Awards and Honors
Michael Hutchison gives invited talk at Federal
By Jennifer McNulty
Michael Hutchison, professor of economics and interim dean
of the Social Sciences Division, gave a talk December 3 at the
Federal Reserve Bank in New York City as part of an invitation-only
bank conference on financial globalization.
Hutchison's address was entitled "Currency Crises, Capital
Controls and Selection Bias."
The conference brought together a small group of distinguished
researchers who presented papers that explored the benefits
and vulnerabilities arising from international capital mobility.
Economics professor Michael Dooley was a discussant.
Although financial globalization offers many potential benefits,
including protection against national shocks, more efficient
global allocation of resources, and improvements in international
standards of living, the interconnectedness fostered by globalization
increases the exposure of participants to financial and real
shocks and to the risk that sudden capital reversals may translate
into large-scale economic disruption.
Specific topics included recent trends in international capital
flows, frictions in increased global integration, international
adjustment to macroeconomic shocks and sustained trade imbalances,
and the redesign of institutions to better serve global capital
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