International Banking: Microfoundations and Macroeconomic Implications

De Nederlandsche Bank

June 12-13, 2014

De Nederlandsche Bank (DNB), International Monetary Fund (IMF), and the IMF Economic Review are organizing a conference on "International Banking: Microfoundations and Macroeconomic Implications." The conference will be hosted by De Nederlandsche Bank on June 12–13, 2014.

The conference will provide a forum for researchers to discuss innovative ways to measure and model how the activities of internationally active banks interact with the real economy. Both empirical and theoretical submissions are encouraged, especially those that that link micro-data or micro-founded models of bank behavior with macroeconomic outcomes or aggregates.

For questions regarding the conference, please send an email to Banking2014@imf.org.

Conference Program Committee:

Jakob de Haan (DNB); Pierre-Olivier Gourinchas (University of California at Berkeley and Editor of the IMF Economic Review); Galina Hale (Federal Reserve Bank of San Francisco); M. Ayhan Kose (IMF and Co-Editor of the IMF Economic Review); Luc Laeven (IMF); Katheryn Russ (University of California at Davis); and Neeltje van Horen (DNB)

Conference Coordinator:

Tracey Lookadoo (IMF)

Disclaimer

The website contains papers and web links to papers that were presented at the conference. The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.

Thursday, June 12, 2014

*To be confirmed
8:45 ~ 9:30 am

Registration

9:30 ~ 9:45 am

Welcoming Remarks
Klaas Knot (President of the Executive Board of De Nederlandsche Bank)

9:45 ~ 11:15 am

Session 1: International Shock Transmission Through Banking System

Chair: Galina Hale

Global Banks' Dynamics and the International Transmission of Shocks
Jose Fillat (Federal Reserve Bank of Boston) Stefania Garetto (Boston University) and Martin Gotz (Goethe Universität)
Discussant: Mathias Hoffmann (University of Zurich)

Shocks Abroad, Pain at Home? Bank-Firm Level Evidence on the International Transmission of Financial Shocks
Steven Ongena (University of Zürich), Jose Luis Peydro (Universitat Pompeu Fabra) and Neeltje van Horen (De Nederlandsche Bank)
Discussant: Esteban Prieto (Deutsche Bundesbank)

11:15 ~ 11:30 am
***Coffee Break***
11:30 ~ 1:00 pm

KEYNOTE ADDRESS

Charles Calomiris (Columbia Business School and IMF)
See the Presentation

Martin Hellwig (Max Planck Institute for Research on Collective Goods)

Introduction by Jakob de Haan

1:00 ~ 2:30 pm
***Lunch Break***
2:45 ~ 4:15 pm

Session 2: Banking FDI

Chair: Katheryn Russ

Foreign Competition and Banking Industry Dynamics: An Application to Mexico
Dean Corbae (Wisconsin School of Business) and Pablo D’Erasmo (Federal Reserve Bank of Philadelphia)
Discussant: Ata Can Bertay (European Banking Center)

Cost Leadership at Home and Abroad in International Banking
Rients Galema (Utrecht School of Economics), Michael Koetter (Frankfurt School of Finance & Management), and Caroline Liesegang (European Banking Authority)
Discussant: Hans Degryse (KU Leuven)

4:15 ~ 4:30 pm
***Coffee Break***
4:30 ~ 6:00 pm

Session 3: Policy Perspectives on Financial Fragility

Chair: Luc Laeven

Cheap but Flighty: How Global Imbalances Create Financial Fragility
Toni Ahnert (Bank of Canada) and Enrico Perotti (University of Amsterdam)
Discussant: Fabio Castiglionesi (European Banking Center)

An Evaluation of Money Market Fund Reform Proposals Samuel G. Hanson (Harvard Business School), David S. Scharfstein (Harvard Business School), and Adi Sunderam (Harvard Business School) Discussant: Patrick McCabe (Federal Reserve Board)

6:30 ~ 8:30 pm
***Dinner***

Friday, June 13, 2014

8:30 ~9:00 am Registration
9:00 ~ 10:30 am

Session 4: Inter- and Intra-Bank Flows

Chair: Jakob de Haan

What Determines the Composition of International Bank Flows?
Cornelia Kerl (Deutsche Bundesbank) and Friederike Niepmann (Federal Reserve Bank of New York)
Discussant: Vania Stavrakeva (London Business School)

The Two Faces of Cross-Border Banking Flows
Dennis Reinhardt (Bank of England) and Steven J. Riddiough (Warwick Business School, University of Warwick)
Discussant: Iman van Lelyveld (Bank for International Settlements)

10:30 ~ 10:45 am
***Coffee Break***
10:45 ~ 12:15 pm

Session 5: Determination of Cross-Border Flows

Chair: Pierre-Olivier Gourinchas

Uncertainty and International Banking
Claudia Buch (Deutsche Bundesbank), Manuel Buchholz (Halle Institute for Economic Research), and Lena Tonzer (European University Institute)
Discussant: Manu de Veirman (De Nederlandsche Bank)

Financial Integration and Financial Instability
Dmitriy Sergeyev (Bocconi University)
Discussant: Ashoka Mody (Princeton University)

12:15 ~ 1:45 pm
***Lunch Break***
2:00 ~ 3:30 pm

Session 6: Policy Perspectives on Bank Structure and International Bank Flows

Chair: Neeltje van Horen

International Evidence on Bank Funding Profiles and Performance: Are Banks "Overbanked"?
Jose A. Lopez (Federal Reserve Bank of San Francisco) and Mark M. Spiegel (Federal Reserve Bank of San Francisco)
Discussant: Carolina Villegas Sanchez (ESADE Business School)

Global Liquidity and Drivers of Cross-border Bank Flows
Stijn Claessens (IMF), Eugenio Cerutti (IMF), and Lev Ratnovski (IMF)
Discussant: Anastasia Kartasheva (Bank for International Settlements)