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2012 ESCB Day Ahead Conference. Financial Stability: Measurement, Theory and Policy Analysis

26 August 2012
Málaga

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On August 26, the Banco de España was hosted a Day-Ahead Conference prior to the annual meetings of the EEA-ESEM on behalf of the European System of Central Banks. The conference, entitled "Financial Stability: Measurement, Theory, and Policy Analysis", took place in Málaga, Spain. Researchers from the ESCB and other central banks, as well as academics, were invited to participate.

The conference was focused on policy-relevant research related to banking, finance and monetary economics. Topics of interest included financial stability, financial regulation, systemic risk and macroprudential policy. Papers relevant to ongoing policy reforms in the Eurozone and in international regulation of banking and finance were especially welcomed.

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Presentations

26 August 2012
 
09.00 - 11.00
Session 1: Evidence on credit supply

“The low monetary rates paradox, banking stability and credit: evidence from the Euro Area” File PDF: Opens in a new window (605 KB)        Angela Maddaloni, European Central Bank
José Luis Peydró, Universitat Pompeu Fabra

Discussant: Caterina Mendicino, Banco de Portugal

“The recent slow-down of bank lending in Spain: are supply-side factors relevant?” File PDF: Opens in a new window (1.020 KB)
Ernesto Villanueva, Banco de España
Ignacio Hernando, Banco de España

Discussant: Ugo Albertazzi, Banca d’Italia

“Shocks abroad, pain at home? Bank-firm level evidence on financial contagion during the recent financial crisis” File PDF: Opens in a new window (300 KB)
Neeltje van Horen, De Nederlandsche Bank
Steven Ongena, Tilburg University
José Luis Peydró, Universitat Pompeu Fabra

Discussant: Héctor Pérez, Bank of Canada


11.30 - 12.10
Keynote address 1

“Bank capital regulation in a macroprudential framework” File PDF: Opens in a new window (630 KB)
Javier Suárez, CEMFI


12.20 - 13.40
Session 2: Liquidity requirements

“A theory of bank liquidity requirements” File PDF: Opens in a new window (180 KB)
Florian Heider, European Central Bank
Charles Calomiris, Columbia University
Maria Hoerova, European Central Bank

Discussant: Frederic Malherbe, London Business School

“Systemic liquidity requirements” File PDF: Opens in a new window (770 KB)
Toni Ahnert, London School of Economics
Ben Nelson, Bank of England

Discussant: Cao Jin, Norges Bank


15.30 - 16.50
Session 3: Monitoring and risk-taking

“Credit ratings and bank monitoring ability” File PDF: Opens in a new window (614 KB)
Leonard Nakamura, Federal Reserve Bank of Philadelphia
Kasper Roszbach, Sveriges Riksbank

Discussant: José Luis Peydró, Univ. Pompeu Fabra

“Executive board composition and bank risk taking” File PDF: Opens in a new window (859 KB)
Klaus Schaeck, Bangor Business School
Allen Berger, Univ. of North Carolina
Thomas Kick, Deutsche Bundesbank

Discussant: Bernd Schwaab, European Central Bank


17.20 - 18.40
Session 4: Bubbles

“House prices, credit growth, and excess volatility: implications for monetary and macroprudential policy” File PDF: Opens in a new window (534 KB)
Kevin Lansing, Federal Reserve Bank of San Francisco and Norges Bank
Paolo Gelain, Norges Bank
Caterina Mendicino, Banco de Portugal

Discussant: Federico Signoretti, Banca d’Italia

“Bubbles, banks and financial stability” File PDF: Opens in a new window (323 KB)
Kalin Nikolov, European Central Bank
Kosuke Aoki, University of Tokyo

Discussant: Sergi Basco, Univ. Carlos III de Madrid


18.50 - 19.30
Keynote address 2

Tano Santos, Columbia University


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