Conference on "Economics of Payments IX"

Hosted by the Bank for International Settlements and Committee on Payments and Market Infrastructures in Basel, Switzerland, on 15-16 November 2018

Payments and financial market infrastructures stand at a crossroads. Digital innovation, regulation and ever-evolving market structure have fundamental impacts on payments, clearing and settlement. Economics of Payments IX conference continues the tradition of bringing together academic researchers, central bank economists, and representatives of authorities to look at recent developments in these areas and to think creatively about the future of payments.

Programme

Thursday 15 November 2018

12.00 - 13.15

Lunch

13.15 - 13.30

Welcome address by Benoît Cœuré (Chair of CPMI)

13.30 - 14.00

Keynote speech on central bank digital currency (CBDC) by Hyun Song Shin (BIS)

14.00 - 15.30

Session 1 on digital currency moderated by Morten Bech (BIS)

 

Should central banks issue digital currency? 
Todd Keister (Rutgers) and Daniel Sanches (Philadelphia Fed)
Paper Presentation

 

Discussant: Martin Diehl (Bundesbank)

 

The economics of cryptocurrencies - bitcoin and beyond 
Jonathan Chiu (Bank of Canada) and Thorsten V Koeppl (Queen's Uni)
Paper Presentation

 

Discussant: Egemen Eren (BIS)

15.30 - 16.00

Coffee

16.00 - 17.30

Session 2 on central counterparties (CCPs) moderated by Leonardo Gambacorta (BIS)

 

The demand for central clearing: to clear or not to clear, that is the question 
Mario Bellia (Goethe Uni), Giulio Girardi (US SEC), Roberto Panzica (Goethe Uni), Loriana Pelizzon (Goethe Uni), Tuomas Peltonen (ECB)
Paper Presentation

 

Discussant: Vincent Bignon (Banque de France)

  Central counterparty resolution: the right move at the right time 
Umar Faruqui (BIS), Wenqian Huang (BIS), Takeshi Shirakami (BIS)
Paper Presentation
 

Discussant: Florian Heider (ECB)

19.00

Dinner on the 18th floor of the BIS (Reception starts at 18:30)

Friday 16 November 2018

8.30 - 9.00

Coffee

09.00 - 09.30

Keynote speech on ePeso by Gerardo Licandro (Central Bank of Uruguay)

09.30 - 11.00

Session 3 on retail payments (empirics) moderated by Stijn Claessens (BIS)

 

Credit cards and consumption 
Scott L Fulford (CFPB) and Scott Schuh (West Virginia Uni)
Paper Presentation

 

Discussant: Fumiko Hayashi (KC Fed)

 

Timing is everything: how a U.S. payment regulation helped overcome a network barrier without a mandate 
Paul Bauer (State Uni of New York) and Geoffrey Gerdes (Fed Board)
Paper  Presentation

 

Discussant: Ben Craig (Cleveland Fed)

11.00 - 11.30

Coffee 

11.30 - 13.00

Session 4 on retail payments (theory) moderated by William Roberds (Atlanta Fed)

 

The economics of platforms in a walrasian framework 
Anil K Jain (Fed Board) and Robert Townsend (MIT)
Paper Presentation

 

Discussant: Ed Nosal (Atlanta Fed)

  Explaining the interplay between acceptance and usage of payment methods in two-sided markets 
Kim P Huynh (Bank of Canada), Gradon Nicholls (Bank of Canada), and Alex Shcherbakov (Bank of Canada)
Paper Presentation
 

Discussant: Dilyara Salakhova (Banque de France)

13.00 - 14.00

Lunch 

14.00 - 15.30

Session 5 on  large value payment and settlement systems moderated by Antoine Martin (NY Fed)

 

Settlement liquidity in SIC 
Thomas Nellen (Swiss National Bank), Silvio Schumacher (Swiss National Bank) and Flurina Strasser (Swiss National Bank)
Paper Presentation

 

Discussant: Geoffrey Gerdes (Fed board)

  High-frequency analysis of financial stability 
Michael Gofman (Uni of Rochester), Sajjad Jafri (Payment Canada), and James Chapman (Bank of Canada)
Paper Presentation
 

Discussant: Evangelos Benos (Bank of England)

15.30 - 16.00

Coffee

16.00 - 17.30

Session 6 on OTC derivatives market moderated by Martin Diehl (Bundesbank)

 

Multiplex network analysis of the UK OTC derivatives market 
Marco Bardoscia (Bank of England), Ginestra Bianconi (Queen Mary University of London) and Gerardo Ferrara (Bank of England)
Paper Presentation

 

Discussant: Inaki Aldasoro (BIS)

  Endogenous liquidity and interdealer trading in over-the-counter markets 
Rodney Garratt (UC Santa Barbara), Antoine Martin (NY Fed), Michael Junho Lee (NY Fed) and Robert Townsend (MIT)
Paper Presentation
 

Discussant: Thorsten Koeppl (Queen's Uni)

17.30- 17.40

Closing remarks by Morten Bech (BIS)