Annual Macroprudential Conference 15-16 June 2018

Sveriges Riksbank will host the fourth Annual Macroprudential Conference in cooperation with De Nederlandsche Bank and the Deutsche Bundesbank on 15-16 June 2018.
The subjects to be discussed at this year's conference include: crypto currency and shadow banks, cyclicality of expected credit loss provisions, risk sharing in a currency union, fiscal implications of pension underfunding, the impact of regulation on global yield curves, and a case study focused on Germany.

The specially commissioned research papers will be presented by:

Martin Hellwig – Max Planck Institute for Research on Collective Goods
Thomas Philippon – New York University,
Joshua Rauh – Stanford University
Javier Suarez – CEMFI, Madrid
Rob Townsend – Massachusetts Institute of Technology
and Annette Vissing-Jørgensen – University of California, Berkeley

This year's keynote speaker is Elke König, Chair at the Single Resolution Board.

Download the new research papers written especially for this conference below – all papers should be available shortly.

The conference series is supported by a scientific committee consisting of Anil Kashyap, Viral Acharya, Darrell Duffie, Nobuhiro Kiyotaki, Rafael Repullo and Helene Rey.

The conference is open for invited speakers and guests only.

The full preliminary programme can be found below.

Previous and future conferences

This conference is the fourth in a series of Annual Macroprudential Conferences. In 2015 when the field was relatively new, the Riksbank took the initiative for an annual conference on macroprudential policy. The conference provides an excellent opportunity for policy makers, representatives of the private sector and prominent academics from all over the world to gather to discuss, exchange experiences and learn from the best in the macroprudential field.
Conferences in the series were held in Stockholm in 2015 and 2016, and then hosted by De Nederlandsche Bank in Amsterdam in 2017. In 2019 Deutsche Bundesbank will host a conference in the series.

Links to previous conferences' papers.

Programme

Day 1: Friday, June 15

Registration & Lunch (drop in)

Opening remarks: Stefan Ingves – Sveriges Riksbank

[Welcoming speech by Stefan Ingves]

Session 1: Does a currency union need a capital market union?

[Research paper]

Chair: Bengt Holmström (Massachusetts Institute of Technology)

Authors: Thomas Philippon (New York University) joint with Joseba Martinez (NYU) and Markus Sihvonen  (Aalto University School of Business)

Discussants: Patrick Bolton (Columbia University), Philip Lane (Central Bank of Ireland)

Session 2: The impact of pensions on global yield curves

[Research paper]

Chair: Richard Portes (London Business School)

Authors: Annette Vissing-Jørgensen (University of California, Berkeley) joint with Robin Greenwood (Harvard Business School)

Discussants: Ulrich Bindseil (European Central Bank), Tano Santos (Columbia University)

Session 3: Fiscal implications of pension underfunding

[Research paper]

Chair: Fritz Zurbrügg (Swiss National Bank)

Author: Joshua Rauh (Stanford University)

Discussants: Deborah Lucas (Massachusetts Institute of Technology)

Michala Marcussen (Société Générale)

Keynote speech: Elke König (Single Resolution Board)

[Keynote speech]

Day 2: Saturday, June 16

Session 4: Cryptocurrency and non-bank intermediation: innovation and regulation in e-payments and e-platforms.

[Research paper]

Chair: Carolyn Wilkins (Bank of Canada)

Author: Rob Townsend (Massachusetts Institute of Technology)

Discussants: Ernst-Ludwig von Thadden (University of Mannheim)

James McAndrews (Wharton Financial Institutions Center)

Panel discussion on CCP resolution

Chair: Randall Kroszner (University of Chicago)

Panellists: Susan O'Flynn (Morgan Stanley), Dennis McLaughlin (LCH. Clearnet Group Ltd) and Jon Cunliffe (Bank of England)

Session 5: The procyclicality of expected credit loss provisions

[Research paper]

Chair: Isabel Schnabel (University of Bonn)

Authors: Javier Suarez (CEMFI, Madrid) joint with Jorge Abad (CEMFI)

Discussants: Guillaume Plantin (Sciences Po)

Frank Smets (European Central Bank)

Session 6: Case study on a past crisis: the case of Germany

[Research paper]

Chair: Claudia Buch (Deutsche Bundesbank)

Author: Martin Hellwig (Max Planck Institute for Research on Collective Goods)

Discussants: Luigi Zingales (University of Chicago) Ludger Schuknecht (German Federal Ministry of Finance)

Concluding remarks: Hélène Rey – London Business School