| Regional Seminar on the Financial Crisis and
Foreign Private Capital Flows to Latin America
DATE AND PLACE:
March 11-13, Mexico City, Mexico Sponsoring Partners
As it is normally the case, in response to demand from its member states, the Center for Latin American Monetary Studies (CEMLA) is hosting jointly with Development Finance International (DFI) the Regional Seminar on the Financial Crisis and Foreign Private Capital Flows to Latin America, in Mexico City on March 11th‐13th, 2009. CEMLA and DFI are non‐for‐profit institutions, based in Mexico City and London, respectively, working in association for the implementation of the Foreign Private Capital Capacity Building Programme (FPC CBP) in Latin America and the Caribbean, which is funded by the Swiss government. Description of the Foreign Private Capital Capacity Building Programme (FPC CBP)
The FPC CBP is an inter‐regional Programme implemented by a Technical Office (Development Finance International) in association with four Regional Organizations (ROs): CEMLA and other three in Africa. The objective of the Programme is to strengthen the country capacity to analyze and examine foreign assets and liabilities recorded in the balance of payments and international investment position, as well as the monitoring of resident/non‐resident investors’ perception. It aims to contribute to the analysis and stability of international financial flows, a critical subject under the current circumstances, facilitating the compliance of the most recent guidelines and international standards regarding information on foreign Private Capital (FPC). The FPC CBP methodology is adapted to fulfill the requirements of a particular country’s demand for assistance, considering its existing legal framework, exchange controls and reforms to be implemented, institutional structures, as well as recommendations made by previous technical assistance missions. The primary monitoring tools consist of survey forms and its corresponding software, as well as non‐survey follow‐up mechanisms, which capture activities of enterprises with foreign Financial Crisis and Foreign Private Capital Flows to Latin America March 11th‐13th, 2009 Mexico City, Mexico Objectives and Methodology assets and liabilities in addition to resident/non resident investors’ perception. These tools have been approved by the IMF. Objective of the Seminar
The objective of the seminar is to evaluate the impact and policy responses to the Global Financial Crisis on Latin American and Caribbean economies, with emphasis on foreign private capital movements, in line with the purpose of the Programme of contributing to the analysis and stability of international financial flows. In addition, the event will provide an invaluable opportunity for exchanging central bank experiences regarding the impact of the crisis in their home countries and also the policy measures that have been implemented to face it. Finally, participating countries of the region will have the opportunity to asses their capacities regarding foreign private capital management. Methodology
The event will be take place during the course of three working days through a series of presentations and panel discussions conducted by representatives of the academia, the Bretton Woods Institutions (BWI), Development Finance International (DFI), central banks and regional development institutions such as the Inter American Development Bank (IADB), Economic Commission for Latin America and the Caribbean (ECLAC), among others. The initial two days will be devoted to the presentation and debate of global financial crises, past and present episodes, as well as its causes. Also, the impact of financial crises on foreign private capital flows to Latin American and Caribbean economies will be discussed from an international, regional and country perspective. The sessions will conclude with lessons learned and policy responses to reduce FPC volatility. In addition, central banks will exchange views regarding policies implemented to cope with the current crisis. During the third day, participants will exchange ideas on best practices to monitor and analize foreign private capital flows, from an international, regional and country perspective. The first part of the day will be dedicated to presentations, and later on participants will be divided into country groups, in order to undertake the country capacity evaluation developed by the FPC CBP, aimed at identifying weaknesses and capacity building needs oriented to improve FPC management. At the end of the seminar, each country will present a report on future priorities to strengthen their capacities and how to implement this. PRELIMINARY PROGRAMME Requirement and participants’ profile
The event is oriented to high‐level officials with vast experience in the external sector from central banks of the region. Participants will have to prepare and bring to the seminar three presentations focused on their countries –five minutes each‐, based on the topics highlighted in the preliminary program of the event: Day 1. Impact of the global financial crisis (Macroeconomic effects) (country level) Day 2. Impact of the financial crisis on foreign private capital flows (country level) Day 2. Policy responses to the financial crisis, when applicable, measures to reduce foreign private capital flows volatility (country level)
Additionally, participants should be prepared to assess their countries’ capacities as for recording, monitoring and analyzing FPC. It is envisaged to receive up to two applications per country that should be sent by February 13, at the latest. As usual, CEMLA will be in charge of the selection process and will contact successful applicants in due course. Cost and Financing
The organizers (CEMLA and DFI) will cover the costs associated with speakers, venue, computer equipment and other logistics; therefore there is no enrolment fee and participants are expected to cover travel and related costs. Language
The seminar will be held in English and Spanish, with simultaneous translation. Lodging and other administrative arrangements
CEMLA will provide the necessary support in order to facilitate lodging arrangements. In case of assistance please contact us by e‐mail at pfc‐cep@cemla.org or by telephone +52 (55) 5061 6692.
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