Capital Flows, Systemic Risk and Policy Responses

Alþjóðleg ráðstefna um fjármagnsflæði, kerfisáhættu og stefnuviðbrögð var haldin á hótel Hilton Reykjavík Nordica og í tónlistar- og ráðstefnuhúsinu Hörpu í Reykjavík dagana 28. og 29. apríl 2016. Ráðstefnuhaldarar voru Seðlabanki Íslands, Alþjóðagjaldeyrissjóðurinn og London School of Economics. Már Guðmundsson seðlabankastjóri flutti opnunarávarp og aðalræðumenn á ráðstefnunni voru Maurice Obstfeld frá Alþjóðagjaldeyrissjóðnum og Stijn Claessens frá Seðlabanka Bandaríkjanna.

 

Programme     
 

Már Guðmundsson (Governor Central Bank of Iceland)
Opening remarks

 

Stijn Claessens (Board of Governors of the Federal Reserve System)
Keynote Address: Macroprudential, Monetary and Capital Flows Management Policies and Their Interactions 

 

SESSION #1 Policy Responses: Implementation of Macroprudential Policies

Jeffrey M. Chwieroth (London School of Economics):
The Political Economy of Leaning Against the Wind: Preliminary Results

Gurnain Pasricha (Bank of Canada):
Motivations for Capital Controls and Their Effectiveness

Sebastian Krug (Kiel University):
The Interaction between Monetary and Macroprudential Policy, paper

Discussion led by Sigríður Benediktsdóttir (CBI)

 

SESSION #2 Policy Responses: Policy Responses: Implementation of Macroprudential Policies

Fatih Altunok (Central Bank of Turkey):
Credit Growth and Reserve Requirements as a Macro-prudential Policy: Evidence from Loan-Level Data

Dennis Reinhardt (Bank of England):
Regulatory Arbitrage in Action: Evidence from Banking Flows and Macroprudential Policypaper, paper

Sebnem Kalemli-Ozcan (University of Maryland):
International Spillovers and Local Credit Cycles: What do firm-bank-loan level data tell us?

Discussion led by Ásgeir Jónsson (University of Iceland)

 

SESSION #3 Capital Flows and Policy Responses

Rodrigo Cifuentes (Central Bank of Chile):
Facing Volatile Capital Flows: The Role of Exchange Rate Flexibility and Foreign Assets

Damiano Sandri (IMF):
Capital Controls or Macroprudential Regulation?, paper

John Beirne (European Central Bank):
Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities, paper

Discussion led by Charles Goodhart (Systemic Risk Centre, FMG, LSE)

 

SESSION #4 Capital Flows and Financial Stability

Stephanie Curcuru (Board of Governors of the Federal Reserve System):
International Capital Flows and Unconventional Monetary Policy

Deniz Igan (IMF):
Capital Inflows, Credit Growth, and Financial Systems, paper

Teodora Paligorova (Bank of Canada):
Cross-Border Bank Flows and Monetary Policy

Discussion led by Luis Catão (IMF)

 

Jon Danielsson (Systemic Risk Center, LSE):
Financial Policy in Highly Volatile Economies

 

Þorvarður Tjörvi Ólafsson (CBI):
Capital Flows and Policy Responses in Iceland, paper

 

Conference video:

Keynote address:
Maurice Obstfeld (IMF) Trilemmas and trade-offs: living with financial globalisation

Policy panel:
Karnit Flug (Central Bank of Israel
Már Guðmundsson (Central Bank of Iceland)
Turalay Kenç (Central Bank of Turkey)
Luiz A. Pereira da Silva (BIS)
Carmen Reinhart (Harvard Kennedy School)