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Fourteenth Annual International Banking Conference

The Role of Central Banks in Financial Stability:  How Has It Changed?

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November 10–11, 2011

 

In conjunction with the European Central Bank, the Federal Reserve Bank of Chicago will hold its fourteenth annual International Banking Conference on November 10–11, 2011, at the Bank. The purpose of the annual conference is to address important current issues affecting international financial markets. This year, we will examine the changing role of central banks in pursuing financial stability.

 

Prior to the recent financial crisis, there were significant differences across countries in how and to what extent financial stability was pursued by central banks. In some countries, the central bank had an explicit stability objective but did little to actively manage stability other than to ensure liquidity access, out of fear that more active involvement might distort markets. In other countries, the central bank prepared formal stability reports and/or pursued financial stability more actively. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role.

 

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

 

  • Peter Praet, European Central Bank
  • Willem Buiter, Citigroup
  • Janet Yellen, Board of Governors of the Federal Reserve System. 

 

We are also interested in examining a number of important issues associated with the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past? Did these differences appear to affect the extent of the adverse impact of the crisis on individual countries? Can systemic risk be measured and identified? What alternative macroprudential policy tools have been introduced to address systemic risk? Have views changed on how to address sources of financial instability, including asset bubbles? What are perceived to be the major future threats to financial stability? Did the financial sector grow too big within the pre-crisis financial architecture from a social cost–benefit perspective? Might the pursuit of financial stability have adverse societal welfare implications if certain financial activities or innovations are limited or prohibited? How potentially effective might recently introduced reforms be at achieving their stated goals? What major “gaps” still exist? These and related issues will be addressed at the two-day conference.


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.  

 
We invite you to participate in this important event. Additional information, including updates to the agenda, will be posted on this website as it becomes available.

Thursday, 11/10/11
9:00 AM
Registration and Continental Breakfast
9:40 AM
Welcoming Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Peter Praet, Member of the Executive Board, European Central Bank
10:00 AM
Session 1
The Role of Central Banks in Financial Stability: Historical Review and Critique
Moderator
Douglas D Evanoff, Reserve Bank of Chicago
Speakers
Nellie Liang, Board of Governors of the Federal Reserve System
Martin Hellwig, Max Planck Institute, Bonn
Takeo Hoshi, University of California, San Diego
Carlos A Vegh, University of Maryland
12:00 PM
Luncheon and Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote Speaker
Peter Praet, Member of the Executive Board, European Central Bank
2:00 PM
Session 2
Macroprudential Policies and Regulation: How to Address Systemic Risk
Moderator
Manfred Kremer, European Central Bank
Speakers
Tobias Adrian, Federal Reserve Bank of New York
Mathias Drehmann, Bank for International Settlements
Jeremy C Stein, Harvard University
Commentator
Richard Berner, U.S. Department of the Treasury
3:45 PM
Break
4:00 PM
Session 3
Central Banks and Asset Price Bubbles
Moderator
Cornelia Holthausen, European Central Bank
Presenters
Kenneth N Kuttner, Williams College
Annette Vissing-Jorgensen, Northwestern University
Takatoshi Ito, Tokyo University
Commentator
Andrew Filardo, Bank for International Settlements
5:45 PM
Reception
6:45 PM
Dinner and Keynote Address
Introduction
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Keynote Speaker
Willem H Buiter, Chief Economist, Citigroup
Friday, 11/11/11
7:30 AM
Registration and Continental Breakfast
8:15 AM
Session 4
Current, Past and Potential Future Threats to Financial Stability
Moderator
Michael Pomerleano, World Bank
Speakers
Asli Demirgüç-Kunt, World Bank
Giancarlo Corsetti, Cambridge University
Ronald I McKinnon, Stanford University
Commentator
Liliana Rojas-Suarez, Center for Global Development, Washington, DC
10:00 AM
Break
10:15 AM
Session 5
The Social Productivity of the Financial Sector
Moderator
David Marshall, Federal Reserve Bank of Chicago
Presenters
Ross Levine, Brown University
Josh Lerner, Harvard Business School
Alexander A Popov, European Central Bank
Commentator
, Williams College
12:15 PM
Luncheon and Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote Speaker
Janet L Yellen, Vice Chair , Board of Governors of the Federal Reserve System
2:15 PM
Session 6
Open Issues in the Regulatory Debate: Failure Resolutions, Bailouts, Moral Hazard and Market Discipline
Moderator
John Boyd, University of Minnesota
Speakers
Edward J Kane, Boston College
Joseph P Hughes, Rutgers University
Reint Gropp, European Business School
David A Skeel, University of Pennsylvania Law School
4:00 PM
Break
4:15 PM
Session 7
Policy Panel: Where to from Here?
Moderator
George G Kaufman, Loyola University Chicago
Speakers
Benjamin M Friedman, Harvard University
Richard C Koo, Nomura Research Institute
Frederic Mishkin, Columbia University
Athanasios Orphanides, Central Bank of Cyprus
Richard Portes, London Business School
Anne C Sibert, Birkbeck College and Monetary Policy Committee at the Central Bank of Iceland
6:00 PM
Reception
 
Conference Organizers

Douglas Evanoff
Cornelia Holthausen
George Kaufman
Manfred Kremer

 

 

 

Last Updated: 12/01/2011

Background Information

Information on previous International Banking Conferences.

Event Information
Event Contact
Blanca Sepulveda
(312) 322-8340
Email
Date
11/10/11  - 11/11/11
Registration Deadline
Monday, November 7, 2011
Location
Federal Reserve Bank of Chicago
Third Floor Conference Center
230 S LaSalle St
Chicago, IL 60604
Map
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Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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