{ "title": "IMF and London School of Economics Symposium — “Macroprudential Stress Test and Policies: A Framework”", "publication": "IMF News", "sourceUrl": "https://www.imf.org/en/news/events/2016-imf-lse-symposium-macroprudential-stress-test-and-policies", "canonical": "https://www.imf.org/en/news/events/2016-imf-lse-symposium-macroprudential-stress-test-and-policies", "overlayPath": "/en/news/events/2016-imf-lse-symposium-macroprudential-stress-test-and-policies/index.md", "summary": "Stress testing has become firmly embedded in the postcrisis macroprudential agenda of major financial centers around the world.", "sections": [ { "heading": "Event overview", "content": "- Event title: “Macroprudential Stress Test and Policies: A Framework”\n- Dates: December 15–16, 2016\n- Location: Washington D.C.\n- Organizers: Systemic Risk Centre, London School of Economics; International Monetary Fund\n- Purpose: Stress testing as a core element of the postcrisis macroprudential agenda in major financial centers" }, { "heading": "Project aims", "content": "- Present state-of-the-art macroprudential stress test methodologies, discussing modeling and implementation challenges.\n- Provide a roadmap for future research and practical implementations in stress testing.\n- Guide authorities on the use of Macroprudential Stress Tests (MaPSTs) to support macroprudential tool calibration and policies." }, { "heading": "Agenda structure and session focus", "content": "- Day 1 (December 15, 2016)\n - 8:30am — Registration (IMF HQ2 Conference Hall 1)\n - 9:00am — Opening Remarks; Tao Zhang, Deputy Managing Director, IMF\n - 9:15am — Session One: Report from MCM-LSE Working Group\n - Chair: Jim Morsink, IMF, Deputy Director, Monetary and Capital Markets Department\n - Presenters: Jon Danielsson (LSE) and Miguel Segoviano (IMF)\n - 9:45am — Session Two: Objectives of Macro-Prudential Stress Testing\n - Chair: Robert Macrae, London School of Economics\n - Panelists: Jerome Henry (European Central Bank); Jose Berrospide (Federal Reserve Board)\n - Focus: objectives of MaPST, usefulness for risk measurement and management, gaps in commonly used stress tests, enhancing MaPST effectiveness\n - 10:30am — Coffee Break\n - 11:00am — Session Three: Amplification: Conceptual and Empirical Frameworks\n - Chair: Ron Anderson, London School of Economics\n - Panelists: Rama Cont (Imperial Colleage); Itay Goldstein (University of Pennsylvania); Jon Danielsson (London School of Economics); Adrian Varley (Central Bank of Ireland)\n - Focus: modelling approaches for amplification mechanisms; data and modelling constraints; nonlinear and time-changing contagion; sequencing of modelling and data development\n - 12:30pm — Lunch\n - 2:00pm — Session Four: Implementing Macro-Prudential Stress Testing\n - Chair: Martin Cihak, Advisor, Monetary and Capital Markets Department, IMF\n - Panelists: Hitoshi Mio (Bank of Japan); Amar Radia (Bank of England); Miguel Segoviano (IMF)\n - Focus: frameworks to quantify systemic risk amplification mechanisms and embedding them in MaPST\n - 3:30pm — Coffee Break\n - 4:00pm — Session Five: Linking Macro-Prudential Stress Testing to Marcoprudential Policy\n - Chair: Jon Danielsson, London School of Economics\n - Panelists: Deepak Mohanty (Reserve Bank of India); Alan Elizondo (Banco de México); Pierluigi Bologna (Banca d'Italia)\n - Focus: calibrating macroprudential policy tools based on MaPST; usefulness of quantitative metrics and qualitative information; practical calibration and methodological challenges\n - 5:30pm — Cocktail Reception (IMF HQ2 Atrium)\n\n- Day 2 (Friday, December 16, 2016)\n - 9:00am — Keynote Address by Simon Johnson; Chair: Ratna Sahay, IMF\n - 10:00am — Session Six: Institutional Frameworks, Governance, and Communication\n - Chair: Udabir Das, IMF\n - Panelists: Sergio Nicoletti-Altimari (ECB); Chris Goodspeed (HMT, UK); Willem Heeringa (Dutch National Bank)\n - Focus: institutional factors, governance, accountability safeguards for MaPST; assessment of benefits and costs; communication of MaPST outputs\n - 11:00am — Coffee Break\n - 11:30am — Session Seven: Fitting Macro-Prudential Stress Testing into the Broader Policy Framework\n - Chair: Dong He, IMF\n - Panelists: Alexander Brazier (BoE); Cho Hoi Hui (HKMA); Martin Cihak (IMF); Benjamin Friedrich (EBA)\n - Focus: complementarities and trade-offs between MaPST and micro prudential stress tests (MiPST); consistency when instruments are calibrated with MiPST vs MaPST; weighing information from MiPST and MaPST; interactions with monetary, fiscal, and capital flow management policies when calibrating MaPP instruments\n - 12:30pm — Session Eight: Where do We Go from Here?\n - Chair: Malcolm Knight, London School of Econommics\n - Panelists: Sergio Nicoletti-Altimari (ECB); Alexander Brazier (BoE); Deepak Mohanti (RBI); Alan Elizondo (Banco de Mexico); Cho Hoi Hui (HKMA); Hitoshi Mio (BoJ)\n - Focus: roundtable feedback; identify work agenda going forward; refine the Symposium background paper" }, { "heading": "Key themes, methodological challenges, and policy implications", "content": "- Key themes\n - Embedding MaPSTs in the macroprudential policy toolkit and decision-making process.\n - Modeling and implementation challenges for MaPST, including data gaps, nonlinear and time-varying contagion, and amplification mechanisms.\n - Governance, institutional design, and communication strategies to ensure integrity and usability of MaPST outputs.\n - Interaction and consistency between MaPST and MiPST calibrations, and with monetary, fiscal, and capital flow management policies.\n\n- Methodological challenges highlighted\n - Data limitations constraining implementation of amplification mechanisms.\n - Changing nature of contagion: nonlinearity and time variation.\n - Sequencing of modelling and data development for policymakers to follow.\n\n- Policy implications and recommendations discussed\n - Use MaPST outputs to support calibration of macroprudential policy tools, combining quantitative metrics and qualitative information.\n - Develop institutional frameworks, governance, and accountability safeguards to embed MaPST in policy decision making.\n - Consider complementarities and trade-offs between MaPST and MiPST when calibrating instruments, and account for interactions with other policy areas (monetary, fiscal, capital flow management)." } ], "bullets": [ "Event title: “Macroprudential Stress Test and Policies: A Framework”", "Dates: December 15–16, 2016", "Location: Washington D.C.", "Organizers: Systemic Risk Centre, London School of Economics; International Monetary Fund", "Purpose: Stress testing as a core element of the postcrisis macroprudential agenda in major financial centers", "Present state-of-the-art macroprudential stress test methodologies, discussing modeling and implementation challenges.", "Provide a roadmap for future research and practical implementations in stress testing.", "Guide authorities on the use of Macroprudential Stress Tests (MaPSTs) to support macroprudential tool calibration and policies.", "Day 1 (December 15, 2016)", "Day 2 (Friday, December 16, 2016)", "Key themes", "Methodological challenges highlighted", "Policy implications and recommendations discussed", "**Mcm Lse Bologna Session5**", "**Amplification: conceptual and empirical frameworks**", "**Amplification: Conceptual and Empirical Frameworks**", "**Presentation title**", "**Remarks on fitting macroprudentialstress testing into the broader policy framework**", "**Slide 1**", "**Mcm Lse Segoviano Danielsson Session1**", "**Microsoft PowerPoint - Session4MSFINALPRINT.pptx**", "**Stress Test Issues**", "**Risk amplification mechanisms in the financial system — Rama CONT**", "**Presentación de PowerPoint**" ], "related": [ { "title": "Mcm Lse Bologna Session5", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-bologna_session5.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-bologna_session5.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-bologna_session5.pdf", "mime": "application/pdf" } }, { "title": "Amplification: conceptual and empirical frameworks", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-danielsson_session3.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-danielsson_session3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-danielsson_session3.pdf", "mime": "application/pdf" } }, { "title": "Amplification: Conceptual and Empirical Frameworks", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-goldstein_session3.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-goldstein_session3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-goldstein_session3.pdf", "mime": "application/pdf" } }, { "title": "Presentation title", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-henry_session2.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-henry_session2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-henry_session2.pdf", "mime": "application/pdf" } }, { "title": "Remarks on fitting macroprudentialstress testing into the broader policy framework", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-hui_session7.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-hui_session7.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-hui_session7.pdf", "mime": "application/pdf" } }, { "title": "Slide 1", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-mohanty_session5.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-mohanty_session5.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-mohanty_session5.pdf", "mime": "application/pdf" } }, { "title": "Mcm Lse Segoviano Danielsson Session1", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-segoviano_danielsson_session1.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-segoviano_danielsson_session1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-segoviano_danielsson_session1.pdf", "mime": "application/pdf" } }, { "title": "Microsoft PowerPoint - Session4MSFINALPRINT.pptx", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-segoviano_session4.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-segoviano_session4.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-segoviano_session4.pdf", "mime": "application/pdf" } }, { "title": "Stress Test Issues", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lse-slides-robert-macrae.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lse-slides-robert-macrae.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lse-slides-robert-macrae.pdf", "mime": "application/pdf" } }, { "title": "Risk amplification mechanisms in the financial system — Rama CONT", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lsecont_session3.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lsecont_session3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lsecont_session3.pdf", "mime": "application/pdf" } }, { "title": "Presentación de PowerPoint", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/news/seminars/mcm-lseelizondo_session5.pdf", "summary": { "path": "/-/media/files/news/seminars/mcm-lseelizondo_session5.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/news/seminars/mcm-lseelizondo_session5.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/news/events/2016-imf-lse-symposium-macroprudential-stress-test-and-policies/index.md", "json": "/en/news/events/2016-imf-lse-symposium-macroprudential-stress-test-and-policies/index.json", "bundleManifest": "/en/news/events/2016-imf-lse-symposium-macroprudential-stress-test-and-policies/bundle-manifest.json" }, "generatedAtUtc": "2026-10-01T01:42:12.155Z" }