The 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 policy.
The fifth edition of the Conference on Financial Stability featured Klaas Knot, President of the Nederlandsche Bank and Chair of the Financial Stability Board, as keynote speaker, opening the event together with José Luis Escrivá, Governor of Banco de España.
The programme included the presentation of twelve research papers, a keynote speech by Professor Thomas Philippon (New York University) and a closing policy panel on “Housing risk and macroprundential policies”, which was participated by Gaston Gelos (Bank for International Settlements), Deniz Igan (International Monetary Fund) and Caterina Mendicino (European Central Bank) along with Javier Suarez (CEMFI), as moderator.
The conference took place in English and was livestreamed on Banco de España’s YouTube channel
, where the recordings of the event are publicly available.
Information
12 June 2025 - 13 June 2025
Banco de España, Madrid
Call for papers ( 156 KB )
Speakers
12 June
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Opening
Opening, keynote and dialogue
Montserrat Martínez Parera, Banco de España
Klaas Knot, De Nederlandsche Bank and Financial Stability Board
José Luis Escrivá, Banco de España.
Remarks by K. Knot
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Session 1
Interest rate risk
Chair: Rafael Repullo, CEMFIInterest rate risk, deposit rates, and financial stability
Presentation by Rainer Haselmann, Goethe-Universität Frankfurt
Discussion by José Luis Peydró, LUISS and EIEF
(295 KB)Banks maturity choices and the transmission of interest rate risk
Presentation by Paolo Varraso, University of Rome Tor Vergata (681 KB)
Discussion by Rustam Jamilov, University of Oxford (512 KB)
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Session 2
Bank heterogeneity and monetary policy transmission
Chair: Luis Servén, CEMFIThe heterogeneous bank lending channel of monetary policy
Presentation by Joël Marbet, Banco de España (570 KB)
Discussion by Federico Puglisi, Banca d’Italia (416 KB)(Unobserved) heterogeneity in the bank lending channel: Accounting for bank-firm interactions and specialization
Presentation by Alonso Villacorta, University of California Santa Cruz (1 MB)
Discussion by Víctor Sancibrián, CEMFI (234 KB)
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Session 3
Climate risk and banking
Chair: Eva Ortega, Banco de EspañaBusiness as usual: Bank net zero commitments, lending, and engagement
Presentation by David Marqués Ibáñez, European Central Bank
Discussion by Omar Rachedi, ESADE (227 KB)Climate risk, bank lending and monetary policy
Presentation by Andrea Polo, LUISS
Discussion by Sergio Mayordomo, Banco de España (569 KB)
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Session 4
Bank regulation
Chair: Jesús Saurina, Banco de EspañaSimple implementable financial policy rules
Presentation by Javier Moreno, Banco Central de Chile (1 MB)
Discussion by Manuel Muñoz, Bank of England (856 KB)From losses to buffer – Calibrating the positive neutral countercyclical capital buffer rate in the euro area
Presentation by Giorgia De Nora, European Central Bank (1 MB)
Discussion by Javier Mencía, Banco de España (624 KB)
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Keynote speech
Stress testing – Design and implementation
Introduction by Galo Nuño, Banco de España
13 June
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Session 5
Bank lending
Chair: María Gutiérrez Urtiaga, Universidad Carlos III de MadridBanks’ specialization and private information
Presentation by Alejandro Casado, Banco de España (3 MB)
Discussion by Gianmarco Ruzzier, Banco de España (249 KB)Bank supervision and non-performing loan cleansing
Presentation by Serafeim Tsoukas, University of Glasgow (452 KB)
Discussion by Daniel Paravisini, London School of Economics (180 KB)
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Session 6
Bank liabilities
Chair: Montserrat Martínez Parera, Banco de EspañaSynthetic, but how much risk transfer?
Presentation by Alex Osberghaus, University of Zurich (6 MB)
Discussion by Anatoli Segura, Banca d’Italia (837 KB)Anything but equity - On banks’ preference for hybrid debt
Presentation by Tanja Brieden, Vienna Graduate School of Finance (980 KB)
Discussion by Saleem Bahaj, University College London (204 KB)
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