Author(s): Carlo Altavilla, Miguel Boucinha, Lorenzo Burlon, Mariassunta Giannetti, Julian Schumacher Date: May 2022 Abstract: Exploiting the introduction of the ECB’s tiering system for remunerating excess reserve holdings, we document the importance of the access to the money market for bank lending. We show that the two-tier system produced positive wealth effects for banks with[…]
Author(s): Xiang Fang, Bryan Hardy, Karen K Lewis Date: May 2022 Abstract: This paper studies the impact of investor composition on the sovereign debt market. We construct an aggregate data set of sovereign debt holdings by foreign and domestic bank, non-bank private, and official investors for 95 countries over twenty years. We find that private[…]
By Markus Behn, Jan Hannes Lang and Eugen Tereanu One important lesson learned from the use of capital-based macroprudential policies in recent years is that tightening such policies during boom phases is unlikely to have a notable impact on credit supply and the build-up of imbalances, while the accumulated resilience and the release of buffers[…]
CfP Deadline Date: April 22, 2022 Conference Event: May 26-27, 2022 Event Location: Budapest, Hungary and online Organizer(s): Magyar Nemzeti Bank (MNB) The Magyar Nemzeti Bank (MNB) is organizing a conference jointly with OMFIF (Official Monetary and Financial Institutions Forum) titled Financial Stability Analysis: new challenges and focuses. The conference will take place on Thursday-Friday,[…]
CfP Deadline Date: May 30, 2022 Conference Event: September 29-30, 2022 Event Location: Rome, Italy Keynote speaker(s): Annette Vissing-Jørgensen (Federal Reserve Board and CEPR) Simon Gilchrist (New York University and NBER) Organizer(s): Banca d’Italia Banca d’Italia is organising a conference on Monetary Policy in Exceptional Times: The Pandemic Experience and Current Challenges on September 29-30,[…]
CfP Deadline Date: June 30, 2022 Conference Event: December 16-18, 2022 Event Location: Shenzhen, China Organizer(s): The Chinese University of Hong Kong, Shenzhen, Nanyang Technological University, Shanghai Jiao Tong University, University of Hong Kong and Shenzhen Finance Institute (SFI) The SFS is happy to announce the 2022 SFS Cavalcade Asia-Pacific, hosted by the School of[…]
By Levent Altinoglu and Joseph Stiglitz The interconnected structure of the financial system has been a focal point of debate among policymakers in the wake of recent financial crises. This column offers a theory to help explain the structure of the financial system and its consequences for risk-taking and systemic risk. The authors find that interconnectedness[…]
By Iñaki Aldasoro, John Caparusso, and Yingyuan Chen Global banks establish their international presence through host-country networks of subsidiaries and branches. These entities’ roles and behaviour are illuminated by their balance sheet positions, but these have not been systematically captured across countries. This brief introduces an attempt to redress that gap with initial findings from[…]
CfP Deadline Date: June 30, 2022 Conference Event: November 3-4, 2022 Event Location: Frankfurt am Main, Germany Keynote speaker(s): Fabio Panetta (European Central Bank) Marcin Kacperczyk (Imperial College London and CEPR) Organizer(s): European Central Bank (ECB) The ECB’s annual conference on money markets brings together academics, market practitioners and central bankers to discuss the key[…]
CfP Deadline Date: June 17, 2022 Conference Event: September 23-24, 2022 Event Location: Austin, TX, USA Organizer(s): University of Texas The 24th Annual Texas Finance Festival (TFF) will be held on September 23-24, 2022 at the AT&T Executive Education and Conference Center at the University of Texas at Austin. The conference is sponsored by the[…]