The Paul Woolley Centre for the Study of Capital Market Dysfunctionality Thirteenth Annual Conference in collaboration with the Bank for International Settlements

Virtual format, 3-4 June 2021

As in recent years, the BIS is collaborating with the Paul Woolley Centre for their annual conference. The programme includes focus sessions on academic research topics that are policy relevant and of interest to the BIS.

Research at the Centre aims at understanding the workings of capital markets and the social efficiency of allocations these markets achieve. The research departs from the Arrow-Debreu view of frictionless markets, and emphasises the role of financial intermediaries (eg investment banks, mutual, hedge, and pension funds) in influencing prices and allocations. The main themes are (i) contracts between financial intermediaries and end-investors as well as within intermediaries, (ii) effects of frictions such as asymmetric information and agency on prices, (iii) effects of frictions on the allocation of capital in the economy, and (iv) policy responses to alleviate adverse effects of frictions.

The Paul Woolley Centre holds a conference each year based on these broad themes as well as related research questions. The goal is to bring together researchers working on such questions, disseminate their research, and stimulate the development of new ideas.