InterAmerican Seminar on Economics.

The NBER and the Universidad del CEMA in Buenos Aires jointly sponsored the Twelfth Annual InterAmerican Seminar on Economics, on the topic "Economic Integration: Financial and Real," on December 2-4. Sebastian Edwards, NBER and University of California, Los Angeles, and Edgardo Zablotsky, Universidad del CEMA, organized this year's program:

Hali Edison, Federal Reserve Board, and Carmen M. Reinhart, NBER and University of Maryland, "Stopping Hot Money"

Discussant: Roberto Steiner, Universidad de los Andes, Colombia

Manuel Sanchez and Nathaniel Karp, Grupo Financiero Bancomer, "NAFTA's Economic Effects on Mexico"

Discussant: Mariano Tommasi, Universidad de San Andres

Sebastian Edwards and Raul Susmel, University of Houston, "Interest Rate Volatility in Emerging Markets: Evidence for the 1990s"

Discussant: Ilan Goldfajn, PUC-Rio, Brazil

Geert Bekaert, NBER and Stanford University; Campbell R. Harvey, NBER and Duke University; and Christian Lundblad, Duke University, "Emerging Equity Markets and Economic Development"

Discussant: Adolfo Apreda, Universidad del CEMA

Frederic S. Mishkin, NBER and Columbia University, and Miguel A. Savastano, International Monetary Fund, "Monetary Policy Strategies for Latin America"

Discussant: Federico Sturzengger, Universidad Torcuato di Tella

Jeffrey A. Frankel, NBER and Harvard University, and Sergio L. Schmukler and Luis Serven, World Bank, "Verifiability: A Rationale for the Failure of Intermediate Exchange Rate Regimes"

Discussant: Miguel Kiguel, Ministry of Economics and Public Works and Services, Argentina

Hernan Eduardo Vallejo, Universidad de los Andes, Colombia, "Colombia's Natural Trade Partners and Its Bilateral Trade Performance: Evidence from 1960 to 1996"

Discussant: Alvaro Quijandria, Apollo, Peru

Ronald Fischer, Universidad de Chile, "Trade and Income Distribution"

Discussant: Fernando Navajas, FIEL

Pablo Druck, Universidad del CEMA, "Banking Crisis, Implicit Government Guarantees, and Optimal Insurance Scheme"

Discussant: Andrew Powell, Central Bank of Argentina

Ricardo Hausmann, Ugo Panizza, and Ernesto Stein, InterAmerican Development Bank, "Why Do Countries Float the Way They Float?"

Discussant: Andrea Repetto, Universidad de Chile

Andres Velasco, NBER and New York University, and Roberto Chang, Federal Reserve Bank of Atlanta, "Exchange Rate Policy with Imperfect Financial Markets"

Discussant: Jorge Streb, Universidad del CEMA

While high interest rates and foreign exchange sales are the...