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The Financial Safety Net: Costs, Benefits and Implications for Regulation
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| 7:00 a.m. |
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Registration & Continental Breakfast
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| 8:25 a.m. |
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Welcoming Remarks
William C. Hunter, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
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| 8:30 a.m. |
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The Role of Banking Relationships
Moderator and Discussant
- Christopher M. James, University of Florida
The Ability of Banks to Lend to Informationally Opaque Small Businesses (PDF,253KB)
- Allen N. Berger, Board of Governors of the Federal Reserve System
- Leora Klapper, World Bank
- Gregory F. Udell, Indiana University
Firms and Their Distressed Banks: Lessons from the Norwegian Banking Crisis (PDF,235KB)
- Steven Ongena, Tilburg University
- David C. Smith, Board of Governors of the Federal Reserve System
- Dag Michalsen, Norwegian School of Management
The Effect of Bank Market Structure on Bank Competition: The Case of Small Business
- Allen N. Berger, Board of Governors of the Federal Reserve System
- Richard Rosen, Indiana University
- Gregory F. Udell, Indiana University
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| 10:00 a.m. |
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Break
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| 10:20 a.m. |
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Regulatory Incentive Alignment
Moderator and Discussant
- Mark Carey, Board of Governors of the Federal Reserve System
Allocating Bank Regulatory Powers: Lender of Last Resort, Deposit Insurance, and Supervision -
Charles M. Kahn, University of Illinois at Urbana-Champaign
- Joäo A. C. Santos, Federal Reserve Bank of New York
Dollarization, Bailouts, and the Stability of the Banking System
- Douglas Gale, New York University
- Xavier Vives, Consejo Superior de Investigaciones CientÃficas (CSIC), Institut d'Anàlisi Econòmica
The Gains from Financial Services Modernization (PDF,257KB)
- Philip E. Strahan, Federal Reserve Bank of New York and Massachusetts Institute of Technology
- Amir Sufi, Federal Reserve Bank of New York
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| 12:00 p.m. |
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Luncheon
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| 1:20 p.m. |
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Financial Crises and Contagion
Moderator and Discussant
- Barry Eichengreen, University of California, Berkeley
A New Approach to Measuring Financial Contagion
Kee-Hong Bae, Hong Kong University (PDF,192KB)
- G. Andrew Karolyi, Ohio State University
- René M. Stulz, Ohio State University
Causes of U.S. Bank Distress during the Depression
- Charles W. Calomiris, Columbia University
- Joseph R. Mason, Drexel University
Asset Market Linkages in Crisis Periods (PDF,222KB)
- Philipp Hartmann, European Central Bank and Centre for Economic Policy Research (CEPR)
- Stefan Straetmans, Maastricht University
- Casper G. de Vries, Erasmus University Rotterdam
Estimating Bilateral Exposures in the German Interbank Market: Is There a Danger of Contagion? (PDF,95KB)
- Christian Upper, Deutsche Bundesbank
- Andreas Worms, Deutsche Bundesbank
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| 3:10 p.m. |
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Break
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| 3:30 p.m. |
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Bank Capital Issues
Moderator and Discussant
- Patricia Jackson, Bank of England
Bank Capital Regulation as an Incentive Mechanism: Implications for Portfolio Choice (PDF,324KB)
- Alistair Milne, City University Business School
Testing for Market Discipline in the European Banking Industry: Evidence from Subordinated Debt Issues (PDF,190KB)
- Andrea Sironi, Universita Commerciale Luigi Bocconi
Managerial Incentives and the Efficiency of Capital Allocation in U.S. Commercial Banking (PDF,159KB)
- Joseph P. Hughes, Rutgers University
- William W. Lang, Office of the Comptroller of the Currency
- Choon-Geol Moon, Hanyang University
- Michael S. Pagano, Villanova University
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| 5:15 p.m. |
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Reception
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| 7:00 a.m. |
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Registration & Continental Breakfast
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| 8:15 a.m. |
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Welcoming Remarks
Michael H. Moskow, President and Chief Executive Officer
Federal Reserve Bank of Chicago
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| 8:25 a.m. |
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Keynote Address
Alan Greenspan, Chairman
Board of Governors of the Federal Reserve System
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| 9:20 a.m. |
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Break
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| 9:45 a.m. |
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Conference Theme Panel
Financial Safety Net Issues
Moderator
- William C. Hunter, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
- Kenneth A. Guenther, President and Chief Elective Officer, Independent Community Bankers of America
- Robert E. Litan, Vice President and Director, Economic Studies, and Cabot Family Chair in Economics, Brookings Institution
- Laurence H. Meyer, Governor, Board of Governors of the Federal Reserve System
- Arthur J. Murton, Director, Division of Insurance, Federal Deposit Insurance Corporation
- Thomas H. Stanton, Fellow, Center for the Study of American Government, Johns Hopkins University
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| 12:05 p.m. |
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Luncheon Presentation
The Honourable Jim Peterson, Secretary of State (International Financial Institutions)
Canadian Department of Finance
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| 1:50 p.m. |
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The Impact of GSEs on the Underlying Markets
Moderator
- Alex J. Pollock, President and CEO, Federal Home Loan Bank of Chicago
The Simple Microeconomics of Government-Sponsored Enterprises
- Wayne Passmore, Board of Governors of the Federal Reserve System
- Roger Sparks, Mills College
The Effects of Purchases of Mortgages and Securitization by Government-Sponsored Enterprises on Mortgage Yield Spreads and Volatility
- Alden Toevs, First Manhattan Consulting Group
- Andy Naranjo, University of Florida
Do Federal Home Loan Bank Membership and Advances Lead to More Bank Risk? (PDF,370KB)
- Dusan Stojanovic, Federal Reserve Bank of St. Louis
- Mark D. Vaughan, Federal Reserve Bank of St. Louis
- Timothy J. Yeager, Federal Reserve Bank of St. Louis
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| 3:20 p.m. |
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Break
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| 3:45 p.m. |
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Alternative Deposit Insurance Structures
Moderator
- George G. Kaufman, John F. Smith, Jr. Professor of Finance and Economics, Loyola University Chicago
Developing Effective Deposit Insurance Systems (PDF,29KB)
- J. P. Sabourin, President and Chief Executive Officer, Canada Deposit Insurance Corporation, and Chairman, Financial Stability Forum, Working Group on Deposit Insurance
How Good Are European Union Deposit Insurance Schemes?
- Maximilian J. B. Hall, Loughborough University
Designing Financial Safety Nets to Fit Country Circumstances (PDF,120KB)
- Edward J. Kane, Boston College
Estimating Fair Deposit Insurance Premiums for a Sample of Banks under a New Long-Term Insurance Pricing Methodology (PDF,344KB)
- George G. Pennacchi, University of Illinois at Urbana-Champaign
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| 5:45 p.m. |
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Reception
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| 7:30 a.m. |
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Continental Breakfast
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| 8:30 a.m. |
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Concurrent Sessions:
Session A: Bank Business Strategies
Moderator
- James T. Moser, Federal Reserve Bank of Chicago
The Diffusion of a Financial Innovation: An Examination of the Early Adoption of Small Business Credit Scoring (PDF,72KB)
- Jalal Akhavein, University of Pennsylvania
- W. Scott Frame, Federal Reserve Bank of Atlanta
- Lawrence J. White, New York University
Internet-Only Banks: Learning Curves and Financial Performance (PDF,92KB)
- Robert DeYoung, Federal Reserve Bank of Chicago
Recent Trends in Bank Loan Syndications: Evidence for 1995 to 1999 (PDF,81KB)
- Jonathan D. Jones, Office of Thrift Supervision
- William W. Lang, Office of the Comptroller of the Currency
- Peter J. Nigro, Office of the Comptroller of the Currency
Session B: Perusing Regulatory Reform
Moderator
- Nicola Cetorelli, Federal Reserve Bank of Chicago
Issues of Deposit Insurance Reform (PDF,44KB)
- James A. Wilcox, Office of the Comptroller of the Currency and University of California, Berkeley
Deregulation and Correspondent Banking
- James J. McAndrews, Federal Reserve Bank of New York
- Philip E. Strahan, Federal Reserve Bank of New York and Massachusetts Institute of Technology
The Competitive Analysis in the Banking Industry No Longer Reflects Reality (PDF,362KB)
- Douglas V. Austin, Austin Financial Services, Inc.
- Craig D. Bernard, Austin Financial Services, Inc.
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| 10:00 a.m. |
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Break
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| 10:20 a.m. |
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Concurrent Sessions:
Moderator
- Elijah Brewer III, Federal Reserve Bank of Chicago
Size, Charter Value, and Risk in Banking: An International Perspective (PDF,698KB)
- Gianni De Nicoló, International Monetary Fund
Local Market Entry and Bank Efficiency
- Douglas Evanoff, Federal Reserve Bank of Chicago
- Evren Örs, Southern Illinois University
Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth (PDF,183KB)
- Robert N. Collender, U. S. Department of Agriculture
- Sherrill L. Shaffer, University of Wyoming
Session D: Financial Crisis
Moderator
- David A. Marshall, Federal Reserve Bank of Chicago
The Costs and Benefits of Moral Suasion: Evidence from the Rescue of Long-Term Capital Management (PDF,554KB)
- Craig Furfine, Bank for International Settlements
Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation (PDF,354KB)
- Asli Demirgüç-Kunt, World Bank
- Enrica Detragiache, International Monetary Fund
Did Depositors Discipline Financial Institutions in Pre-Crisis Thailand? Implications for the Thai Crisis (PDF,110KB)
- Timothy P. Opiela, DePaul University
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| 12:00 p.m. |
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Luncheon Presentation
Moderator
- Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
- Armando Falcon, Jr., Director, Office of Federal Housing Enterprise Oversight (OFHEO)
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| 1:40 p.m. |
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GSEs: The Impact on Mortgage Markets
Moderator
- Robert R. Bliss, Federal Reserve Bank of Chicago
Fannie Mae and the Mortgage Market: Setting the Record Straight
- Timothy Howard, Executive Vice President and Chief Financial Officer, Federal National Mortgage Association (Fannie Mae)
GSEs as Instruments of Federal Policy: Public Benefits and Public Costs (PDF,64KB)
- Bert Ely, President, Ely & Company Inc.
Costs and Benefits of Mortgage GSEs
- James C. Miller III, Senior Fellow, Hoover Institution, Stanford University
The Structure of Federal Subsidies: Deposit Insurance versus Sponsorship of GSEs (PDF,95KB)
- Richard Scott Carnell, Fordham Law School
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