The 36th 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 Financial Safety Net Issues.


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05/03/00
7:30 AM
Registration and Continental Breakfast
8:25 AM
Welcoming Remarks
William C Hunter, Senior Vice President, Federal Reserve Bank of Chicago
8:30 AM
Valuing the Bank Relationship
Moderator and Discussant
Rafael Repullo, Director, Centro de Estudios Monetarios y Financieros (Bank of Spain, Center for Monetary and Financial Studies)
Mitchell A Petersen, Northwestern University
The Information Revolution and Small Business Lending: Does Distance Still Matter?
Raghuram G Rajan, Chicago University
Relationship Banking, Loan Specialization, and Competition
Robert Hauswald, Indiana University
Robert Marquez, University of Maryland
Bank Competition and Firm Creation
Emilia Bonaccorsi di Patti, Bank of Italy
Giovanni Dell'Ariccia, International Monetary Fund
10:00 AM
Break
10:20 AM
Implications from Bank Diversification
Moderator and Discussant
Allen Berger, Board of Governors of the Federal Reserve System
Bank Underwriting of Corporate Bonds: Evidence from Post-1994 Japan
Yasushi Hamao, University of Southern California
Takeo Hoshi, University of California, San Diego
Dario Focarelli, Bank of Italy
Implications From Bank Diversification
Alberto Franco Pozzolo, Bank of Italy
Are Scale Economics in Banking Elusive or Illusive? Evidence Obtained by Incorporating Capital Structure and Risk Taking into Models of Bank Production
Joseph P Hughes, Rutgers University
Loretta J Mester, Federal Reserve Bank of Philadelphia
Choon-Geol Moon, Hanyang University
12:00 PM
Luncheon
1:20 PM
Lessons from Bank Failures
Moderator and Discussant
Eric Rosengren, Federal Reserve Bank of Boston
Corporation Valuation and the Resolution of Bank Insolvency in East Asia
Simeon Djankov, World Bank and CEPR
Jan Jindra, Ohio State University
Leora Klapper, World Bank
Are Fiscal Costs of Banking Crises Increased by Poor Resolution Policies?
Patrick Honahon, World Bank
Daniela Klingebiel, World Bank
Credit Channel Effects and the Persistence of the U.S. Great Depression
Philipp Hartmann, European Central Bank and Centre for Economic Policy Research (CEPR)
Stefan Straetmans, Maastricht University
Casper G de Vries, Erasmus University Rotterdam
Christian Upper, Deutsche Bundesbank
Estimating Bilateral Exposures in the German Interbank Market: Is There a Danger of Contagion?
Andreas Worms, Deutsche Bundesbank
3:10 PM
Break
3:30 PM
Bank Capital Issues
Moderator
Patricia Jackson, Bank of England
, City University Business School
Bank Capital Regulation as an Incentive Mechanism: Implications for Portfolio Choice
Andrea Sironi, Universita Commerciale Luigi Bocconi
Testing for Market Discipline in the European Banking Industry: Evidence from Subordinated Debt Issues
Joseph P Hughes, Rutgers University
Managerial Incentives and the Efficiency of Capital Allocation in U.S. Commercial Banking
William W Lang, Office of the Comptroller of the Currency
Choon-Geol Moon, Hanyang University
Michael S Pagano, Villanova University
5:15 PM
Reception
05/04/00
7:00 AM
Registration and Continental Breakfast
8:15 AM
Welcoming Remarks
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
8:25 AM
Keynote Address
Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System
9:20 AM
Break
9:50 AM
Theme Panel: Financial Safety Net Issues
Moderator
William C Hunter, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
Speakers
Kenneth A Guenther, Executive Vice President, 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
12:10 PM
Luncheon
Keynote
The Honourable Jim Peterson, Secretary of State (International Financial Institutions), Canadian Department of Finance
1:55 PM
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
Alden Toevs, First Manhattan Consulting Group
The Effects of Purchases of Mortgages and Securitization by Government-Sponsored Enterprises on Mortgage Yield Spreads and Volatility
Andy Naranjo, University of Florida
Do Federal Home Loan Bank Membership and Advances Lead to More Bank Risk?
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
3:25 PM
Break
3:45 PM
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
J P Sabourin, President and Chief Executive Officer, Canada Deposit Insurance Corporation, and Chairman, Financial Stability Forum, Working Group on Deposit
How Good Are European Union Deposit Insurance Schemes?
Maximilian J B Hall, Loughborough University
Designing Financial Safety Nets to Fit Country Circumstances
Edward J Kane, Boston College
George G Pennacchi, University of Illinois at Urbana-Champaign
Estimating Fair Deposit Insurance Premiums for a Sample of Banks under a New Long-Term Insurance Pricing Methodology
5:45 PM
Reception
05/05/00
7:30 AM
Continental Breakfast
8:30 AM
Concurrent Sessions<br />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
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
Robert DeYoung, Federal Reserve Bank of Chicago
Jonathan D Jones, Office of Thrift Supervision
Recent Trends in Bank Loan Syndications: Evidence for 1995 to 1999
William W Lang, Office of the Comptroller of the Currency
Peter J Nigro, Office of the Comptroller of the Currency
8:30 AM
Session B: Perusing Regulatory Reform
Moderator
Nicola Cetorelli, Federal Reserve Bank of Chicago
Issues of Deposit Insurance Reform
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
Douglas V Austin, Austin Financial Services, Inc.
The Competitive Analysis in the Banking Industry No Longer Reflects Reality
Craig D Bernard, Austin Financial Services, Inc.
9:45 AM
Concurrent Sessions<br />Session C: Regulatory Incentive Alignment
Moderator
Elijah Brewer III, Federal Reserve Bank of Chicago
Gianni De Nicoló, International Monetary Fund
Size, Charter Value, and Risk in Banking: An International Perspective
Douglas Evanoff, Federal Reserve Bank of Chicago
Local Market Entry and Bank Efficiency
Evren Örs, Southern Illinois University
Local Bank Office Ownership, Deposit Control, Market Structure and Economic Growth
Robert N Collender, U. S. Department of Agriculture
Sherrill L Shaffer, University of Wyoming
9:45 AM
Session D: Financial Crisis
Moderator
David A Marshall, Federal Reserve Bank of Chicago
Craig Furfine, Bank for International Settlements
The Costs and Benefits of Moral Suasion: Evidence from the Rescue of Long-Term Capital Management
Asli Demirgüç-Kunt, World Bank
Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation
Enrica Detragiache, International Monetary Fund
Did Depositors Discipline Financial Institutions in Pre-Crisis Thailand? Implications for the Thai Crisis
Timothy P Opiela, DePaul University
10:00 AM
Break
12:00 PM
Luncheon
Introduction
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote
, Director, Office of Federal Housing Enterprise Oversight (OFHEO)
1:40 PM
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)
Bert Ely, President, Ely & Company Inc.
GSEs as Instruments of Federal Policy: Public Benefits and Public Costs
Costs and Benefits of Mortgage GSEs
James C Miller III, Senior Fellow, Hoover Institution, Stanford University
Richard Scott Carnell, Fordham Law School
The Structure of Federal Subsidies: Deposit Insurance versus Sponsorship of GSEs

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A Brief History of the Conference


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.


Back To Top