14th BIS Annual Conference

26 June 2015, Palace Hotel, Lucerne, Switzerland

Opening remarks:
Jaime Caruana, Bank for International Settlements
Session 1: Banks and markets before and after the crisis
Chair: Glenn Stevens, Reserve Bank of Australia
Author: Gary Gorton, Yale School of Management (paper) (presentation)
Discussants: Randall S Kroszner, University of Chicago Booth School of Business (presentation)
Andrei Kirilenko, MIT Sloan School of Management (presentation)
Session 2: Investor behaviour and the wider economy
Chair: Lars Rohde, Danmarks Nationalbank
Author: Andrei Shleifer, Harvard University (paperpresentation)
Discussants: Philipp Hildebrand, BlackRock (paper)
Richard Clarida, Columbia University (presentation)
Session 3: Who provides market liquidity?
Chair: Elvira Nabiullina, Central Bank of the Russian Federation
Author: Bruno Biais, Toulouse School of Economics (paper) (presentation)
Discussants: Arminio Fraga, Gávea Investments (paper)
Francesco Papadia, Bruegel (paper)
Session 4: Has technology changed the nature of risks in financial markets?
Chair: Rodrigo Vergara, Central Bank of Chile
Author: Andrew Lo, MIT Sloan School of Management (abstract) (presentation)
Discussants: Darrell Duffie, Stanford University (presentation)
Benoît Coeuré, European Central Bank (cancelled)
Wrap-up Panel: Policy responses to a more interconnected financial system
Chair: Agustín Carstens, Bank of Mexico
Panellists: Raghuram Rajan, Reserve Bank of India
Paul Tucker, Harvard Kennedy School (paper)
Official Dinner  
Keynote address: John Kay, London School of Economics