In conjunction with the International Monetary Fund, the Federal Reserve Bank of Chicago held its tenth annual International Banking Conference on September 27–28, 2007. This year's theme was Globalization and Systemic Risk and addressed the current landscape of cross-border banking activity, how systemic risk may be enhanced or contained by globalization, the potential sources of systemic risk (particularly banks, insurance companies, pension funds, hedge funds and other capital market participants), regulatory efforts currently underway to address systemic concerns and what policy alternatives need to be considered going forward. The two-day conference featured keynote presentations by Michael Bordo, Pitt Professor of Economic History, Cambridge University, and Rutgers University, Guillermo Calvo, Professor of International and Public Affairs, Columbia University, John Lipsky, First Deputy Managing Director, International Monetary Fund and Frederic Mishkin, Governor, U.S. Federal Reserve Board
Tenth Annual International Banking Conference
09/27/07
Registration
Welcoming Remarks
Speakers
Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Jaime Caruana, Counselor and Director, International Monetary Fund
Session I: Current State of Financial Globalization
Moderator
Douglas D. Evanoff, Federal Reserve Bank of Chicago
Speakers
Philipp Hartmann, European Central Bank
Falko Fecht, Deutsche Bundesbank
Hans-Peter Grüner, Mannheim University, Germany
Gianni De Nicolò, International Monetary Fund
Philip Lowe, Reserve Bank of Australia
Discussant
Gerard Caprio, Jr. , Williams College
Luncheon and Keynote Address
Introduction
Daniel G. Sullivan, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
Speaker
John Lipsky, First Deputy Managing Director, International Monetary Fund
Session II: Globalization and Systemic Risk—Theory
Moderator
Hesna Genay, Federal Reserve Bank of Chicago
Speakers
Edward J. Kane, Boston College
Xavier Freixas, Universitat Pompeu Fabra, Spain
Hyun Song Shin, Princeton University
Masazumi Hattori, Bank of Japan
Discussant
Richard J. Herring, Wharton School of Business
Break
Session III: Globalization and Systemic Risk: Nonbank Financial Intermediaries
Moderator
David S. Hoelscher, International Monetary Fund
Speakers
Julian Adams, Financial Services Authority (UK)
Mohamed A. El-Erian, Harvard University
Discussant
Dennis E. Logue, Dartmouth College
Reception
Dinner and Keynote Address
Introduction
Jaime Caruana, Counselor and Director, International Monetary Fund
Speaker
Guillermo A. Calvo, Professor of International and Public Affairs, Columbia University
09/28/07
Continental Breakfast
Session IV: Globalization and Systemic Risk: Banks
Moderator
Luca Benzoni, Federal Reserve Bank of Chicago
Speakers
Nicole Allenspach and Pierre Monnin, Swiss National Bank
Andrew G. Haldane, Bank of England
Martin Summer, Austrian Nationalbank (OeNB)
Discussant
Grant Spencer, Reserve Bank of New Zealand
Break
Session V: Globalization and Systemic Risk: Capital Markets
Moderator
Richard J. Rosen , Federal Reserve Bank of Chicago
Speakers
Kenneth M. Lehn, University of Pittsburgh
Chester S. Spatt, Carnegie Mellon University
David A. Hsieh, Duke University
Discussant
Liliana Rojas-Suarez, Center for Global Development
Luncheon and Keynote Address
Introduction
Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Speaker
Frederic S. Mishkin, Member, Board of Governors of the Federal Reserve System
Session VI: Crisis Resolution in a Global Context
Moderator
Eva Hüpkes, Swiss Federal Banking Commission
Speakers
John Lane, Federal Deposit Insurance Corporation
María J. Nieto and Garry J. Schinasi , Bank of Spain and International Monetary Fund
Mattias Persson, Bank of Sweden (Sveriges Riksbank)
Discussant
Pascual O'Dogherty, Banco de México
Break
Session VII: Where to Go from Here: Policy Panel
Moderator
George G. Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Panelists
Jamie Caruana, International Monetary Fund
Kenneth W. Dam, University of Chicago Law School
Richard Portes, London Business School
William Rutledge, Federal Reserve Bank of New York
Andrew Sheng, China Banking Regulatory Commission
Michael Taylor, Hong Kong Monetary Authority
Reception
Dinner and Keynote Address
Introduction
Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Speaker
Michael D. Bordo, Professor of Economics, Rutgers University
