About the conference
Hosted by the Bank for International Settlements and Committee on Payments and Market Infrastructures in Basel, Switzerland, on 15-16 November 2018.
Payments and financial market infrastructures stand at a crossroads. Digital innovation, regulation and ever-evolving market structure have fundamental impacts on payments, clearing and settlement. Economics of Payments IX conference continues the tradition of bringing together academic researchers, central bank economists, and representatives of authorities to look at recent developments in these areas and to think creatively about the future of payments.
Programme
Day 1 - 15 November
| 13:15 - 13:30 |
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| Benoît Cœuré (Chair of CPMI) | speech |
| 13:30 - 14:00 Central bank digital currency (CBDC) |
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| Hyun Song Shin (Bank for International Settlements) | speech |
| 14:00 - 15:30 | |
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| Moderated by Morten Bech, Bank for International Settlements | |
Todd Keister (Rutgers) and Daniel Sanches (Philadelphia Fed) Discussant: Martin Diehl (Bundesbank) | |
Jonathan Chiu (Bank of Canada) and Thorsten V Koeppl (Queen's Uni) Discussant: Egemen Eren (BIS) | presentation | |
| 16:00 - 17:30 | |
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| Moderated by Leonardo Gambacorta, Bank for International Settlements | |
The demand for central clearing: to clear or not to clear, that is the question | Mario Bellia (Goethe Uni), Giulio Girardi (US SEC), Roberto Panzica (Goethe Uni), Loriana Pelizzon (Goethe Uni), Tuomas Peltonen (ECB) Discussant: Vincent Bignon (Banque de France) / presentation |
Central counterparty resolution: the right move at the right time | Umar Faruqui (BIS), Wenqian Huang (BIS), Takeshi Shirakami (BIS) Discussant: Florian Heider (ECB) / presentation |
Day 2 - 16 November
| 09:00 - 09:30 |
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| Gerardo Licandro (Central Bank of Uruguay) | presentation |
| 09:30 - 11:00 | |
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| Moderated by Stijn Claessens, Bank for International Settlements | |
Scott L Fulford (CFPB) and Scott Schuh (West Virginia Uni) Discussant: Fumiko Hayashi (KC Fed) / presentation | |
Timing is everything: how a U.S. payment regulation helped overcome a network barrier without a mandate | Paul Bauer (State Uni of New York) and Geoffrey Gerdes (Fed Board) Discussant: Ben Craig (Cleveland Fed) / presentation |
| 11:30 - 13:00 | |
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| Moderated by William Roberds, Atlanta Fed | |
| The economics of platforms in a walrasian framework | Anil K Jain (Fed Board) and Robert Townsend (MIT) Discussant: Jamie McAndrews (Wharton Financial Institutions Center) / presentation |
| Explaining the interplay between acceptance and usage of payment methods in two-sided markets | Kim P Huynh (Bank of Canada), Gradon Nicholls (Bank of Canada), and Alex Shcherbakov (Bank of Canada) Discussant: Dilyara Salakhova (Banque de France) / presentation |
| 14:00 - 15:30 | |
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| Moderated by Antoine Martin (NY Fed) | |
Thomas Nellen (Swiss National Bank), Silvio Schumacher (Swiss National Bank) and Flurina Strasser (Swiss National Bank) Discussant: Geoffrey Gerdes (Fed board) | |
High-frequency analysis of financial stability | Michael Gofman (Uni of Rochester), Sajjad Jafri (Payment Canada), and James Chapman (Bank of Canada) Discussant: Evangelos Benos (Bank of England) / presentation |
| 16:00 - 17:30 | |
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| Moderated by Martin Diehl (Bundesbank) | |
| Multiplex network analysis of the UK OTC derivatives market | Marco Bardoscia (Bank of England), Ginestra Bianconi (Queen Mary University of London) and Gerardo Ferrara (Bank of England) Discussant: Inaki Aldasoro (BIS) / presentation |
Endogenous liquidity and interdealer trading in over-the-counter markets | Rodney Garratt (UC Santa Barbara), Antoine Martin (NY Fed), Michael Junho Lee (NY Fed) and Robert Townsend (MIT) Discussant: Thorsten Koeppl (Queen's Uni) / presentation |
| 17:30 - 17:40 |
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| Morten Bech (Bank for International Settlements) |