About us

First Conference on Financial Stability

2425 May 2017
Madrid

Information

Banco de España together with Centro de Estudios Monetarios y Financieros (CEMFI) is starting a series of biennial conferences to promote the research and discussion of topics related to financial stability among academics, practitioners, and policy-makers. The first conference will be held at the Banco de España’s headquarters in Madrid on 24-25 May 2017. Mr. Mario Draghi, President of the European Central Bank, will be the keynote speaker and Mr. Luis M. Linde, Governor of the Banco de España, will open the conference. 

More information

Presentations

24 May 2017
 
08.15 - 08.45
Registration
08.45 - 09.00
Opening

Luis M. Linde File PDF: Opens in a new window (92 KB) (Banco de España)

09.00 - 10.15
Session I

Chair: Rafael Repullo (CEMFI)

Macroeconomics of bank capital and liquidity regulations File PDF: Opens in a new window (837 KB)
Frédéric Boissay File PDF: Opens in a new window (592 KB) (Bank for International Settlements)
Fabrice Collard (University of Bern)
Discussant: David Martinez-Miera File PDF: Opens in a new window (114 KB) (Universidad Carlos III de Madrid)

Optimal capital regulation File PDF: Opens in a new window (244 KB)
Stephane Moyen (Deutsche Bundesbank)
Josef Schroth File PDF: Opens in a new window (84 KB) (Bank of Canada)
Discussant: Xavier Freixas File PDF: Opens in a new window (79 KB) (Universitat Pompeu Fabra)

10.15 - 11.30
Session II

Chair: Hélène Rey (London Business School)

Short-term interest rates and bank lending terms: Evidence from a survey of U.S. loans File PDF: Opens in a new window (100 KB)
Giovanni Dell’Ariccia (International Monetary Fund)
Luc Laeven (European Central Bank)
Gustavo Suarez File PDF: Opens in a new window (254 KB) (Federal Reserve Board)
Discussant: Rainer Haselmann File PDF: Opens in a new window (422 KB) (Goethe University Frankfurt)

Prudential policies and their impact on credit in the United States File PDF: Opens in a new window (1 MB)
Paul Calem (Federal Reserve Bank of Philadelphia)
Ricardo Correa File PDF: Opens in a new window (323 KB) (Federal Reserve Board)
Seung Jung Lee (Federal Reserve Board)
Discussant: Carlos Pérez Montes File PDF: Opens in a new window (108 KB) (Banco de España)

11.30 - 12.00
Coffee
12.00 - 13.15
Session III

Chair: Enrico Perotti (University of Amsterdam)

Shock propagation and banking structure File PDF: Opens in a new window (433 KB)
Mariassunta Giannetti File PDF: Opens in a new window (154 KB) (Stockholm School of Economics)
Farzad Saidi (Stockholm School of Economics)
Discussant: Filippo Ippolito File PDF: Opens in a new window (100 KB) (Universitat Pompeu Fabra)

Risk-taking dynamics and financial stability File PDF: Opens in a new window (443 KB)
Anton Korinek File PDF: Opens in a new window (238 KB) (Johns Hopkins University)
Martin Nowak (Harvard University)
Discussant: Anatoli Segura File PDF: Opens in a new window (211 KB) (Banca d’Italia)

13.15 - 14.45
Lunch
14.45 - 15.30
Keynote

Chair: Luis M. Linde (Banco de España)

Mario Draghi File PDF: Opens in a new window (175 KB) (European Central Bank)

15.30 - 16.00
Coffee
16.00 - 17.15
Session IV

Chair: Jesús Saurina (Banco de España)

A positive analysis of bank behaviour under capital requirements File PDF: Opens in a new window (2 MB)
Saleem Bahaj (Bank of England)
Frédéric Malherbe File PDF: Opens in a new window (915 KB) (London Business School)
Discussant: Sergio Vicente File PDF: Opens in a new window (681 KB) (Universidad Carlos III de Madrid)

The economics of bank supervision File PDF: Opens in a new window (876 KB)
Thomas M. Eisenbach (Federal Reserve Bank of New York)
David O. Lucca File PDF: Opens in a new window (381 KB) (Federal Reserve Bank of New York)
Robert M. Townsend (Massachusetts Institute of Technology)
Discussant: Elena Carletti File PDF: Opens in a new window (394 KB) (Bocconi University)

25 May 2017
 
09.00 - 10.15
Session V

Chair: Tano Santos (Columbia Business School)

Loan covenants and the bank lending channel File PDF: Opens in a new window (409 KB)
Gabriel Chodorow-Reich (Harvard University)
Antonio Falato (Federal Reserve Board)
Discussant: Marcel Jansen File PDF: Opens in a new window (111 KB) (Universidad Autónoma de Madrid)


Financial vulnerabilities and monetary policy File PDF: Opens in a new window (627 KB)
Tobias Adrian (International Monetary Fund)
Fernando Duarte File PDF: Opens in a new window (787 KB) (Federal Reserve Bank of New York)
Discussant: Isabel Correia File PDF: Opens in a new window (48 KB) (Banco de Portugal)

10.15 - 10.45
Coffee
10.45 - 12.00
Session VI

Chair: José Luis Peydró (Universitat Pompeu Fabra)

Credit growth and macro prudential policies: Preliminary evidence on the firm-level File PDF: Opens in a new window (586 KB)
Meghana Ayyagari (Washington University)
Thorsten Beck File PDF: Opens in a new window (467 KB) (Cass Business School)
Soledad Martinez Peria (International Monetary Fund)
Discussant: Nicholas S. Coleman File PDF: Opens in a new window (267 KB) (Federal Reserve Board)


Countercyclical prudential tools in an estimated DSGE model File PDF: Opens in a new window (804 KB)
Serafín Frache (Banco Central del Uruguay)
Javier García-Cicco (Banco Central de Chile)
Jorge Ponce File PDF: Opens in a new window (602 KB) (Banco Central del Uruguay)
Discussant: Eddie Gerba File PDF: Opens in a new window (549 KB) (Banco de España)

12.00 - 13.15
Panel

Chair: Javier Suárez (CEMFI)

The countercyclical provisions of the Banco de España, 2000-2016
Jesús Saurina and Carlos Trucharte (Banco de España)


Discussants: Pedro Duarte Neves (Banco de Portugal)
Richard Herring (The Wharton School)

13.15 - 14.15
Lunch