Author(s): Juan M. Morelli, Pablo Ottonello and Diego J. Perez Date: June 2021 Abstract: We study the role of global financial intermediaries in international lending. We construct a model of the world economy, in which heterogeneous borrowers issue risky securities purchased by financial intermediaries. Aggregate shocks transmit internationally through financial intermediaries’ net worth. The strength[…]
By Cathérine Casanova, Beatrice Scheubel and Livio Stracca Since the Global Crisis, the channels of capital flows have changed significantly. This column analyses key trends and underlying drivers of capital flows since the Global Crisis, including the policy trade-offs. It documents the increasing importance of market-based funding, a growing reliance on domestic currency liabilities, and[…]
CfP Deadline Date: September 5, 2021 Conference Event: October 28-29, 2021 Event Location: Online Keynote speaker(s): Leonardo Gambacorta (BIS) Christopher Parmeter (Miami Herbert Business School) Organizer(s): Moscow State Institute of International Relations (MGIMO-University) Moscow State Institute of International Relations (MGIMO-University) is launching an inaugural conference which aims to turn into an influential forum on a[…]
Author(s): Albert Banal-Estanol, Julian Kolm, Gyöngyi Lóránth Date: May 2021 Abstract: We study how bank resolution regimes affect investment. Banking groups create financing synergies by transferring excess financing capacity across units and lowering bankers’ agency rents. Single-point-of-entry (SPOE) resolution mutualizes losses, which permits ex-post efficient continuation of weaker units following negative shocks, but can prevent[…]
Author(s): Christian Friedrich, Pierre Guerin and Danilo Leiva Date: May 2021 Abstract: We propose a new strength measure of the global financial cycle by estimating a regime-switching factor model on cross-border equity flows. We then assess how this measure affects monetary policy independence, defined as central banks’ responses to exogenous changes in inflation. We show[…]
Author(s): Franklin Allen and Ansgar Walther Date: May 2021 Abstract: This paper studies the links between financial stability and the architecture of financial systems. We review the existing literature and provide organizing frameworks for analyzing three empirically important aspects of financial architecture: The rise of non-bank financial intermediaries, the regulatory response to these structural changes,[…]
CfP Deadline Date: May 30, 2021 Conference Event: October 19-20, 2021 Event Location: Frankfurt, Germany Keynote speaker(s): Eswar Prasad (Cornell University) Tara Rice (Bank for International Settlements) Organizer(s): CEBRA and the ECB The Central Bank Research Association (CEBRA) is organising the fifth annual meeting of its International Finance and Macroeconomics Program jointly with the European[…]
CfP Deadline Date: June 30, 2021 Conference Event: October 25, 2021 Event Location: Paris, France Organizer(s): Bank of England, Banque de France, Banca d’Italia, IMF and the OECD The Bank of England, the Banque de France, the IMF and the OECD are pleased to announce a call for papers for the second edition of their[…]
by John Fell, Tuomas Peltonen and Richard Portes At the end of 2019 the European Systemic Risk Board General Board mandated a Task Force on Low Interest Rates to revisit the ESRB’s 2016 report on “Macroprudential policy issues arising from low interest rates and structural changes in the EU financial system”, assess subsequent developments, compare[…]
CfP Deadline Date: May 15, 2021 Conference Event: October 7-8, 2021 Event Location: Zurich, Switzerland Keynote speaker(s): Thierry Foucault (HEC Paris) Robert Almgren (Quantitative Brokers) Organizer(s): Swiss National Bank The Swiss National Bank will host the 16th Central Bank Conference on the Microstructure of Financial Markets on October 7-8, 2021. This central bank workshop invites[…]