The goal of the conference is to stimulate discussion and advance our collective understanding of nonbank financial institutions (NBFIs) and their activities. The conference will cover a broad set of topics, including vulnerabilities in the NBFI sector, prudential regulation of NBFIs, linkages between bank and nonbank financial institutions, and the role of NBFIs in the transmission of monetary policy.
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See the agenda for timing of specific conference segments.
Event Details
Date & Time
June 21, 2024
8:15am – 4:30pm
June 21, 2024
8:15am – 4:30pm
Location
Federal Reserve Bank of New York
13th Floor, Room 13-36
33 Liberty Street
New York, NY
Federal Reserve Bank of New York
13th Floor, Room 13-36
33 Liberty Street
New York, NY
Audience
This event is by invitation-only for in-person attendees but is open to the public virtually.
This event is by invitation-only for in-person attendees but is open to the public virtually.
Media
The event is open to media and all remarks are on the record. The event will be recorded, with the recording to be made available afterward. Media who wish to attend or have questions should contact Ellen Simon at Ellen.Simon@ny.frb.org.
The event is open to media and all remarks are on the record. The event will be recorded, with the recording to be made available afterward. Media who wish to attend or have questions should contact Ellen Simon at Ellen.Simon@ny.frb.org.
Conference Organizers
Lorenzo Cappiello, European Central Bank
Nicola Cetorelli, Federal Reserve Bank of New York
Fulvia Fringuellotti, Federal Reserve Bank of New York
Christoph Kaufmann, European Central Bank
Angela Maddaloni, European Central Bank
Lorenzo Cappiello, European Central Bank
Nicola Cetorelli, Federal Reserve Bank of New York
Fulvia Fringuellotti, Federal Reserve Bank of New York
Christoph Kaufmann, European Central Bank
Angela Maddaloni, European Central Bank
Agenda
Agenda
| 8:15am-8:45am | Registration and Breakfast |
| 8:45am-9:00am | Opening Remarks (00:01:48 in video) Kartik B. Athreya, Director of Research and Head of the Research and Statistics Group |
| Session 1: Links between NBFIs and Banks Chair: Fang Cai, Federal Reserve Board |
|
| 9:00am-10:00am | Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund
Relations (00:07:32 in video) Mathias Kruttli, Indiana University Kelley School of Business | Presentation Discussant: Yao Zeng, University of Pennsylvania Wharton School of Business | Presentation Bank Balance Sheet Constraints and Mutual Fund Fragility (00:42:29 in video) Johannes Breckenfelder, European Central Bank | Presentation Discussant: Felix Suntheim, International Monetary Fund | Presentation |
| 10:00am-10:05am | Break |
| Session 2: NBFIs Fragility and Credit Markets Chair: Fulvia Fringuellotti, Federal Reserve Bank of New York |
|
| 10:05am-11:05am | Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand
System (01:14:48 in video) Olivier Darmouni, Columbia Business School | Presentation Discussant: Antonio Falato, Federal Reserve Board | Presentation When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets (01:47:00 in video) Ishita Sen, Harvard Business School | Presentation Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago | Presentation |
| 11:05am-11:20am | Break |
| Session 3: NBFIs and Monetary Policy Chair: Christoph Kaufmann, European Central Bank |
|
| 11:20am-12:20pm | The Implications of CIP Deviations for International Capital Flows (02:21:38 in video) Christian Kubitza, European Central Bank | Presentation Discussant: Linda Goldberg, Federal Reserve Bank of New York | Presentation Shadow Banks and the Dynamic Effects of Monetary Policy on Business Lending (02:55:46 in video) Andrés Pablo Sarto, NYU Stern School of Business | Presentation Discussant: Angela Maddaloni, European Central Bank | Presentation |
| 12:20pm-1:15pm | Lunch |
| 1:15pm-2:30pm | Panel Discussion | Presentation
(03:28:40 in video) Moderator: Livio Stracca, European Central Bank
|
| 2:30pm-2:45pm | Break |
| Session 4: NBFIs and Banking Regulation Chair: Kenechukwu Anadu, Federal Reserve Bank of Boston |
|
| 2:45pm-4:15pm | Intermediary Balance Sheet Constraints, Bond Mutual Funds' Strategies,
and Bond Returns (04:53:53 in video) Andreas C. Rapp, Federal Reserve Board | Presentation Discussant: Jian Li, Columbia Business School | Presentation Unintended Consequences of Post-Crisis Liquidity Regulation (05:26:58 in video) Suresh M. Sundaresan, Columbia Business School | Presentation Discussant: Kinda Hachem, Federal Reserve Bank of New York | Presentation Banks’ Balance-Sheet Costs, Monetary Policy, and the ON RRP (06:00:26 in video) Gabriele La Spada, Federal Reserve Bank of New York | Presentation Discussant: Simone Manganelli, European Central Bank | Presentation |
| 4:15pm-4:30pm | Closing Remarks and Adjourn (06:34:09 in video) Livio Stracca, European Central Bank |
