Banco de España in cooperation with the Centro de Estudios Monetarios y Financieros (CEMFI) organises a series of biennial conferences to promote the research and discussion of topics related to financial stability and macroprudential.
The third edition of the Conference on Financial Stability featured Randal Quarles, Vice Chair for Supervision of the Federal Reserve Board and Chair of the Financial Stability Board, as the keynote speaker. Pablo Hernández de Cos, Governor of the Banco de España, opened the conference.
The programme included a policy panel on “Central bank digital currencies and financial stability”, chaired by Margarita Delgado, Deputy Governor of the Banco de España. The invited panellists were Markus Brunnermeier (Princeton University), Jean-Pierre Landau (Sciences Po) and Jon Cunliffe (Bank of England).
The conference took place in English and had a hybrid format, with most of speakers participating in-person. The recordings of the event are publicly available at Banco de España’s YouTube channel
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Information
18 October 2021 - 19 October 2021
Madrid
Call for papers ( 145 KB )
Speakers
18 October
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Opening and keynote
Identifying lessons from the current crisis on the prudential framework for the banking system
Speech by Pablo Hernández de Cos, Banco de España
(194 KB)Financial stability and coordination in times of crisis
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Session 1
Chair: Rafael Repullo, CEMFI
Liquidity insurance vs. credit provision: Evidence from the COVID-19 crisis
Presentation by Camelia Minoiu, Federal Reserve Board
(3 MB)Discussion by Daniel Paravisini, London School of Economics
(60 KB)Pandemic lending: The unintended effects of model-based regulation
Presentation by David Marqués-Ibáñez, European Central Bank
(883 KB)Discussion by Saleem Bahaj, University College London
(518 KB)Unused bank capital buffers and credit supply shocks at SMEs during the pandemic
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Panel - Central bank digital currencies and financial stability
Chair: Margarita Delgado, Banco de España
Markus Brunnermeier, Princeton University
Jon Cunliffe, Bank of England
Jean-Pierre Landau, Sciences Po
19 October
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Session 2
Chair: Ángel Estrada, Banco de España
The rise of bond financing in Europe
Presentation by Melina Papoutsi, European Central Bank
(398 KB)Discussion by Jan-Pieter Krahnen, University of Frankfurt
(134 KB)The value of “new” and “old” intermediation in online debt crowdfunding
Presentation by Alberto Manconi, Bocconi University
(4 MB)Discussion by Dmitry Arkhangelski, CEMFI
(52 KB)Who truly bears (bank) taxes? Evidence from only shifting statutory incidence
Presentation by David Martínez-Miera, Universidad Carlos III de Madrid
(2 MB)Discussion by Ernst-Ludwig von Thadden, University of Mannheim
(641 KB)
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Session 3
Chair: Olympia Bover, Banco de España
Multiple credit constraints and time-varying macroeconomic dynamics
Presentation by Marcus Mølbak Ingholt, Danmarks Nationalbank
(659 KB)Discussion by Galo Nuño, Banco de España
(170 KB)Credit allocation and macroeconomic fluctuations
Presentation by Karsten Müller, NUS Business School
(1 MB)Discussion by Veronica Rappoport, London School of Economics
(240 KB)Ownership concentration and performance of deteriorating syndicated loans
Presentation by Mariassunta Giannetti, Stockholm School of Economics
(289 KB)Discussion by Ansgar Walther, Imperial College London
(737 KB)
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Session 4
Chair: Javier Suárez, CEMFI
Macrofinancial feedback, bank stress testing and capital surcharges
Presentation by Jose Berrospide, Federal Reserve Board
(428 KB)Discussion by Loriana Pelizzon, University of Frankfurt
(264 KB)Separating retail and investment banking: Evidence from the UK
Presentation by David Elliott, Bank of England
(694 KB)Discussion by Giovanna Nicodano, University of Turin
(672 KB)Financial stability governance and central bank communications
Presentation by Juan M. Londono, Federal Reserve Board
(386 KB)