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The Financial System Five Years from Now

Financial System Five Years from Now

Date: March 23, 2012

Time: 2:00 to 5:30 pm

Venue: IMF Headquarters, Meeting Halls A&B
HQ1-3-500
700, 19th St N.W., Washington, D.C.

The financial crisis has made clear that almost everyone – academics, policymakers and practitioners alike – had a limited understanding of the true complexity and risks in modern financial systems. Financial policy was far behind the curve, with large regulatory and supervisory deficiencies.

Ongoing regulatory changes – including international capital and liquidity requirements, and national restrictions on bank activities (such as Volcker and Vickers rules) – aim to address some glaring gaps. But are these reforms enough? And what is the end game? How should the future global financial system be shaped for it to be safe, yet efficient and supportive of economic growth?

The conference on “The Financial System Five Years from Now” will address these questions by focusing on two crucial issues. One is the optimal shape of banking systems – size, concentration, scope of activities. Another is the approach to ‘shadow banking’: banking-type activities outside the traditional banking system. These issues will be discussed in two panels, with participants offering academic, regulatory and private sector perspectives.

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


The Financial System Five Years from Now
Friday, March 23, 2012
2–3:30 pm

STRUCTURAL CHALLENGES IN BANKING

The session will focus on unresolved issues in bank regulation, such as the problems of size, scope of activities, concentration, internationalization, and resolution of financial institutions.

Chair: José Viñals (Financial Counsellor and Director, Monetary and Capital Markets Department, IMF)

Arnoud Boot – University of Amsterdam "Banking in flux, Do we know what to do?"

Michael Barr – University of Michigan (former Assistant Secretary for Financial Institutions, U.S. Treasury) "Challenges in Financial Reform"

Paul Wright – Senior Director for Regulatory Affairs, Institute for International Finance "Structural Challenges in Banking"

3:30-4:00 pm

Coffee Break


4–5:30 pm

SHADOW BANKING

The session will address the economic role and functioning of the shadow banking system, interlinkages with traditional banks, systemic risks, and regulatory challenges.

Chair: Olivier Blanchard (Economic Counsellor and Director, Research Department, IMF)

Andrei Shleifer – Harvard University "A Model of Shadow Banking"

Daniel Tarullo – Member of the Board of Governors, Federal Reserve System

Willem Buiter – Chief Economist, Citigroup

The spring conference on macro-financial issues is part of an annual series organized by the IMF Research Department. Conference organizers: Stijn Claessens, Luc Laeven and Lev Ratnovski. The event is open to members of academia and policy institutions.

For More Information

For more informationa bout this Conference, Email: Helen Hwang