Bank Funding, Markets, Instruments and Implications for Corporate Lending and the Real Economy

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Bank Funding, Markets, Instruments and Implications for Corporate Lending and the Real Economy

October 8 - 9, 2012

Agenda


10:30a.m.	Registration and coffee

11:05 a.m.	Opening of the conference

11:15 a.m.	Session 1 Intermediary leverage cycles and financial stability Tobias Adrian and Nina Boyarchenko, Federal Reserve Bank of New York Discussant: Frank Smets, European Central Bank

12:00 noon	Lunch

1:00 p.m.	Keynote speech Banking at the crossroads: Instability in institutions and funding structures Arnoud Boot, University of Amsterdam

1.50 p.m	Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding: Evidence from a euro-area banking system Massilimiano Affinito, Bank of Italy Discussant: Falko Fecht, Frankfurt School of Finance

2.40 p.m.	The US dollar funding premium of global banks Warren Hrung and Asani Sarkar, Federal Reserve Bank of New York Discussant: Charlotte Ostergaard, BI-Norwegian Business School

3:25 p.m.	Coffee

	Session 3 Chair: Benjamin Sahel, European Central Bank

4:00 p.m.	Haircuts and relationships Charles-Henri Weymuller, Harvard University Discussant: David Skeie, Federal Reserve Bank of New York

4:50 p.m.	A theory of bank liquidity requirements Charles Calomiris, Columbia University; Florian Heider and Marie Hoerova, European Central Bank Discussant: Enrico Perotti, University of Amsterdam

7:30 p.m.	Dinner Hotel Intercontinental Wilhelm-Leuschner-Strasse 43 60329 Frankfurt am Main Keynote speech: Why the euro needs a banking union Benoît Coeuré, Executive Board, European Central Bank

Tuesday, October 9 2012

8:00 a.m.	Coffee

	Session 4 Chair: Philipp Hartmann, European Central Bank

8:30 a.m.	Complex securities and reputation: Do reputable underwriters produce better securities? John Griffin, Richard Lowery and Alessio Saretto, University of Texas Discussant: Ugo Albertazzi, Bank of Italy

9:00 a.m.	Access to funding by European banks and the financial crisis Gonzalo Camba-Mendez, European Central Bank, Santiago Carbo-Valverde, Bangor University and Diego Rodriguez-Palenzuela, European Central Bank Discussant: Steven Ongena, Tilburg University

9:30 a.m.	Bank cost of equity, leverage and the business cycle Kostas Tsatsaronis and Jing Yang, Bank for International Settlements Discussant: Carmelo Salleo, European Central Bank

10:00 a.m.	Joint discussion and open comments Kostas Tsatsaronis and Jing Yang, Bank for International Settlements Discussant: Carmelo Salleo, European Central Bank

10:50 a.m.	Coffee break

11:15 a.m.	Policy session Chair: Ulrich Bindseil Andrew Sheets, Morgan Stanley Tobias Adrian, Federal Reserve Bank of New York Philippe Bodereau, Pimco Martin Hellwig, Professor of Economics, University of Bonn

12:45 p.m.	Closure of the conference Steven Ongena and David Marqués-Ibañez, European Central Bank

12:50 p.m.	Lunch