Programme

Research Conference on “Government intervention and moral hazard in the financial sector” Norges Bank, September 2-3, 2010

Thursday 2 September

 

Opening address by Governor Svein Gjedrem

Session I: Experiences from the Financial Crisis, Chair: Birger Vikøren (Norges Bank)

Presentation: Thomas Jacobs (DePaul University): “Changing Market Perceptions of Who is 'Too Big to Fail' During the Financial Crisis of 2007-2008

Paper: "Changing Market Perceptions of Who is 'Too Big to Fail' During the Financial Crisis of 2007-2008" by Thomas A. Jacobs. August 2010.

Discussant: Simon Kwan (Federal Reserve Bank of San Francisco). Discussant's remarks

Presentation: Lev Ratnovski and Rocco Huang (International Monetary Fund): “Why Are Canadian Banks More Resilient?"

Paper: "Why Are Canadian Banks More Resilient?" by Lev Ratnovski and Rocco Huang (IMF Working Paper, WP/09/152)

Discussant: Charlotte Ostergaard (Norwegian School of Management and Norges Bank). Discussant's remarks

 

Session II: Government Policies, Chair: Thea Kloster (Norges Bank)

Presentation: Claudio Borio, Bent Vale and Goetz von Peter (Bank for International Settlements and Norges Bank): “Resolving the financial crisis: are the lessons from the Nordics being heeded?"

Paper: "Resolving the financial crisis: are we heeding the lessons from the Nordics?" by Claudio Borio, Bent Vale and Goetz von Peter (BIS Working Papers, no 311), June 2010.

Discussant: Leonard Nakamura (Federal Reserve Bank of Philadelphia). Discussant's remarks

Presentation: Jon Christensson, Kenneth Spong and John Wilkinson (Federal Reserve Bank of Kansas City): “What Can Financial Stability Reports Tell Us About Macroprudential Supervision?

Paper: "What Can Financial Stability Reports Tell Us About Macroprudential Supervision?" by Jon Christensson, Kenneth Spong and John Wilkinson. March 2010.

Discussant: Snorre Evjen (Norges Bank). Discussant's remarks

Luncheon speaker: Kristin Gulbrandsen (Norges Bank)

 

Session III: Measures of Systemic Risk, Chair: Knut Sandal (Norges Bank)

Presentation: Viral V. Acharya, Lasse H. Pedersen, Thomas Philippon and Matthew Richardson (New York University): “Measuring Systemic Risk

Paper: "Measuring Systemic Risk" by Viral V. Acharya, Lasse H. Pedersen, Thomas Philippon, and Matthew Richardson, May 2010.

Discussant: Johannes Skjeltorp (Norges Bank). Discussant's remarks

Presentation: Giovanni Calice, Christos Ioannidis and Julian Williams (University of Southampton, University of Bath and University of Aberdeen): “Credit Derivatives and the Default Risk of Large Complex Financial Institutions

Paper: "Credit Derivatives and the Default Risk of Large Complex Financial Institutions" by Giovanni Calice,  Christos Ioannidis and Julian Williams. July 2010.

Discussant: Stijn Ferrari (National Bank of Belgium). Discussant's remarks

Keynote address by Franklin Allen (University of Pennsylvania): “Governments, Moral Hazards, and Financial Crises

Dinner speaker: Edward Kane (Boston College). Dinner speech, Presentation

 

Friday 3 September

Session IV: Government Interventions, Chair: Farooq Akram (Norges Bank)

Presentation: Vo Thi Quynh Anh (Norges Bank): “Optimality of Prompt Corrective Action in a Continuous-Time Model with Recapitalization Possibility"

Paper: "Optimality of Prompt Corrective Action in a Continuous - Time Model with Recapitalization Possibility" by Vo Thi Quynh Anh. December 2009.

Discussant: J. Christina Wang (Federal Reserve Bank of Boston). Discussant's remarks

Presentation: Todd Keister (Federal Reserve Bank of New York and European University Institute): “Bailouts and Financial Fragility

Paper: "Bailouts and Financial Fragility" by Todd Keister. August 2010

Discussant: Giovanni Calice (University of Southampton). Discussant's remarks

 

Session V: Systemic Risk Generation, Chair: Ingrid Solberg (Norges Bank)

Presentation: Bruno Biais, Florian Heider and Marie Hoerova (Toulouse School of Economics and European Central Bank): “Risk-Sharing or Risk-Taking? Financial innovation, margin requirements and incentives

Paper: "Risk-sharing or risk-taking? Financial innovation, margin requirements and incentives" by Bruno Biais, Florian Heider and Marie Hoerova. Preliminary edition, June 2010.

Discussant: Artashes Karapetyan (Norges Bank). Discussant's remarks

Keynote address by Xavier Freixas (Universitat Pompeu Fabra): “Banking Resolution: Lessons from the Crisis"

 

Session VI: Experiences from the Financial Crisis II, Chair: Bent Vale (Norges Bank)

Presentation: Mark Mink (De Nederlandsche Bank): “Contagion or Common Shocks? Bank Distress in the 2007-2009 Financial Crisis

Discussant: Nadia Massoud (York University). Discussant's remarks

Presentation: Olivier Armantier, Eric Ghysels, Asani Sarkar and Jeffrey Shrader (Federal Reserve Bank of New York and University of North Carolina): “Stigma in Financial Markets: Evidence from liquidity auctions and discount window borrowing during the crisis

Paper: "Stigma in Financial Markets : Evidence from liquidity auctions and discount window" by Olivier Armantier, Eric Ghysels, Asani Sarkar and Jeffrey Shrader. Draft, August 2010.

Discussant: Lucy White (Harvard Business School). Discussant's remarks

Published 2 September 2010 09:14
Edited 2 September 2010 09:19