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Debt and Credit, Growth and Crises

18 – 19 June 2012
Madrid

Information

On June 18-19, the Banco de España hosted the conference "Debt and Credit, Growth and Crises”, jointly organized with the World Bank. The Conference brought together academics and policy makers to discuss the links between credit and debt accumulation, and growth patterns and crisis. It focused on the interactions between leverage through the cycle and financial crises and recovery. Special consideration was given to the analysis of the challenges faced by policy makers, as well as the international dimensions of the crisis and the design of effective macro prudential policies. In particular, the topics of the conference included:

  • Determinants of credit behavior and credit allocation
  • Financial crises and excess debt and credit
  • Leverage and sovereign risk
  • Credit booms and crunches. Macroeconomic implications and international aspects
  • The role of policies: monetary, fiscal, financial, macro prudential

The conference featured 10 papers, a policy panel, and a keynote speech by Professor Ricardo Caballero (MIT).

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Presentations

18 June 2012
 
09.15 - 09.30
Opening Remarks: Luis M. Linde (Governor, Banco de España)

09.30 - 11.00
Session 1: Leverage over the business cycle

Chair: Pilar L’Hotellerie-Fallois (Banco de España)

Óscar Jordá(UC Davis), Moritz Schularick (University of Berlin) and Alan M. Taylor (University of Virginia) “When credit bites back: leverage, business cycles and crises” File PDF: Opens in a new window (616 KB)

Discussant: Lola Gadea File PDF: Opens in a new window (871 KB) (Universidad de Zaragoza)

Galo Nuño (ECB) and Carlos Thomas (Banco de España) “Bank leverage cycles” File PDF: Opens in a new window (583 KB)

Discussant: Wolf Wagner (Tilburg University)


11.20 - 12.50
Session 2: Leverage and sovereign risk

Chair: Tito Cordella (World Bank)

Philippe Martin(Science Po, Paris) and Thomas Philippon (New York University) “Household leverage and sovereign risk”

Discussant: Juan Francisco Jimeno File PPT: Opens in a new window (1 MB)(Banco de España)

Nicola Gennaioli (CREI Barcelona), Andrei Shleifer (Harvard University) and Robert Vishny (University of Chicago) “A model of shadow banking” File PDF: Opens in a new window (639 KB)

Discussant: Óscar Arce File PPT: Opens in a new window (584 KB)(CNMV, Madrid)


15.00 - 16.30
Session 3: Bubbles and financial inefficiencies

Chair: Rafael Doménech (BBVA)

Jaume Ventura and Alberto Martin (CREI, Barcelona) “Asset prices and economic activity” File PDF: Opens in a new window (182 KB)

Discussant: Zeno Enders (Heidelberg University)

Maya Eden (World Bank) "Excessive Financial Intermediation in a Model with Endogenous Liquidity" File PDF: Opens in a new window (445 KB)

Discussant: Fernando Broner File PDF: Opens in a new window (43 KB)(CREI, Barcelona)


17.00 - 18.15
Keynote Speech

Chair: tbc (Banco de España)

Speaker: Ricardo Caballero (MIT): “On the Shortage of Systemic Risk Insurance File PDF: Opens in a new window (1 MB)”


19 June 2012
 
09.00 - 10.30
Session 4: International portfolio flows

Chair: Javier Vallés (Banco de España)

Sergio Schmukler (World Bank) and Claudio Raddatz (Banco Central de Chile) “On the International Transmission of Shocks: Evidence from Mutual Funds Portfolios” File PPT: Opens in a new window (3 MB)

Discussant: Neeltje van Horen File PPT: Opens in a new window (861 KB) (De Nederlandsche Bank)

Marcel Fratzscher, Marco Lo Duca and Roland Straub (ECB) “Quantitative easing, portfolio choice and international capital flows” File PDF: Opens in a new window (350 KB)

Discussant: Eduardo Fernández Arias File PPT: Opens in a new window (181 KB)(Banco Interamericano de Desarrollo)


10.45 - 12.15
Session 5: Macroprudential policy

Chair: Alberto Soler (Ministerio de Economía y Competitividad)

Carlos Vegh (University of Maryland), Pablo Federico (University of Maryland) and Guillermo Vuletin (Colby College), “Reserve requirements as a macroeconomic tool” File PDF: Opens in a new window (107 KB)

Discussant: Enrique Alberola File PPT: Opens in a new window (994 KB) (Banco de España)

Javier Suárez (CEMFI) and David Martínez-Miera (Carlos III, Madrid) “A macroeconomic model of endogenous systemic risk-taking” File PDF: Opens in a new window (435 KB)

Discussant: Frederic Malherbe File PPS: Opens in a new window (542 KB) (London Business School)


12.30 - 14.00
Policy panel

Chair: Augusto de la Torre (World Bank)


14.00 - 14.10
Closing Remarks

Pilar L’Hotellerie-Fallois (Banco de España) and Augusto de la Torre (World Bank)


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