11th BIS Annual Conference

The future of financial globalisation

21-22 June 2012, Palace Hotel, Lucerne, Switzerland


The proceedings of the conference were published in December 2012.


Thursday 21 June 2012
12:15-13:30 Informal buffet luncheon
13:45-14:00 Opening remarks by Stephen Cecchetti (BIS)
(Remarks) (Presentation)
14:00-15:30 Session 1: Revisiting the costs and benefits of financial globalisation
  Chair: Gill Marcus (Governor, South African Reserve Bank)
  Author: Philip Lane (Trinity College Dublin)
"Financial Globalisation and the Crisis" (Paper) (Presentation)
  Discussants: Dani Rodrik (Harvard Kennedy School) (Remarks) (Presentation)
16:00-17:30 Session 2: Financial globalisation and the Great Leveraging
  Chair: Alexandre Tombini (Governor, Banco Central do Brasil)
  Author: Alan Taylor (University of Virginia)
"The Great leveraging" (Paper) (Presentation)
  Discussants: Barry Eichengreen (University of California, Berkeley) (Remarks)
Y Venugopal Reddy (Former Governor, Reserve Bank of India - University of Hyderabad) (Remarks)
18:00   Departure from the Palace hotel for dinner venue (Mount Pilatus, 2,132 metres)
19:30   Dinner and
Keynote lecture
Amartya Sen (Harvard University) (Remarks)
Friday 22 June 2012
09:00-10:30 Session 3: Financial globalisation in a world without a riskless asset
  Chair: Erdem Basçi (Governor, Central Bank of Turkey)

Pierre Olivier Gourinchas (University of California, Berkeley) and Olivier Jeanne (John Hopkins University)
"Global Safe Assets" (Paper) (Presentation)

  Discussants: Peter Fisher (BlackRock) (Remarks)
Fabrizio Saccomanni (Director General, Banca d'Italia) (Remarks)
11:00-12:30 Session 4:  Financial globalisation and monetary policy
  Chair: Masaaki Shirakawa (Governor, Bank of Japan)
  Author: Hyun Song Shin (Princeton University)
 "Capital Flows and the Risk-Taking Channel of Monetary Policy" (Paper) (Presentation)
  Discussants: John Taylor (Stanford University) (Presentation)
Lars Svensson (Deputy Governor, Sveriges Riksbank) (Remarks) (Presentation)
12:30 Lunch  
  Speaker: Jean-Claude Trichet (former ECB President, Chair G30)


14:00-15:30 Panel discussion: "Will financial globalisation survive?"
  Chair: Jaime Caruana (BIS) (Panel remarks)
  Panelists: Ravi Menon (Managing Director, Monetary Authority of Singapore (Remarks) (Presentation)
Jacob Frenkel (Chairman, JP Morgan Chase International)
José Dario Uribe (Governor, Banco de la República) (Remarks)
15:30   End of the Conference