The 34th Annual Conference on Bank Structure & Competition
Since the early 1960s, the Federal Reserve Bank of Chicago’s Conference on Bank Structure and Competition has served as a forum for academics, regulators and industry participants to debate current issues affecting the financial services industry. Each year the purpose of the conference is to continue that tradition. This retrospective on the history and evolution of the conference reviews the past four decades of conferences.
The primary motivating factor for the conference was the passage of the 1960 Bank Merger Act and the U.S. versus Philadelphia National Bank Supreme Court decision. Suddenly, bank regulatory agencies were required to consider competitive factors in addition to banking factors when evaluating bank merger applications. Each of the Federal Reserve Banks was encouraged to survey the existing literature on bank structure and develop its own research agendas on these issues. This year's theme was Global Financial Crises: Implications for Banking and Regulation.
Wednesday, 05/06/98
8:00 AM
I. Special Addresses
Speaker - Payments Systems in the Global Economy
Alan Greenspan, Board of Governors of the Federal Reserve System
Speaker - Payments Systems in the Global Economy: A Review of the Conference
Michael H. Moskow, Federal Reserve Bank of Chicago
Speaker - Payment System Change and Global Financial Stability
Andrew Crockett, Bank for International Settlements
Speaker - Transformation of the Financial Services Industry
Edward E. Crutchfield, First Union Corporation
10:00 AM
II. Payments Systems in the Global Economy: Risks and Opportunities
Speaker - Private Sector Clearing and Payment Systems
Norman R. Nelson, New York Clearinghouse Association
Speaker - Risks and Opportunities in Payments Systems
Alice M. Rivlin, Board of Governors of the Federal Reserve System
Speaker - Continuous Linked Settlement
David L. Roscoe III, JP Morgan—CLS Services
Speaker - What the Fed Should Do
Martin Mayer, Guest Scholar, The Brookings Institution
12:00 PM
III. Current Banking and Payments Systems: The Many Perspectives
Speaker - An International Comparison of Payment Systems: TARGET, a Payment System for the Euro
Jean-Michel Godeffroy, European Monetary Institute
Speakers - The Canadian Payments System: Recent Developments in Structure and Regulation
C. Freedman, Bank of Canada
C. Goodlet, Bank of Canada
Speaker - Payment and Settlement Systems in EMEAP Economies
Yoshiharu Oritani, Bank of Japan
Speakers - The Extraordinary Persistence of Profits in the U.S. Banking Industry: A Breakdown of the Competitive Paradigm?
Allen N. Berger, Board of Governors of the Federal Reserve System
Seth D. Bonime, Board of Governors of the Federal Reserve System
Daniel M. Covitz, Board of Governors of the Federal Reserve System
Diana Hancock, Board of Governors of the Federal Reserve System
Speakers - Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking
Anil Kashyap, University of Chicago
Raghuram Rajan, University of Chicago
Jeremy C. Stein, Massachusetts Institute of Technology, Sloan School of Management
Speakers - Do Minority-Owned Banks Treat Minorities Better? An Empirical Test of the Cultural Affinity Hypothesis
Raphael W. Bostic, Board of Governors of the Federal Reserve System
Glenn B. Canner, Board of Governors of the Federal Reserve System
Speaker - Direct Presentment Regulation in Payments
James McAndrews, Federal Reserve Bank of New York
Speakers - Retail Payment Instruments: Costs, Barriers and Future Use
David Humphrey, ida State University
Lawrence Pulley, College of William and Mary
Speakers - Realizing the Gains from Electronic Payments: Costs, Pricing and Payment Choice
David Humphrey, Florida State University
Moshe Kim, University of Haifa
Bent Vale, Norges Bank (Central Bank of Norway)
Speaker - In Homage to the King: Long Live the Check
Allen H. Lipis, Global Concepts, Inc.
2:00 PM
IV. Improving Electronic Payments and Commerce Systems
Speakers - The Competition Policy Treatment of Shared EFT Networks: The INTERAC Case
Robert D. Anderson, World Trade Organization
Brian Rivard, Competition Bureau
Speaker - Secure Electronic Transactions
Alan Glass, MasterCard International
Thursday, 05/07/98
8:00 AM
V. Risk and Risk Management Strategies
Speakers - On the Role of Bank Coalitions in the Provision of Liquidity
Charles M. Kahn, University of Illinois
William Roberds, Federal Reserve Bank of Atlanta
Speakers - Depositor Preference Legislation and Failed Banks' Resolution Costs
William P. Osterberg, Federal Reserve Bank of Cleveland
James B. Thomson, Federal Reserve Bank of Cleveland
Speakers - Contagion and Efficiency in Gross and Net Interbank Payment Systems
Xavier Freixas, Universitat Pompeu Fabra
Bruno Parigi, University of Venice
Speakers - Risky Debt Prices and Term-Structure of Credit Spreads
Dilip Madan, University of Maryland, College Park
Haluk Ünal, University of Maryland, College Park
Speakers - The Changing Mix of Bank Card Borrowers and the Rising Rate of Charge-Offs
Sandra E. Black, Federal Reserve Bank of New York
Donald P. Morgan, Federal Reserve Bank of New York
Speaker - Integrated Risk Management: A Dynamic Process for Getting in Front of Risk
Cynthia A. Glassman, Ernst & Young LLP
Speaker - Mass Adoption of Retail Electronic Payments
Helen Sinclair, BankWorks Trading Inc.
Speaker - The East Asian Financial Crises
Gillian G. H. Garcia, International Monetary Fund
12:00 PM
VI. Safety Net Subsidies
Speakers - Safety Net Subsidies at U.S. Commercial Banks, 1985–94
Armen Hovakimian, Boston College
Edward J. Kane, Boston College
Speakers - Information Problems and Deposit Contraints at Banks
Jith Jayaratne, Federal Reserve Bank of New York
Donald P. Morgan, Federal Reserve Bank of New York
Speakers - The Subsidy Provided by the Federal Safety Net: Theory, Measurement and Containment
Myron L. Kwast, Board of Governors of the Federal Reserve System
S. Wayne Passmore, Board of Governors of the Federal Reserve System
2:00 PM
VII. Information, Communication, Market Discipline and Related Regulation
Speakers - Could Publication of Bank CAMEL Ratings Improve Market Discipline?
Robert DeYoung, Office of the Comptroller of the Currency
Mark J. Flannery, University of Florida
William W. Lang, Office of the Comptroller of the Currency
Sorin M. Sorescu, University of Houston
Speakers - Can Bank Supervisory Information Improve Forecasts of Variables Critical to Monetary Policy?
Joe Peek, Boston College
Eric Rosengren, Federal Reserve Bank of Boston
Geoffrey M. B. Tootell, Federal Reserve Bank of Boston
Speakers - Joint Venture Payment Networks and Public Policy
David Balto, Federal Trade Commission
James McAndrews, Federal Reserve Bank of New York
Speakers - The Impact of Deposit Insurance Reform on Market Discipline in Poland
Thomas S. Mondschean, DePaul University
Timothy P. Opiela, University of the Pacific
Speakers - vey Data and the Interest Rate Sensitivity of U.S. Bank Stock Returns
Harald A. Benink, Maastricht University
Christian C. P. Wolff, Maastricht University
Friday, 05/08/98
8:00 AM
VIII. The Politics of Regulation
Speaker - On the Political Economy of Banking and Financial Regulatory Reform in Emerging Markets
Randall S. Kroszner, University of Chicago
Speaker - Capital Movements, Asset Values and Banking Policy in Globalized Markets
Edward J. Kane, Boston College
Speaker - Stop Me Before I Inflate Again: The Rules-versus-Discretion Debate Revisited
Alan S. Blinder, Princeton University
10:00 AM
IX. Expanded Bank Operations
Speakers - Of Firewalls and Subsidiaries: The Right Stuff for Expanded Bank Activities
Bernard Shull, Hunter College
Lawrence J. White, New York University
Speaker - Securities Activities by Commercial Banking Firms' Section 20 Subsidiaries: Risk, Return and Diversification Benefits
Simon H. Kwan, Federal Reserve Bank of San Francisco
12:00 PM
X. Mergers: Advantages, Disadvantages, Effects and Regulation
Speakers - Banking and Commerce: An Approach Based on Liquidity Synergies
Joseph G. Haubrick, Federal Reserve Bank of Cleveland
João A. C. Santos, Bank for International Settlements
Speakers - Study of the Banking Consolidation Impact on Small Business Lending
Ben R. Craig, Federal Reserve Bank of Cleveland
João A. C. Santos, Bank for International Settlements
