Sobre el Banco

IV Workshop on International Financial Markets

2122 Septiembre 2017

Información

Los días 21 y 22 de septiembre de 2017 se celebrará en Ottawa la cuarta conferencia sobre mercados financieros internacionales, organizada conjuntamente por el Banco de Canadá y el Banco de España. El encuentro, dirigido a investigadores académicos y de bancos centrales, abordará, entre otros, los siguientes temas: valoración de activos internacionales y tipos de cambio, efectos contagio de las políticas monetaria no convencional, movimientos comunes en los mercados de capitales y flujos internacionales de capital, la sofisticación financiera de los mercados de materias primas, el impacto de la regulación y las políticas en los mercados financieros internacionales y el papel de los mercados financieros en la financiación de los bancos.

Ponencias

21 Septiembre 2017
 
08.00 - 08.30
Registration and Continental Breakfast

Note that all sessions will take place at the Bank of Canada, in the Conference Centre. To enter the Bank, please use the entrance to the Bank of Canada Museum, located at 30 Bank Street (corner of Bank and Wellington Streets) and bring a piece of government-approved photo identification.

08.30 - 08.45
Opening Remarks

Sylvain Leduc (Bank of Canada)

08.45 - 10.15
Session 1: Banking

Morning Session Chair: Antonio Diez de los Rios (Bank of Canada)

Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentives
Viral Acharya (Reserve Bank of India), Yalin Gündüz (Deutsche Bundesbank) and Timothy Johnson (University of Illinois, Urbana-Champaign)
Discussant: Teodora Paligorova (Federal Reserve Board)

Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins
Thorsten Beck (Cass Business School), Samuel Da-Rocha-Lopes (Nova School of Business & Economics) and Andre Silva (Cass Business School)
Discussant: Lev Ratnovski (International Monetary Fund)

10.15 - 10.45
Refreshment Break
10.45 - 12.15
Session 2: Effects of Financial Market Regulation

Morning Session Chair: Antonio Diez de los Rios (Bank of Canada)

Banking Regulation and Market Making
David Cimon (Bank of Canada) and Corey Garriott (Bank of Canada)
Discussant: Liyan Yang (University of Toronto)

The Real Effects of Short Selling Restrictions around the World
Christoph Schiller (Rotman School of Management)
Discussant: Ryan Riordan (Queen’s University)

12.15 - 14.15
Lunch
14.15 - 15.45
Session 3: Limits to Arbitrage in Foreign Exchange Markets

Afternoon Session Chair: Jose Manuel Marques (Banco de España)

The Japan Repo Premium and US Dollar Intermediation
Iñaki Aldasoro (Bank for International Settlements), Torsten Ehlers (Bank for International Settlements) and Egemen Eren (Bank for International Settlements)
Discussant: Alyssa Anderson (Federal Reserve Board)

Limits to Arbitrage in the Foreign Exchange Market: Evidence from FX Trade Repository Data
Gino Cenedese (Bank of England), Pasquale Della Corte (Imperial College) and Tianyu Wang (Imperial College)
Discussant: Jose Manuel Marques (Banco de España)

15.45 - 16.15
Refreshment Break
16.15 - 17.45
Session 4: Global Financial Cycles

Afternoon Session Chair: Jose Manuel Marques (Banco de España)

Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows
Anusha Chari (University of North Carolina-Chapel Hill & NBER), Karlye Dilts Stedman (University of North Carolina-Chapel Hill) and Christian Lundblad (University of North Carolina-Chapel Hill)
Discussant: Antonio Diez de los Rios (Bank of Canada)

Foreign Booms, Domestic Busts: The Global Dimension of Banking Crises
Ambrogio Cesa-Bianchi (Bank of England), Fernando Eguren Martin (Bank of England) and Gregory Thwaites (Bank of England)
Discussant: Greg Bauer (University of Rochester)

18.00 - 20.00
Reception and Dinner (by invitation only)

Bank of Canada, Noël Terrace, entrance via the East Tower Lobby (corner of Sparks and Bank Streets).

22 Septiembre 2017
 
08.00 - 08.30
Continental Breakfast

Note that all sessions will take place at the Bank of Canada, in the Conference Centre. To enter the Bank, please use the entrance to the Bank of Canada Museum, located at 30 Bank Street (corner of Bank and Wellington Streets) and bring a piece of government-approved photo identification.


08.30 - 10.30
Session 5: Central Banking: International Considerations

Morning Session Chair: Jonathan Witmer (Bank of Canada)

Which Central-Bank Projections Influence Private-Sector Forecasts?
Monica Jain (Bank of Canada), Andrew Levin (University of Dartmouth) and Christopher Sutherland (Bank of Canada)
Discussant: Paul Hubert (Sciences Po)

The currency dimension of the bank lending channel in international monetary transmission
Elod Takats (Bank for International Settlements) and Judit Temesvary (Federal Reserve Board)
Discussant: Adrian Van Rixtel (Banco de España)

Making room for the needy: The effects of the Corporate Sector Purchase Programme on firms credit
Oscar Arce (Banco de España), Ricardo Gimeno (Banco de España), Sergio Mayordomo (Banco de España)
Discussant: Massimiliano Affinito (Banca d’Italia)

10.30 - 11.00
Refreshment Break
11.00 - 12.30
Session 6: International Asset Pricing

Morning Session Chair: Jonathan Witmer (Bank of Canada)

The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets
Torben Andersen (Northwestern University), Nicola Fusari (Johns Hopkins University) and Viktor Todorov (Northwestern University)
Discussant: Bruno Feunou (Bank of Canada)

Oil Volatility Risk and Expected Stock Returns
Peter Christoffersen (University of Toronto, CBS and CREATES) and Xuhui (Nick) Pan (Freeman School of Business, Tulane University)
Discussant: Alexander David (University of Calgary)

12.30 - 13.30
Lunch
13.30 - 14.00
End of Meeting