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Last Updated: 11/23/2022

Fifteenth Annual International Banking Conference

The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?

In conjunction with London's Centre for Economic Policy Research (CEPR), the Federal Reserve Bank of Chicago held its fifteenth annual International Banking Conference on November 15–16, 2012, at the Bank. The purpose of the annual conference is to address important current issues affecting international financial markets. The conference examined the social value of the financial sector. What are the welfare implications of the current industry structure?

As at past conferences, the emphasis of the conference will be on the implications for public policy. The conference featured keynote presentations by

  • Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, University of Chicago
  • Mary John Miller, Under Secretary for Domestic Finance, U.S. Treasury Department
  • Charles Goodhart, Emeritus Professor of Banking and Finance, Financial Markets Group, London School of Economics.

As usual, the makeup of the conference will truly be international. Participants from some 35 countries regularly participate in the conference and include representatives of central banks, regulatory and supervisory agencies, financial institutions, trade associations and academic institutions from around the globe.

Thursday, 11/15/12
9:00 AM
Registration
9:40 AM
Welcoming Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Richard Portes, London Business School and Founder and President, Centre for Economic Policy Research (CEPR) – London
10:00 AM
Session 1
Description and Measurement of the Financial System
Moderator
Douglas D Evanoff, Federal Reserve Bank of Chicago
Speakers
Charles W Calomiris, Columbia University
Alan M Taylor, University of Virginia
Enrico Berkes, Northwestern University
Ugo Panizza, University of Geneva
Vincent Reinhart, Morgan Stanley
Commentator
Eugene N White, Rutgers University
11:45 AM
Luncheon and Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Speaker
Charles Goodhart, Emeritus Professor of Banking and Finance, Financial Markets Group, London School of Economics
1:45 PM
Session 2
Social Benefits and Costs of the Current Financial System
Moderator
Richard Portes, London Business School and CEPR
Speakers
Ross Levine, University of California, Berkeley
Marco Pagano, University of Naples Federico II
Romain Rancière, Paris School of Economics
Commentator
, Williams College
3:30 PM
Break
3:45 PM
Session 3
Financial Industry Innovation
Moderator
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Speakers
Viral V Acharya, New York University
W Scott Frame, University of North Carolina at Charlotte
Luc Laeven, International Monetary Fund
Robert W Vishny, University of Chicago
5:50 PM
Reception
Friday, 11/16/12
6:45 PM
Dinner and Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Speaker
Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, University of Chicago
7:30 AM
Registration and Continental Breakfast
8:15 AM
Session 4
Effects of Regulation, the Safety Net and Other Government Guarantees
Moderator
Bethany McLean, Vanity Fair
Speakers
Edward Kane, Boston College
Nicola Cetorelli, Federal Reserve Bank of New York
Javier Suarez, Center for Monetary and Financial Studies (CEFMI), Madrid
Commentator
Mathias Dewatripont, National Bank of Belgium
10:00 AM
Break
10:15 AM
Session 5
Finance and Economic Activity: Variations across Emerging and Developed Markets
Moderator
María J Nieto, Banco de España
Speakers
Franklin Allen, University of Pennsylvania
Thorsten Beck, Tilburg University, The Netherlands
Neeltje van Horen, De Nederlandsche Bank
Commentator
Elias Papaioannou, London Business School
12:00 PM
Luncheon and Keynote Address
Introduction
David Marshall, Senior Vice President, Associate Director of Research and Director of Financial Markets, Federal Reserve Bank of Chicago
Speaker
Mary John Miller, Under Secretary for Domestic Finance, U.S. Treasury Department
2:00 PM
Session 6
Break Up the Big Banks?
Moderator
David Marshall, Federal Reserve Bank of Chicago
Speakers
James R Barth, Auburn University and Milken Institute
Thomas M Hoenig, Federal Deposit Insurance Corporation
Charles Morris, Federal Deposit Insurance Corporation
Harvey Rosenblum, Federal Reserve Bank of Dallas
Hal S Scott, Harvard University Law School
3:45 PM
Break
4:00 PM
Session 7
Where to from Here? What Does All of This Mean for Financial Regulatory Policy?
Moderator
George G Kaufman, Loyola University Chicago
Speakers
Claudio Borio, Bank for International Settlements
Thomas Huertas, Ernst & Young, London
Vasileios Madouros, Bank of England
Danièle Nouy, Banque de France
Barbara A Rehm, American Banker
Jürgen Stark, Formerly European Central Bank Executive Board
Saturday, 11/17/12
6:00 PM
Reception
6:00 PM
 

Conference Organizers

Viral V. Acharya, New York University and CEPR
Thorsten Beck, Tilburg University and CEPR
Douglas D. Evanoff, Federal Reserve Bank of Chicago
George G. Kaufman, Loyola University Chicago
Richard Portes, London Business School and CEPR

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