About us

Third Conference on Financial Stability

18 – 19 October 2021
Madrid

Information

Banco de España, in cooperation with CEMFI, organized the Third Conference on Financial Stability that took place at Banco de España’s premises, in Madrid, on 18-19 October 2021.

The aim of these biennial conferences is to promote the research and discussion of topics related to macroprudential policy and financial stability among academics, practitioners, and policy-makers. The conference had a hybrid format, with most of speakers participating in-person. The programme included presentations of theoretical and empirical papers related to financial stability issues. All papers had a discussant assigned.

Randal Quarles, Vice Chair for Supervision of the Federal Reserve Board and Chair of the Financial Stability Board, was the keynote speaker. Pablo Hernández de Cos, Governor of the Banco de España, opened the conference.

The programme also included a panel session 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).

More information

Presentations

18 October 2021
Opening and Keynote
11.00 - 11.30
11.30 - 12.20

Opening and KeynoteOpens in a new window

Session 1
14.00 - 16.00
Chair: Rafael Repullo, CEMFI

Session 1Opens in a new window

Liquidity insurance vs. credit provision: Evidence from the COVID-19 crisis File PDF: Opens in a new window (3 MB)
Tumer Kapan, International Monetary Fund
Camelia Minoiu, Federal Reserve Board

Discussant: Daniel Paravisini File PDF: Opens in a new window (60 KB), London School of Economics

Pandemic lending: The unintended effects of model-based regulation File PDF: Opens in a new window (883 KB)
Franco Fiordelisi, University of Essex
Giulia Fusi, European Stability Mechanism
Angela Maddaloni, European Central Bank
David Marqués-Ibáñez, European Central Bank

Discussant: Saleem Bahaj File PDF: Opens in a new window (518 KB), University College London

Unused bank capital buffers and credit supply shocks at SMEs during the pandemic File PDF: Opens in a new window (612 KB)
Jose Berrospide, Federal Reserve Board
Arun Gupta, Federal Reserve Board
Matyhew P. Seay, Federal Reserve Board
 
Discussant: Andrea Polo File PDF: Opens in a new window (467 KB), Luiss University

Panel
16.30 - 18.30
Chair: Margarita Delgado, Banco de España

Margarita Delgado

Central Bank Digital Currencies and Financial StabilityOpens in a new window

Markus Brunnermeier, Princeton University
Jon Cunliffe, Bank of England
Jean-Pierre Landau, Sciences Po

19 October 2021
Session 2
09.00 - 11.00
Chair: Ángel Estrada, Banco de España

Session 2Opens in a new window

The rise of bond financing in Europe File PDF: Opens in a new window (398 KB)
Olivier Darmouni, Columbia Business School
Melina Papoutsi, European Central Bank

Discussant: Jan-Pieter Krahnen File PDF: Opens in a new window (134 KB), University of Frankfurt

The value of “new” and “old” intermediation in online debt crowdfunding File PDF: Opens in a new window (4 MB)
Fabio Braggion, Tilburg University
Alberto Manconi, Bocconi University
Nicola Pavanini, Tilburg University
Haikun Zhu, Erasmus School of Economics Rotterdam

Discussant: Dmitry Arkhangelski File PDF: Opens in a new window (52 KB), CEMFI

Who truly bears (bank) taxes? Evidence from only shifting statutory incidence File PDF: Opens in a new window (2 MB)
Gabriel Jiménez, Banco de España
David Martinez-Miera, Universidad Carlos III de Madrid
José-Luis Peydró, Universitat Pompeu Fabra

Discussant: Ernst-Ludwig von Thadden File PDF: Opens in a new window (641 KB), University of Mannheim

Session 3
11.30 - 13.30
Chair: Olympia Bover, Banco de España

Session 3Opens in a new window

Multiple credit constraints and time-varying macroeconomic dynamics File PDF: Opens in a new window (659 KB)
Marcus Mølbak Ingholt, Danmarks Nationalbank

Discussant: Galo Nuño File PDF: Opens in a new window (170 KB), Banco de España

Credit allocation and macroeconomic fluctuations File PDF: Opens in a new window (1 MB)
Karsten Müller, NUS Business School
Emil Verner, MIT Sloan School of Management

Discussant: Veronica Rappoport File PDF: Opens in a new window (240 KB), London School of Economics

Ownership concentration and performance of deteriorating syndicated loans File PDF: Opens in a new window (289 KB)
Mariassunta Giannetti, Stockholm School of Economics
Ralf R. Meisenzahl, Federal Reserve Board
Discussant: Ansgar Walther File PDF: Opens in a new window (737 KB), Imperial College London 

Session 4
14.30 - 16.30
Chair: Javier Suárez, CEMFI

Session 4Opens in a new window

Macrofinancial feedback, bank stress testing and capital surcharges File PDF: Opens in a new window (428 KB)

Tobias Adrian, International Monetary Fund
Jose Berrospide, Federal Reserve Board
Romain Lafarguette, International Monetary Fund

Discussant: Loriana Pelizzon File PDF: Opens in a new window (264 KB), University of Frankfurt

Separating retail and investment banking: Evidence from the UK File PDF: Opens in a new window (694 KB)

Matthieu Chavaz, Bank of England
David Elliott, Bank of England

Discussant: Giovanna Nicodano File PDF: Opens in a new window (672 KB), University of Turin

Financial stability governance and central bank communications File PDF: Opens in a new window (386 KB) File PDF: Opens in a new window (805 KB)

Juan M. Londono, Federal Reserve Board
Stijn Claessens, Bank for International Settlements
Ricardo Correa, Federal Reserve Board

Discussant: Oren Sussman File PDF: Opens in a new window (1 MB), University of Oxford

Scientific Committee

  • Viral Acharya, New York University
  • Óscar Arce, Banco de España
  • Ángel Estrada, Banco de España
  • Mariassunta Gianetti, Stockholm School of Economics
  • Steven Ongena, University of Zurich
  • Loriana Pelizzon, University of Frankfurt
  • Enrico Perotti, University of Amsterdam
  • José Luis Peydró, Universitat Pompeu Fabra
  • Rafael Repullo, CEMFI
  • Javier Suarez, CEMFI
  • Ernst-Ludwig von Thadden, University of Mannheim 
Back