On 26-27 April 2012 the BIS held a conference (see Agenda) on "Financial stability, financial regulation and monetary policy", the third under the auspices of the BIS Consultative Council for the Americas (CCA). It brought together researchers from the central banking community in the region and distinguished academics and was hosted by the Central Bank of Brazil in Rio de Janeiro.
A Scientific Committee, led by Stephen G Cecchetti, and comprising CCA central bank heads of research, selected papers on the following topics:
Issues in financial stability. (i) Systemic risk: measurement, policy responses (eg capital surcharges, liquidity and contagion in the banking system) and sectoral concerns (eg household debt and default probability); (ii) Financial cycles in EMEs (eg pro-cyclicality of bank capital and behaviour, activity measures as a guide to countercyclical decision making); (iii) Macroeconomic shocks and financial stability (eg exchange rate or terms of trade volatility, financial stability, and the real sector).
Financial regulation and monetary policy. (i) Impact of macro-prudential regulation on banking system structure and behaviour; (ii) Effects of Basel III in EMEs (eg capital markets development and liquidity, bank behaviour and efficiency); (iii) Interaction between macro-prudential regulation and monetary policy (eg policy options to confront the interactions between exchange rates, terms of trade and capital flows)
The members of the Scientific Committee are: Jorge Carrera (Central Bank of Argentina), Adriana Soares Sales (Central Bank of Brazil), Allan Crawford (Bank of Canada), Luis Oscar Herrera (Central Bank of Chile), Hernando Vargas (Bank of the Republic - Colombia), Alberto Torres (Bank of Mexico), Adrián Armas (Central Reserve bank of Perú), Thomas Connors and Michael Leahy (Board of Governors of the Federal Reserve System) and Stephen G. Cecchetti (BIS Economic Adviser and Head of the Monetary and Economic Department). Fernando Avalos (Senior Economist at the BIS) and Ramon Moreno (Head of Economics for Latin America and the Caribbean at the BIS) organised the meeting. Discussants included central bank researchers from the region, the BIS and well-known academics from the University of British Columbia and VU Amsterdam