4th CCA conference "Financial stability, macroprudential policy and exchange rates" - Agenda

25 April 2013

Thursday, 25 April 2013

14:00-14:10 Welcome remarks
14:10-15:50 I. Bank balance sheets and financial stability
Chair: Luis Opazo, Head of Financial Stability, Central Bank of Chile
1. "Leverage, balance sheet size and wholesale funding" by H. E. Damar, C. A. Meh and Y. Terajima (Bank of Canada). (paper, presentation)
Discussant: Raoul Minetti, Michigan State University (presentation)
2. "Calibrating limits for large interbank exposures from a system-wide perspective" by E. Batiz-Zuk, F. Lopez Gallo, S. Martínez Jaramillo, and J. P. Solórzano Margain (Bank of Mexico). (paper, presentation)
Discussant: Philipp Hartmann, European Central Bank (presentation)
16:10-17:50 II. Spillovers, contagion and common drivers of financing cost
Chair: Claudio Soto, Head of Macroeconomic Analysis, Central Bank of Chile
3. "Spillovers of the credit default swap market" by M. Calani (Central Bank of Chile). (paper, presentation)
Discussant: Eduardo Schwartz, Anderson School of Management, UCLA (presentation)
4. "Contagion in CDS, banking and equity markets" by R. C. de Castro Miranda, B. Miranda Tabak (Central Bank of Brazil), and M. Medeiros Junior (Universidade de Brasília). (paper, presentation)
Discussant: Brenda González-Hermosillo, International Monetary Fund (presentation)
18:10-19:00 III. Spillovers (cont.)
5. "Common drivers in emerging market spreads and commodity prices", by D. Bastourre, J. Carrera, J. Ibarlucía and M. Sardi (Central Bank of Argentina). (paper, presentation)
Discussant: Emmanuel Mamatzakis, University of Sussex (presentation)

Friday 26 April 2013

09:00-10:40  III. Capital flows and policy responses
Chair: Claudio Raddatz, Head of Economic Research, Central Bank of Chile
6. "Capital flows to emerging market economies: A brave new world?", by S. Ahmed and A. Zlate (Board of Governors of the Federal Reserve System). (paper, presentation)
Discussant: Joseph Byrne, University of Glasgow (presentation)
7. "Do the different types of capital flows respond to the same fundamentals and in the same degree? Recent evidence for emerging markets", by F. Arias, D. Garrido, D. Parra and H. Rincón (Bank of the Republic - Colombia). (paper, presentation)
Discussant: Frank Warnock, Darden School of Business, University of Virginia (presentation)
11:00-11:50  III. Capital flows and policy responses (cont.) 
8. "Foreign exchange intervention and monetary policy design: A market microstructure analysis" by C. Montoro (BIS) and M. Ortiz (Central Reserve Bank of Peru). (paper, presentation)
Discussant: Paolo Vitale, University of Chieti-Pescara (presentation)
14:00-16:00  IV. BIS CCA Research Network, joint project on "The effects of foreign exchange market operations in the Americas", review of findings.
(The papers for the research network project "The effects of foreign exchange market operations in Latin America " will be made available on the project conference website. A link will be available in due course.)
  Overview - Paper presentations - Discussion of project findings
Chair: Stephen Cecchetti, Head of Monetary and Economic Department, BIS
  "Overview" Presenters Kathryn Dominguez (University of Michigan) and Ramon Moreno (BIS)
  "The effects of intraday foreign exchange market operations in Latin America: Results of Chile, Colombia, Mexico and Peru"
Presenters: Hernan Rincon (Bank of the Republic, Colombia) and Marco Vega (Central Reserve Bank of Peru)
Joint paper co-authored by Miguel Fuentes and Pablo Pincheira (Central Bank of Chile), Hernan Rincon and Juan Manuel Julio (Bank of the Republic (Colombia)), Santiago Garcia Verdu and Miguel Zerecero (Bank of Mexico), Erick Lahura and Marco Vega (Central Reserve Bank of Peru), and Ramon Moreno (BIS)
  "Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions" by E. Kohlscheen (Central Bank of Brazil)
  "Interventions and Inflation Expectations in an Inflation Targeting Economy" by P. Pincheira (Central Bank of Chile)
  "On central bank interventions in the Mexican peso-dollar exchange rate market" by S. Garcia-Verdú (Bank of Mexico)