The meeting will bring together academic and central-bank researchers to focus on all aspects of international financial and trade flows, with an emphasis on how they may respond to protectionist measures, actual and hypothetical. Of particular interest is the question of how global patterns of capital and trade flows might be altered by trade and capital restrictions. Topics: - Exchange rate response to trade and capital restrictions - Global location/distribution of financial centers - Patterns of trade diversion - Current account deficit financing - Effectiveness of trade and capital-account barriers - Role of labour mobility in trade and financial integration - Lessons from historical episodes of protectionism - The distributional impact of trade and capital-account openness and restrictions - Centrality of the dollar as the world currency - Implications of fragmentation for financial stability - Implications and risks from retrenchment from global regulatory coordination.