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. 

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Presentations

24 May 2017
 
08.15 - 08.45
Registration
08.45 - 09.00
Opening

Luis M. Linde (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 (Bank for International Settlements)
Fabrice Collard (University of Bern)
Discussant: David Martinez-Miera (Universidad Carlos III de Madrid)

Optimal capital regulation File PDF: Opens in a new window (244 KB)
Stephane Moyen (Deutsche Bundesbank)
Josef Schroth (Bank of Canada)
Discussant: Xavier Freixas (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 (Federal Reserve Board)
Discussant: Rainer Haselmann (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 (Federal Reserve Board)
Seung Jung Lee (Federal Reserve Board)
Discussant: Carlos Pérez Montes (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 (Stockholm School of Economics)
Farzad Saidi (Stockholm School of Economics)
Discussant: Filippo Ippolito (Universitat Pompeu Fabra)

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

13.15 - 14.45
Lunch
14.45 - 15.30
Keynote

Chair: Luis M. Linde (Banco de España)

Mario Draghi (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 (London Business School)
Discussant: Sergio Vicente (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 (Federal Reserve Bank of New York)
Robert M. Townsend (Massachusetts Institute of Technology)
Discussant: Elena Carletti (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 (416 KB)
Gabriel Chodorow-Reich (Harvard University)
Antonio Falato (Federal Reserve Board)
Discussant: Marcel Jansen (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 (Federal Reserve Bank of New York)
Discussant: Isabel Correia (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 (Cass Business School)
Soledad Martinez Peria (International Monetary Fund)
Discussant: Nicholas S. Coleman (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 (Banco Central del Uruguay)
Discussant: Eddie Gerba (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