Sixteenth Annual International Banking Conference

Last Updated: 11/22/2013

November 7–8, 2013

In collaboration with the International Monetary Fund, the Federal Reserve Bank of Chicago will hold its sixteenth annual International Banking Conference on November 7–8, 2013, at the Bank. The purpose of the annual conference is to address current issues affecting international financial markets. This year, we will examine the implications of "shadow banking," a phenomenon which has become widespread internationally.

 

The shadow banking system has received increasing attention in recent years as a rapidly growing, lightly regulated complex of financial markets and institutions that operates in parallel with the formal banking sector and has grown to match or exceed it in size in some markets. It also has been identified as having a significant role in the recent financial crisis both in the United States and abroad. Yet, surprisingly little is known about its scope and operations. Nevertheless, many proposals have been developed for “taming” the shadow banking system and are currently under consideration by policymakers, financial regulators, financial practitioners, researchers and academics worldwide. 

 

Analyzing these developments and proposals will be the focus of discussion over the two-day conference. More specifically, the topics considered include identifying the key players and measuring the size of the shadow system; evaluating why and how the system developed; quantifying how the system has expanded within and across countries; considering the implications for financial stability; addressing the challenges for traditional financial institutions and markets, and for supervision and regulation; evaluating the cross-border implications; and discussing how financial sector policy should be adjusted going forward.

 

These topics and more will be discussed by international experts in each area from different professions and countries. The three keynote speakers have each made significant intellectual and regulatory contributions in response to the financial events of recent years. They are: 

 

  • Gary Gorton, Professor, Yale University
  • Jeremy Stein, Member, Board of Governors of the Federal Reserve System
  • Adair Turner, Senior Fellow, Institute for New Economic Thinking. 

We hope that you can join us in this important and exciting conference to shed much needed light on the shadow banking system to achieve a better understanding of its strengths and weaknesses. Additional information, including registration information, local accommodations and the full program can be found at the above links on this page. For additional information contact Sandy Schneider,  or members of the program committee. 

 

Registration Fees: There is an early-bird fee of $650 for those who register on or before October 18, 2013. For those registering between October 19, 2013, and November 6, 2013, the fee will be $700. Registration is closed as of end of day, November 6, 2013. 

 

Program Committee

Stijn Claessens, International Monetary Fund

Douglas D. Evanoff, Federal Reserve Bank of Chicago

George G. Kaufman, Loyola University Chicago

Luc Laeven, International Monetary Fund 

 


Back To Top
Jeremy C. Stein
Member, Board of Governors of the Federal Reserve System

Jeremy C. Stein took office on May 30, 2012, to fill an unexpired term ending January 31, 2018.

 

Prior to his appointment to the Board, Stein was the Moise Y. Safra Professor of Economics at Harvard University, where he taught courses in finance in the undergraduate and Ph.D. programs. From February to July 2009, Stein served in the Obama Administration as a senior adviser to the Secretary of the Treasury and on the staff of the National Economic Council.

 

Before joining the Harvard faculty in 2000, Stein taught finance at the Massachusetts Institute of Technology's Sloan School of Management. Prior to joining the MIT faculty, Stein was an assistant professor of finance at the Harvard Business School from 1987 to 1990.

 

Stein's research has covered many topics, including behavioral finance and stock-market efficiency, corporate investment and financing decisions, risk management, capital allocation inside firms, banking, financial regulation and monetary policy. He has served as a co-editor of the Quarterly Journal of Economics, and before that, as a co-editor of the Journal of Economic Perspectives.

 

Stein is a fellow of the American Academy of Arts and Sciences. Before joining the Board, he was a research associate at the National Bureau of Economic Research, and a member of the Federal Reserve Bank of New York's Financial Advisory Roundtable. In 2008, he was president of the American Finance Association.

 

He was born in October 1960 in Chicago, IL. He received his A.B. in economics from Princeton University (summa cum laude) in 1983 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1986.

Adair Turner
Senior Fellow, Institute for New Economic Thinking

Adair Turner has combined careers in business, public policy and academia and is Senior Fellow at the Institute for New Economic Thinking. He previously was Chairman of the UK Financial Services Authority as the financial crisis broke in September 2008, and played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee. He is now a Senior Fellow of the Institute for New Economic Thinking, and at the Centre for Financial Studies in Frankfurt. The Institute for New Economic Thinking is a global economic research foundation committed to the development of real world solutions to the economic and social challenges of the 21st century.

 

Prior to 2008 Lord Turner was a non-executive Director at Standard Chartered Bank (2006-2008); Vice-Chairman of Merrill Lynch Europe (2000-2006); and from 1995-1999, Director General of the Confederation of British Industry. He was with McKinsey & Co. from 1982 to 1995.

 

Lord Turner became a cross-bench member of the House of Lords in 2005 and was appointed Chair of the Climate Change Committee in 2008, stepping down in 2012; he also chaired the Pensions Commission from 2003 to 2006, and the Low Pay Commission from 2002 to 2006.

 

He is the author of Just Capital – The Liberal Economy (Macmillan, 2001) and Economics after the Crisis (MIT Press, 2012), and holds Visiting Professorships at the London School of Economics and at Cass Business School, City University. He is a Trustee and Chair of the Audit Committee at the British Museum.

 

Lord Turner studied History and Economics at Caius College, Cambridge.

 

For an example of Lord Turner's recent work on credit creation and credit cycles, work which will form the basis for his forthcoming keynote speech at the International Banking Conference, please see this paper.

Gary B. Gorton
Professor of Finance, Yale School of Management

Gary B. Gorton is a Professor of finance at Yale School of Management. Prior to being at Yale, Gorton was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he worked for 24 years starting in the fall of 1983. He was also Professor of economics in the College of Arts and Sciences at the University of Pennsylvania, and is currently a Research Associate of the National Bureau of Economic Research. He is a former member of the Moody’s Investors Services Academic Advisory Panel. He is also the former Director of the Research Program on Banks and the Economy for the Federal Deposit Insurance Corporation. He has taught at the Graduate School of Business, University of Chicago, and previously worked as an economist and senior economist at the Federal Reserve Bank of Philadelphia. During 1994 he was the Houblon-Norman Fellow at the Bank of England.

 

Gorton has done research in many areas of finance, including both theoretical and empirical work. Specific research has focused on the role of stock markets and banks, credit cycles, arbitrage pricing, commodity futures, bank capital, bank production of liquidity, loan sales, securitization, bank loan pricing and bank regulation. Gorton also works on corporate control issues and asset pricing theory, including models of asset price bubbles and game theoretic models of trading and asset pricing. His research has been published in the American Economic Review, the Review of Economic Studies, the Review of Financial Studies, the Journal of Economic Theory, the Journal of Political Economy, the Journal of Finance, the Journal of Monetary Economics, the Journal of Business and the Journal of Money, Credit and Banking, among others.

 

Gorton is a member of the American Finance Association, the American Economic Association and the Econometric Society. He was an editor of the Review of Economic Studies and the Review of Financial Studies. He is now, or has been in the past, on the editorial boards of many journals including Journal of Financial Services Research, the Journal of Financial Intermediation, the Journal of Financial Markets, the Journal of Money, Credit and Banking, Advances in International Banking and Finance, Finance Letters and the Economic Policy Review (of the Federal Reserve Bank of New York). He is the former editor of the Review of Financial Studies and a former director of the Western Finance Association.

 

Gorton has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve Banks, the Bank of England, the Bank of Japan and the Central Bank of Turkey. He has also consulted for a number of private firms.

 

Gorton received his doctorate in economics from the University of Rochester. In the field of Economics, he received Master's degrees in economics at the University of Rochester and Cleveland State University, and also received a Master's degree in Chinese studies from the University of Michigan.


Back To Top
11/07/13
9:00 AM
Registration and Continental Breakfast
9:40 AM
Welcoming Remarks
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Jose Vinals, Financial Counselor and Director, Monetary and Capital Markets Department, International Monetary Fund
10:00 AM
Session 1
Description, Measurement and History of Shadow Banking
Moderator
Douglas Evanoff, Federal Reserve Bank of Chicago
Speakers
Nicola Cetorelli, Federal Reserve Bank of New York
, Board of Governors of the Federal Reserve System and
Wayne Passmore, Board of Governors of the Federal Reserve System
Perry G Mehrling, Barnard College
Gary Richardson, University of California at Irvine and Federal Reserve Bank of Richmond
11:45 AM
Luncheon and Keynote Speaker
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote Speaker
Jeremy C Stein, Board of Governors of the Federal Reserve System
1:45 PM
Session 2
Causes of Development of the Shadow Sector
Moderator
Laura Kodres, International Monetary Fund
Speakers
John Duca, Federal Reserve Bank of Dallas
Ana Fostel, George Washington University
Arvind Krishnamurthy, Northwestern University
James J McAndrews, Federal Reserve Bank of New York
3:30 PM
Break
3:45 PM
Session 3
Shadow Banking around the World
Moderator
Stijn Claessens, International Monetary Fund
Speakers
Viral V Acharya, New York University
Marnoch Aston, Ruffer LLP
Zoltan Pozsar, Office of Financial Research
Val Srinivas, Deloitte Center for Financial Services
5:45 PM
Reception
6:45 PM
Dinner and Keynote Speaker
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote Speaker
Adair Turner, Senior Fellow, Institute for New Economic Thinking
11/08/13
7:30 AM
Registration and Continental Breakfast
8:15 AM
Session 4
Implications for Financial Stability
Moderator
David Marshall, Federal Reserve Bank of Chicago
Speakers
Tobias Adrian, Federal Reserve Bank of New York
Laura E Kodres, International Monetary Fund
Steven L Schwarcz, Duke University
Alexandros Vardoulakis, Board of Governors of the Federal Reserve System
10:00 AM
Break
10:15 AM
Session 5
Challenges for Supervision and Regulation
Moderator
Cathy Lemieux, Federal Reserve Bank of Chicago
Speakers
Darrell J Duffie, Stanford University
Edward F Greene, Cleary Gottlieb Steen & Hamilton LLP
Andrew Metrick, Yale University
Patrick McCabe, Board of Governors of the Federal Reserve System
12:00 PM
Luncheon and Keynote Speaker
Introduction
David Marshall, Senior Vice President and Associate Director of Research , Federal Reserve Bank of Chicago
Keynote Speaker
Gary B Gorton, Yale University
2:00 PM
Session 6
Cross-Border Implications
Moderator
Anna Paulson, Federal Reserve Bank of Chicago
Speakers
Eva Hupkes, Financial Stability Board and
Yasushi Shiina, Financial Stability Board
Michael H Krimminger, Cleary Gottlieb Steen and Hamilton LLP
Stan Maes, European Commission
Manmohan Singh, International Monetary Fund
3:45 PM
Break
4:00 PM
Session 7
Final Panel – Where to from Here?
Moderator
George G Kaufman, Loyola University Chicago
Panelists
Sarah Breeden, Bank of England
Stijn Claessens, International Monetary Fund
Joachim Keller, National Bank of Belgium
Nicholas R Lardy, Peterson Institute for International Economics
Andrew Lo, Massachusetts Institute of Technology
Paul McCulley, GIC Global Society of Fellows
6:00 PM
Reception

Back To Top

Hotel and Area Information

Please book your hotel reservation soon. Because of a city-wide convention in Chicago, many hotels are sold-out over the conference dates.

Marriott Renaissance Hotel
1 W Wacker Dr
Chicago ,  IL   60601
(312) 372-7200

Rate: $259.00

Reservation Code: M-VJ2GAP

Reservation Information: Please book online or call (800) 468-3571.

Reservations Open: Yes

Reservation Cut-off Date: October 7, 2013

 

Recognized for customer satisfaction and an exceptional reputation among travel experts, the Renaissance Chicago Downtown has earned recognition as one of the "2013 Best Hotels" by U.S. News & World Report. The hotel ranked 6 among all Renaissance Hotels, 16 in Chicago and 16 in Illinois.

Palmer House Hilton
17 E Monroe St
Chicago ,  IL   60603
(312) 726-7500

Rate: $259.00

Reservation Information: Please use the website link above; conference code is FRC.

Reservations open: Yes

Reservation Cut-off Date: October 7, 2013

 

Check in to the legendary Palmer House® A Hilton Hotel, in Chicago’s Loop and you are in the heart of the city’s business, financial and theatre district. This hotel puts you in easy walking distance of the Federal Reserve Bank of Chicago, Millennium Park, the Art Institute of Chicago and Grant Park. With CTA’s ‘L’ blue, orange, and red lines just steps away, you can navigate Chicago with ease.

Settle in to a Guest room which combines comfort and elegance with a contemporary setting. In-room amenities include flat-screen TVs and wireless internet.


Back To Top

Background Information

Information on previous International Banking Conferences.


Back To Top