Third BIS Research Network meeting on "Global Financial Interconnectedness"

A joint conference of the Bank for International Settlements, the Netherlands Bank, the Deutsche Bundesbank and the Review of Finance, Thursday 1 and Friday 2 October 2015, hosted by the BIS

Thursday 1 October

Welcoming remarks by Jaime Caruana, General Manager (remarks)

Session 1:

Global liquidity

Chair: Christian Upper

"Global liquidity and external bond issuance in emerging markets and developing economies", E Feyen, S Ghosh, K Kibuuka and S Farazi (paper) (presentation)
Discussant: Adrian van Rixtel (presentation)

"Global liquidity and drivers of cross-border bank flows", E Cerutti, S Claessens and L Ratnovski (paper) (presentation)
Discussant: Bob McCauley (presentation)

Keynote address by Richard Berner (US Office of Financial Research) (remarks)

Session 2:

International interbank markets

Chair: Michael Devereux

"Banks interconnectivity and leverage", A Barrattieri, L Moretti and V Quadrini (paper) (presentation)
Discussant: Martin Summer (presentation)

"Crisis transmission in the global banking network", G Hale, T Kapan and C Minoiu (paper) (presentation)
Discussant: Linda Goldberg (presentation)

"The euro area money market network during the financial crisis: a look at cross-border fragmentation", C Hidalgo, F Heider and G Rünstler (paper) (presentation)
Discussant: Iman van Lelyveld (presentation)

Keynote lecture by Darrell Duffie (Stanford University) (presentation)

Session 3:

Information and risk sharing in networks

Chair: Morten Bech

"A network map of information percolation", B Hagströmer and A Menkveld
Discussant: Andrei Kirilenko (presentation)

"Distress dispersion and systemic risk in networks", J Wang (paper)
Discussant: Tanju Yorulmazer (presentation)

Friday 2 October

Session 4:

International spillovers

Chair: Thorsten Beck

"Learning externalities in opaque asset markets: evidence from international commercial real estate", R Füss and D Ruf (paper) (presentation)
Discussant: Andreas Joseph (presentation)

"Comovement or safe haven? The effect of corruption on the market risk of sovereign bonds of emerging economies during financial crises", M Paserman (paper) (presentation)
Discussant: Harald Hau (presentation)

"The bank-sovereign nexus across borders", J Breckenfelder and B Schwaab (paper) (presentation)
Discussant: Jorge Cruz Lopez (presentation)

Session 5:

Harnessing new data sources


Chair: Iman van Lelyveld

"Currency networks in cross-border bank lending", S Avdjiev and E Takáts (paper) (presentation)
Discussant: Cédric Tille (presentation)

"Passing the hot potato: how does credit risk flow in the CDS market?", S Battiston, M D'Errico, T Peltonen and M Scheicher
Discussant: Silvia Pezzini (presentation)

Presentation on "Exploring supervisory data", C Georg

Session 6:

International interconnectedness

Chair: Goetz von Peter

"Interconnectedness of the banking sector as a vulnerability to crises", T Peltonen, M Rancan and P Sarlin (paper) (presentation)
Discussant: Kartik Anand (presentation)

"Syndication interconnectedness and systemic risk", J Cai, A Saunders and S Steffen (paper) (presentation)
Discussant: Vlad Sushko (presentation)

Closing remarks by Hyun Song Shin, Economic Adviser and Head of Research (remarks)