Conference on 'Market Discipline: The Evidence across Countries and Industries'

Cosponsored by the Bank for International Settlements and the Federal Reserve Bank of Chicago
October 30 &#150 November 1, 2003
Chicago, IL

5 August 2003

  Preliminary Program
Thursday, October 30  
12:30 p.m. &#150 1:20 p.m. Registration
1:20 p.m. &#150 1:30 p.m. Welcome
  Michael Moskow, President, Federal Reserve Bank of Chicago
 
Claudio Borio, Bank for International Settlements

W. Curt Hunter, Federal Reserve Bank of Chicago

1:30 p.m. &#150 3:30 p.m. Session I: Theory of Market Discipline
  Literature Review
Jean-Charles Rochet, Toulouse University

  Elements of Effective Discipline: Information, Incentives, Mechanisms, Legal Systems
Robert Bliss, Federal Reserve Bank of Chicago

  Regulated versus Nonregulated Industries and Private versus Sovereign Activities
Hal Scott, Harvard Law School

  Discussant
Kostas Tsatsaronis, Bank for International Settlements

3:30 p.m. &#150 3:50 p.m. Coffee Break

3:50 p.m. &#150 6:00 p.m. Session II: Evidence of Market Discipline in Banking

  United States
Mark Flannery, University of Florida
Stanislava Nikolova, University of Florida

  Europe
Reint Gropp, European Central Bank

  Japan and Asia
Mitsuhiro Fukao, Keio University

  Emerging Economies
Eduardo Levy-Yeyati, Universidad Torcuato Di Tella
Maria Soledad Martinez-Peria, World Bank
Sergio Schmukler, World Bank

  Discussant
David Llewellyn, Loughborough University

6:00 p.m. &#150 7:00 p.m. Reception

7:00 p.m Dinner and Keynote Speaker
  Thomas Jones, Vice Chairman, International Accounting Standards Board

Friday, October 31  
7:30 a.m. &#150 8:45 a.m. Breakfast and Keynote Speaker
  Anne Krueger, First Deputy Managing Director, International Monetary Fund

8:55 a.m. &#150 10:30 a.m. Session III: Evidence of Market Discipline in Other Industries
  Insurance
Scott Harrington, University of South Carolina

  Market Discipline, Agency Problems and Conflicts of Interest in Financial Services Firms
Ingo Walter, New York University

  Nonfinance
Clifford Smith, Jr., University of Rochester

  Discussant
Raghuram Rajan, University of Chicago

10:30 a.m. &#150 10:45 a.m. Coffee Break

10:45 a.m. &#150 12:30 p.m Session IV: Evidence of Market Discipline for Countries
  Ex-Ante Discipline before Crises
Nouriel Roubini, New York University

  Ex-Ante Discipline before Crises
Kristen Forbes, Massachusetts Institute of Technology

  Ex-Post Discipline after Crises
Andrew Rose, University of California at Berkeley

  Discussant
Andrew Haldane, Bank of England

12:30 p.m. &#150 2:00 p.m. Lunch and Keynote Speaker
  Malcolm D. Knight, General Manager, Bank for International Settlements

2:00 p.m. &#150 4:00 p.m. Session V: Current State of Corporate Governance
  United States
Frank Edwards, Columbia University

  United States
Michael Jensen, Monitor Group and Harvard University

  Europe
Colin Mayer, Oxford University

  Japan and Asia
Hugh Patrick, Columbia University

  Cross Country
Andrew Crockett

4:00 p.m. &#150 4:15 p.m. Coffee Break

4:15 p.m. &#150 6:00 p.m. Session VIa: Interaction of Market Discipline and Public Policy
  Accounting and Disclosure
George Benston, Emory University

  Accounting and Disclosure
Mary Barth, Stanford University

  Legal Framework
Charles Elson, University of Delaware

  Discussant
Shyam Sunder, Yale University

6:00 p.m. &#150 7:00 p.m. Reception

7:00 p.m. Dinner and Keynote Speaker
  Susan Schmidt Bies, Member of the Board of Governors of the Federal Reserve System
Saturday, November 1  
7:30 a.m. &#150 8:45 a.m. Breakfast and Keynote Speaker
  Jaime Caruana, Governor, Bank of Spain and Chairman, Basel Committee on Banking Supervision

8:55 a.m. &#150 10:45 a.m. Session VIb: Interaction of Market Discipline and Public Policy
  Can the Unsophisticated Market Provide Discipline?
Gerard Caprio, World Bank
Patrick Honohan, World Bank

  Supervisory Review
Richard Herring, University of Pennsylvania

  Sovereign Countries
Richard Portes, London Business School and Columbia University

  Discussant
Charles Freedman, Bank of Canada

10:45 a.m. &#150 11:00 a.m. Coffee Break

11:00 a.m. &#150 12:30 p.m. Session VII: Policy Panel
  Charles Calomiris, Columbia University
Christine Cumming, Federal Reserve Bank of New York
Lawrence Harris, Security and Exchange Commission
Patricia Jackson, Bank of England and Basel Committee on Banking Supervision
TBA, International Association of Insurance Supervisors

12:30 p.m. &#150 1:30 p.m. Buffet Lunch and Adjournment

  Organizing Committee
  Claudio Borio, Bank for International Settlements
  W. Curt Hunter, Federal Reserve Bank of Chicago
  George G. Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
  Kostas Tsatsaronis, Bank for International Settlements

   

For questions about the conference, please contact:

Loretta Ardaugh
Federal Reserve Bank of Chicago
(312) 322-5772
loretta.ardaugh@chi.frb.org
or
Kostas Tsatsaronis
Bank for International Settlements
41-61-280-8082
ktsatsaronis@bis.org