Sixth BIS Annual Conference: Financial System and Macroeconomic Resilience

Brunnen, 18-19 June 2007

 

Programme

 

Monday, 18 June


09:00  

Opening remarks:

William White (Bank for International Settlements)

  • Opening remarks (PDF, 4 pages, 18 kb)


    •  

    Chair:

    Yaga Reddy (Reserve Bank of India)

    09:15  

    Session 1:

    Financial intermediation through institutions or markets?

     

    Paper title:

    "Financial intermediaries and financial markets"

     

    Author:

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

     

    Discussants:

    Bengt Holmström (Massachusetts Institute of Technology)
    Martin Redrado (Central Bank of Argentina)

  • Presentation (PDF, 7 pages, 58 kb)


    • 11:15  

    Session 2:

    Towards market completeness

     

    Paper title:

    "Innovations in credit risk transfer: implications for financial stability" (PDF, 47 pages, 267 kb)

     

    Author:

    Darrell Duffie (Stanford University)

  • Presentation (PDF, 25 pages, 770 kb)
    •  

    Discussants:

    Mohamed El-Erian (Harvard Management Company)

  • Presentation (PDF, 6 pages, 36 kb)

    • Kenneth Froot (Harvard Business School)
  • Presentation (PDF, 5 pages, 169 kb)


    •  

    Chair:

    Alan Bollard (Reserve Bank of New Zealand)

    14:15  

    Session 3:

    Accounting and financial system behaviour

     

    Paper title:

    "Liquidity and financial cycles" (PDF, 38 pages, 270 kb)

     

    Author:

    Hyun Shin (Princeton University) and Tobias Adrian (Federal Reserve Bank of New York)

  • Presentation (PDF, 30 pages, 227 kb)
    •  

    Discussants:

    Philipp Hildebrand (Schweizerische Nationalbank)

  • Presentation (PDF, 4 pages, 90 kb)

    • Mary Barth (Stanford University)
  • Presentation (PDF, 8 pages, 99 kb)


    • 16:15  

    Session 4:

    Policy panel discussion on "Coping with financial distress in a more markets-oriented environment"

     

    Panellists:

    Donald Kohn (Board of Governors of the Federal
    Reserve System)
    Arminio Fraga (Gávea Investimentos)
    John Gieve (Bank of England)

  • Presentation (PDF, 11 pages, 99 kb)

  • Remarks (PDF, 9 pages, 52 kb)

    • Tuesday, 19 June

     

    Chair:

    Kazumasa Iwata (Bank of Japan)

    09:00  

    Session 5:

    Risk transfer to households and macroeconomic resilience

     

    Paper title:

    "Risk management for households - the democratization of finance" (PDF, 27 pages, 76 kb)

     

    Author:

    Robert Shiller (Yale University)

  • Presentation (PDF, 33 pages, 1297 kb)
    •  

    Discussants:

    John Campbell (Harvard University)

  • Presentation (PDF, 11 pages, 47 kb)

    • Jaime Caruana (International Monetary Fund)

    11:00  

    Session 6:

    Financial system: shock absorber or amplifier?

     

    Paper title:

    "Financial system: shock absorber or amplifier?" (PDF, 31 pages, 70 kb)

     

    Author:

    Franklin Allen (Wharton School of the University of Pennsylvania) and Elena Carletti (Center for Financial Studies)

  • Presentation (PDF, 15 pages, 84 kb)
    •  

    Discussants:

    Raghuram Rajan (University of Chicago)

  • Presentation (PDF, 9 pages, 62 kb)

    • Yung Chul Park (Seoul National University)

    14:00  

    Overview Panel

     

    Chair:

    Malcolm Knight (Bank for International Settlements)

     

    Panellists:

    Yi Gang (People's Bank of China)
    Stanley Fischer (Bank of Israel)
    Lucas Papademos (European Central Bank)