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 second edition of the Conference on Financial Stability featured Agustín Carstens, General Manager of the Bank for International Settlements (Basel), and Lars Peter Hansen (University of Chicago) as keynote speakers. Pablo Hernández de Cos, Governor of the Banco de España, opened the conference.
The event closed with a panel on “Governance structures for macroprudential policy”, chaired by Margarita Delgado, Deputy Governor of the Banco de España. The invited panellists were Sergio Nicoletti Altimari (European Central Bank), Benjamin Weigert (Deutsche Bundesbank) and Xavier Vives (IESE Business School).
3 June 2019 - 4 June 2019
Call for papers ( 145 KB )
Speakers
3 June
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Opening and keynote
A framework for the countercyclical capital buffer (CCyB)
Speech by Pablo Hernández de Cos, Banco de España
(112 KB)The role of regulation, implementation and research in promoting financial stability
Speech by Agustín Carstens, Bank for International Settlements
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Session 1
Chair: Hélène Rey, London Business School
Macroeconomics effects of bank capital regulation
Presentation by Benedikt Kolb, Deutsche Bundesbank
(1 MB)Discussion by David Martínez-Miera, Universidad Carlos III de Madrid
(515 KB)Bank risk taking and twin defaults
Presentation by Kalin Nikolov, European Central Bank
(1 MB)Discussion by Galo Nuño, Banco de España
(591 KB)The effects of bank capital buffers on bank lending and firm activity: What can we learn from five years of stress-test results?
Presentation by Jose M. Berrospide, Federal Reserve Board
(1 MB)Discussion by Dean Corbae, University of Wisconsin-Madison
(185 KB)
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Keynote
Pricing uncertainty induced by climate change
Presentation by Lars Peter Hansen, University of Chicago
(705 KB)
4 June
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Session 2
Chair: Óscar Arce, Banco de España
LTV limit and borrower risk
Presentation by Nitzan Tzur-llan, Bank of Israel
(2 MB)Discussion by Ángel Estrada, Banco de España
(273 KB)How do financial vulnerabilities and bank resilience affect medium-term macroeconomic tail risk?
Presentation by Cian O’Neill, Bank of England
(1 MB)Discussion by Gabriel Pérez-Quirós, European Central Bank
(1 MB)The network origins of bank influence: Evidence from bank-to-firm and firm-to-firm linkages
Presentation by Joris Tielens, KU Leuven
(760 KB)Discussion by Alireza Tahbaz-Salehi, Northwestern University
(186 KB)
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Session 3
Chair: Javier Suárez, CEMFI
Cournot fire sales
Presentation by Thomas M. Eisenbach, Federal Reserve Bank of New York
(222 KB)Discussion by Eduardo Dávila, Yale University
(260 KB)Equity allocation and risk-taking in the intermediation chain
Presentation by Anatoli Segura, Banca d’Italia
(792 KB)Discussion by Frederic Malherbe, University College London
(280 KB)Collateral booms and information depletion
Presentation by Alberto Martín, European Central Bank
(1.006 KB)Discussion by Anton Braun, Federal Reserve Bank of Atlanta
(98 KB)
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Session 4
Chair: Jesús Saurina, Banco de España
Negative monetary policy rates and systemic banks’ risk-taking: Evidence from the euro area administrative securities register
Presentation by Johannes Bubeck, Deutsche Bundesbank
(382 KB)Discussion by Thorsten Beck, Cass Business School
(151 KB)“Inspect what you expect to get respect” Can bank supervisors kill zombie lending?
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Panel - Governance structures for macroprudential policy
Chair: Margarita Delgado, Banco de España
Sergio Nicoletti Altimari, European Central Bank
Benjamin Weigert, Deutsche Bundesbank
Xavier Vives, IESE Business School