Abroad: The Case of Croatia
            E. Feige, M. Faulend, V. Sonje and V. Sosic



Contributors

Mario I. Blejer, International Monetary Fund
Marko Skreb, Croatian National Bank
Ricardo Hausmann, Inter-American Development Bank
Ugo Panizza, Inter-American Development Bank
Ernesto Stein, Inter-American Development Bank
Barry Eichengreen, Universaty of California
Carlos Arteta, graduate student in the UC
J. de Beaufort Wijnholds, International Monetary Fund
Arend Kapteyn, International Monetary Fund
Jacek Rostowski, Central European University
Domenico Mario Nuti, London Business School
Edgar L. Feige, University of Wisconsin-Madison
Velimir Sonje, Croatian National Bank
Vedran Sosic, Croatian National Bank