ABFER-BIS-CEPR Workshop on Fintech and Digital Currencies (Ninth BIS Research Network Meeting)

Thursday 26 and Friday 27 September 2019, Basel

The ninth BIS Research Network meeting took place on 26 and 27 September 2019, bringing together researchers from academia and central banks around the theme "Fintech and digital currencies". Organised jointly with ABFER and CEPR, the first session assessed technology, financial intermediation and regulation, while the second session focused on cryptocurrencies, central banks and the monetary system. Amit Seru gave a keynote speech on the interaction between fintech firms and banks.

Thursday 26 September

Welcome remarks Luiz Awazu Pereira da Silva, BIS
Session 1: Technology, financial intermediation and regulation 
Chair Jean-Charles Rochet, Geneva School of Economics and Management
Presenting author Eric Lam, Hong Kong Monetary Authority (presentation)
Paper 1 "Funding decision in online marketplace lending"
Discussant Julapa Jagtiani, Federal Reserve Bank of Philadelphia (discussion paper)
Presenting author Jon Frost, BIS (presentation)
Paper 2 "BigTech and the changing structure of financial intermediation"
(with Leonardo Gambacorta, Yi Huang, Hyun Song Shin and Pablo Zbinden)
Discussant Katrin Tinn, McGill University on leave from Imperial College Business School (discussion paper)
Presenting author Fabio Braggion, Tilburg University (presentation)
Paper 3 "Can technology undermine macroprudential regulation? evidence from peer-to-peer credit in China"
(with Alberto Manconi and Haikun Zhu)
Discussant Kelly Shue, Yale School of Management (discussion paper)
Keynote speech Amit Seru, Stanford Graduate School of Business  
"Fintechs and banks: complements or substitutes?"

Friday 27 September

Session 2: Cryptocurrencies, central banks and the monetary system
Chair Stijn Claessens, BIS
Presenting author Sören Karau, Deutsche Bundesbank 
Paper 4 "On the transmission of news and mining shocks in Bitcoin"
(with Ester Faia, Nora Lamersdorf and Emanuel Mönch)
Discussant Maarten van Oordt, Bank of Canada (discussion paper)
Presenting author Raphael Auer, BIS (presentation)
Paper 5 "Beyond the doomsday economics of "proof-of-work" in cryptocurrencies"
Discussant Rod Garratt, University of California Santa Barbara
Presenting author Markus Brunnermeier, Princeton University (presentation)
Paper 6

"On the equivalence of private and public money"
(with Dirk Niepelt)

"The digitalization of money
(with Harold James and Jean-Pierre Landau)
Discussant Aleksander Berentsen, University of Basel (discussion paper)
Presenting author Michael Kumhof, Bank of England (presentation)
Paper 7 "The macroeconomics of central bank issued digital currencies"
(with John Barrdear)
Discussant Wilko Bolt, Netherlands Bank (discussion paper)
Closing remarks  

Organising Committee

Antonio Fatas (INSEAD, ABFER and CEPR)
Leonardo Gambacorta (BIS and CEPR)
Amit Seru (Stanford Graduate School of Business, ABFER and CEPR)