VII Annual Seminar on Risk, Financial Stability and Banking

        August 9-10, 2012
        São Paulo
Thursday, August 9
08:30 a.m. Registration and coffee
08:45 a.m. Welcoming Remarks
Benjamin Miranda Tabak, Banco Central do Brasil
Iftekhar Hasan, Fordham University
09:00 a.m. Session I
Chair: Silvio Michael de Azevedo Costa, Banco Central do Brasil

Xin Yan (Research Institute of Comprehensive Economics), Lawrence R. Klein (University of Pennsylvania), Viktoria Dalko (Harvard University), Ferenc Gyurcsány (Hungarian Parliament) and Michael H. Wang (Research Institute of Comprehensive Economics)
Does Monopoly Exist in the Stock Market? Detection and Prevention of Trade-Based Market Manipulation (PDF - 314KB - English)

Chen Zhou (De Nederlandsche Bank)
Why Micro-Prudential Regulations Fail? (PDF - 169KB - English)

Cagri Akkoyun, Yavuz Arslan, Fatih Fazilet and Necati Tekatli (Central Bank of the Republic of Turkey)
Dynamic Rare Disasters, Risk Sharing and Cross-Country Portfolio Holdings (PDF - 185KB - English)

10:20 a.m. Coffee break
10:40 a.m. Session II
Chair: Angelo Fasolo, Banco Central do Brasil

Charles M. Kahn (University of Illinois Urbana-Champaign) and Wolf Wagner (Tilburg University)
Sources of Liquidity and Liquidity Shortages (PDF - 234KB - English)

Cesar Calderon (The World Bank) and Klaus Schaeck (Bangor Business School)
Bank Bailouts, Competitive Distortions, and Consumer Welfare (PDF - 747KB - English)

Isabelle Distinguin (University of Limoges), Caroline Roulet (University of Limoges) and Amine Tarazi (University of Limoges)
Bank Regulatory Capital Buffer and Liquidity: Evidence from U.S. and European Publicly Traded Banks (PDF - 394KB - English)

12:00 p.m. Lunch break
02:00 p.m. Session III
Chair: João Barata, Banco Central do Brasil

Kose John (New York University), Vinay B. Nair (Ada Investment Management) and Lemma Senbet (University of Maryland)
Law, Organizational Form, and Taxes: Financial Crisis and Regulating through Incentives (PDF - 314KB - English)

Bill B. Francis (Lally School of Management & Technology) and Delroy M. Hunter (University of South Florida)
Exchange Rate Exposure and the Cost of Debt: Evidence from Bank Loans (PDF - 624KB - English)

G. Gulsun Akin (Bogazici University), Ahmet Faruk Aysan (Central Bank of the Republic of Turkey and Bogazici University), Sebnem Ileri (Bogazici University) and Levent Yildiran (Bogazici University)
Who Bears the Burden of Banking Transformation in Turkey: An Empirical Analysis of Demand, Competition and Welfare Analysis (PDF - 869KB - English)

03:20 p.m. Coffee break
03:40 p.m. Session IV
Chair: Emanuel Kohlscheen, Banco Central do Brasil

Pierre-Richard Agénor (University of Manchester), Koray Alper (Central Bank of the Republic of Turkey) and Luiz Pereira da Silva (Banco Central do Brasil)
Sudden Floods, Macroprudential Regulation and Stability in an Open Economy (PDF - 1317KB - English)

Fernando Díaz (Universidad Diego Portales), Gabriel G. Ramírez (Kennesaw State University) and Kenneth N. Daniels (Virgina Commonwealth University)
Corporate Bond Clawbacks as Contingent Capital for Large Financial Institutions (PDF - 820KB - English)

05:00 p.m. Closing Remarks
Friday, August 10
09:00 a.m. Opening remarks
Carlos Hamilton Araújo, Banco Central do Brasil
Adriana Soares Sales, Banco Central do Brasil
10:00 a.m. Coffee break
10:20 a.m. Panel: Global Imbalances

Moderator: Carlos Hamilton Araújo, Banco Central do Brasil

Jouko Vilmunen, Bank of Finland
Macroeconomic and Financial Stability (PDF - 123KB - English)

Ahmet Faruk Aysan, Bank of the Republic of Turkey
Macroeconomic Stability, Financial Stability and Monetary Policy (PDF - 1495KB - English)

11:20 a.m. Session II: Systemic Risk
Chair: Rodrigo Azevedo, Ibiúna Investimentos

Rodrigo Cesar Miranda, Banco Central do Brasil
Connectivity and Systemic Risk in the Payment System (PDF - 772KB - English)

Kurt Lewis, Federal Reserve Board
Using Policy Intervention to Identify Financial Stress (PDF - 203KB - English)

Clara Machado, Banco de la República de Colombia
Designing an Expert Knowledge-based Systemic Importance Index for Financial Institutions (PDF - 1521KB - English)

12:40 p.m. Lunch
02:30 p.m. Session III: Financial Stability
Chair: Anthero de M. Meirelles, Banco Central do Brasil

Erlend W. Nier, International Monetary Fund
What Caused the Global Financial Crisis? (PDF - 105KB - English)

Waldyr Areosa, Banco Central do Brasil
Some Financial Stability Indicators for Brazil (PDF - 563KB - English)

Benjamin M. Tabak, Banco Central do Brasil
The Impact of Market Power at Bank Level in Risk-taking: the Brazilian Case (PDF - 655KB - English)

03:50 p.m. Coffee break
02:30 p.m. Session IV: Reserve Requirements
Chair: Adriana Soares Sales, Banco Central do Brasil

Leonardo Soriano de Alencar, Banco Central do Brasil
Reserve Requirements as an Instrument of Economic Policy (PDF - 348KB - English)

Christian Glocker, Austrian Institute of Economic Research
The Macroeconomic Effects of Reserve Requirements (PDF - 574KB - English)

05:10 p.m. Closing Remarks
Carlos Hamilton Araújo, Banco Central do Brasil