About this conference
On 22-23 May 2014 the BIS held a conference on "Challenges from changing international financial conditions", the fifth 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 Bank of the Republic (Colombia) in Bogotá.
A Scientific Committee, led by Claudio Borio, and comprising CCA central bank heads of research, selected papers on the following topics:
- Effects of US monetary policy tightening on domestic financial markets and macroeconomic variables;
- Impact on capital flows and external financing;
- Appropriate macroeconomic and regulatory policy responses;
- Commodity price movements and policy implications
- Credit markets over the business cycle - implications for financial stability and regulation;
- Factors influencing cost of credit (eg financial frictions, capital regulation) and its impact on macroeconomic aggregates;
- Coordination between monetary and financial policy (including issues of monetary transmission);
- Banking structure (eg participation of foreign, public or development banks and nonbank financial institutions) and credit markets
- Hyun Song Shin (BIS, Chair)
- Jorge Carrera (Central Bank of Argentina)
- Eduardo Lima (Central Bank of Brazil)
- Miguel Molico (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 Peru)
- Thomas Connors (Board of Governors of the Federal Reserve System)
- Angelo Duarte (Visiting Economist at the BIS)
- Ramon Moreno (Acting Chief Representative, Office for the Americas)
Day 1 - 22 May
José Darío Uribe, Governor, Bank of the Republic, Colombia
Chair: Hernando Vargas, Deputy Technical Governor, Bank of the Republic - Colombia
| US unconventional monetary policy and transmission to emerging markets economies | David Bowman, Juan Londono and Horacio Sapriza (Board of Governors of the Federal Reserve System) Discussant: Emmanuel Mamatzakis (University of Sussex) | Presentation |
| Effects of the US quantitative easing on the Peruvian economy | César Carrera, Rocío Gondo, Fernando Pérez Forero and Nelson Ramírez-Rondán (Central Reserve Bank of Peru) | Presentation Discussant: Lamont Black (DePaul University) | Presentation |
| Learning about commodity cycles and saving-investment dynamics in a commodity-exporting economy | Jorge Fornero and Markus Kirchner (Central Bank of Chile) | Presentation Discussant: Martín Uribe (Columbia University) | Presentation |
Chair: (Daniel Sámano, Director, Bank of Mexico)
| Credit cycles, credit risk and countercyclical loan provisions | Martha López (Bank of the Republic - Colombia), Fernando Tenjo (Cemla) and Hector Zárate (Bank of the Republic - Colombia) | Presentation Discussant: Vasso Ioannidou (Lancaster University) | Presentation |
| Bank capital requirements and loan pricing: Loan-level evidence from a macroprudential within-sector policy | Bruno Martins and Ricardo Schechtman (Central Bank of Brazil) | Presentation Discussant: João Santos (Federal Reserve Bank of New York) | Presentation |
| Financial institution dynamics and capital regulations | José-Víctor Ríos-Rull (University of Minnesota), Tamon Takamura and Yaz Terajima (Bank of Canada) | Presentation Discussant: Rafael Repullo (Center for Monetary and Financial Studies - CEMFI) | Presentation |
Day 2 - 23 May
Chair: Pamela Cardoso, Chief Monetary and International Investments Officer, Bank of the Republic - Colombia
| Interest rate spreads in an emerging economy under different macroeconomic regimes | Horacio Aguirre, Tamara Burdisso, Federico Grillo and Emiliano Giuponni (Central Bank of Argentina) | Presentation Discussant: José Dorich (Bank of Canada) | Presentation |
| Monetary and macroprudential policies: Interaction and complementarity | Jessica Roldán-Peña, Daniel Sámano and Alberto Torres (Bank of Mexico) | Presentation Discussant: Francesco Zanetti (Oxford University) | Presentation |
Chair: Hyun Song Shin, Economic Adviser and Head of Research, BIS
Overview and policy exercise: Carlos Montoro, BIS | Presentation
Presentations of selected papers:
- Luca Guerrieri (Board of Governors of the Federal Reserve System) | Presentation
- Marcos de Castro (Central Bank of Brazil) | Paper, presentation
- Markus Kirchner (Central Bank of Chile) | Presentation
- Franz Hamann (Bank of the Republic, Colombia) | Presentation
- Julio Carrillo (Bank of Mexico) | Presentation
Hyun Song Shin | Closing remarks