Brunnen, 18-19 June 2007
Monday, 18 June
09:00 | Opening remarks: | William White (Bank for International Settlements) |
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) | |
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) | |
Discussants: | Mohamed El-Erian (Harvard Management Company) Kenneth Froot (Harvard Business School) | |
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) | |
Discussants: | Philipp Hildebrand (Schweizerische Nationalbank) Mary Barth (Stanford University) | |
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 |
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) | |
Discussants: | John Campbell (Harvard University) 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) | |
Discussants: | Raghuram Rajan (University of Chicago) 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) | |
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