International Conference on The Structure of Banking Systems and Financial Stability

International Conference on
The Structure of Banking Systems and Financial Stability


September 19-20, 2013


Organized by the Special Priority Program (SPP 1578) "Financial Market
Imperfections and Macroeconomic Performance" and the Max Planck Institute
for Research on Collective Goods (MPI Bonn)

Program

Thursday, 19 September 2013
11.30 – 12.00 Registration, sandwich lunch
12.00 – 12.10 Welcoming words
Session 1: Financial fragility
12.10 – 12.55 Intermediary Leverage Cycles and Financial Stability
Tobias Adrian (Federal Reserve Bank of New York)
Nina Boyarchenko (Federal Reserve Bank of New York)
Discussant: Ester Faia (Goethe University Frankfurt)
12.55 – 13.40 Strategic Complementarity, Fragility, and Regulation
Xavier Vives (IESE Business School)
Discussant: Falko Fecht (Frankfurt School of Management & Finance)
13.40 – 14.25 Government Guarantees and Financial Stability
Franklin Allen (University of Pennsylvania)
Elena Carletti (European University Institute, IGIER, Bocconi
University, and CEPR)
Itay Goldstein (University of Pennsylvania)
Agnese Leonello (University of Pennsylvania)
Discussant: Frank Heinemann (TU Berlin)
 14.25 – 14.45 Coffee break
 14.45 – 15.30 Keynote speech by Jean-Charles Rochet
(University of Zurich)
Session 2: Bank business models
15.30 – 16.15 Banking and Trading
Arnoud W. A. Boot (University of Amsterdam and CEPR)
Lev Ratnovski (International Monetary Fund)
Discussant: Christian Laux (WU Vienna)
16.15 – 17.00 Proprietary Trading and the Real Economy
Stefan Arping (University of Amsterdam)
Discussant: Hendrik Hakenes (University of Bonn)
17.00 – 17.20 Coffee break
17.20 – 18.05 Loan Sales and Screening Incentives
Helmut Bester (Free University of Berlin)
Thomas Gehrig (University of Vienna)
Rune Stenbacka (Hanken School of Economics)
Discussant: Andreas Haufler (LMU Munich)
Session 3: Poster session
18.05 – 19.15 Equity-Based Pay of Non-Executive Employees and Bank Risk
Nora Bock (GSEFM Frankfurt/Mainz/Darmstadt)
Tim Eisert (GSEFM Frankfurt/Mainz/Darmstadt)
Christian Hirsch (Goethe University Frankfurt)

Wishful Thinking or Effective Threat? Tightening Bank
Resolution Regimes and Bank Risk-Taking
Magdalena Ignatowski (GSEFM Frankfurt/Mainz/Darmstadt)
Josef Korte (GSEFM Frankfurt/Mainz/Darmstadt)

Private and Public Supply of Liquidity: Bank Runs and Roll-Over Risk
Stephan Luck (MPI Bonn)
Paul Schempp (MPI Bonn)

Why do U.S. banks contribute more to global systemic risk?
Denefa Bostandzic (Ruhr University Bochum)
Gregor Weiß (TU Dortmund)
19.15 Conference dinner

Keynote speech by Charles Goodhart
(London School of Economics)

 

Friday, 20 September 2013

Session 4: Bank risk-taking

9.00 – 9.45 Wholesale and Retail Deposit Funding in Equilibrium: Implications for Risk Taking and Regulation
Roman Inderst (Goethe University Frankfurt)
Falko Fecht (Frankfurt School of Finance and Management)
Sebastian Pfeil (Goethe University Frankfurt)
Discussant: Gerhard Illing (LMU Munich)
9.45 – 10.30 Convertible Bonds and Bank Risk-Taking
Natalya Martynova (University of Amsterdam)
Enrico Perotti (University of Amsterdam)
Discussant: Katri Mikkonen (European Central Bank)
10.30 – 10.50 Coffee break
12.55 – 13.40 Strategic Complementarity, Fragility, and Regulation
Xavier Vives (IESE Business School)
Discussant: Falko Fecht (Frankfurt School of Management & Finance)
Session 5: Crisis interventions
10.50 – 11.35 On Zombie Banks and Recessions after Systemic Banking Crises: It Does Matter How Governments Intervene
Timotej Homar (University of Amsterdam)
Sweder van Wijnbergen (University of Amsterdam and Tinbergen
Institute)
Discussant: Isabel Schnabel (Johannes Gutenberg University Mainz)
11.35 – 12.20 The Political Economy of Bank Bailouts
Markus Behn (University of Bonn)
Rainer Haselmann (University of Bonn)
Thomas Kick (Deutsche Bundesbank)
Vikrant Vig (London Business School)
Discussant: Reint Gropp (Goethe University Frankfurt)
12.20 – 13.20 Buffet lunch
13.20 – 14.05 Keynote speech by Martin Hellwig (MPI Bonn)
14.05 – 14.25 Coffee break
Session 6: Systemic crises
14.25 – 15.10 Crisis Transmission in the Global Banking Network
Galina Hale (Federal Reserve Bank of San Francisco)
Tümar Kapan (Fannie Mae)
Camelia Minoiu (International Monetary Fund)
Discussant: Mathias Hoffmann (University of Zurich)
15.10 – 15.55 Bank Size, Complexity, and Systemic Risk: Some International Evidence
Luc Laeven (International Monetary Fund)
Lev Ratnovski (International Monetary Fund)
Hui Tong (International Monetary Fund)
Discussant: Martin Summer (Oesterreichische Nationalbank)
Around 16.00 End of conference

Speakers have 25 minutes, discussants 10 minutes, and 10 minutes are for general discussion.

Organizers:
Claudia M. Buch (Halle Institute for Economic Research, IWH)
Martin Hellwig (MPI Bonn)
Gerhard Illing (University of Munich)
Isabel Schnabel (Johannes Gutenberg University Mainz)

The conference is part of the priority program 1578 “Financial Market Imperfections and Macroeconomic Performance” and is sponsored by the German National Science Foundation (DFG) and by the Max Planck Institute for Research on Collective Goods in Bonn.