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IMF Seminars, January 1, 1901

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Bibliographic details

• Published: January 1, 1901

Event overview

• The International Monetary Fund (IMF), in collaboration with the Institute for New Economic Thinking (INET) and the Deutsche Bundesbank, hosted a two-day conference on financial networks at the IMF’s Headquarters in Washington, D.C. on May 8-9, 2014.
• The event brought together leading academics and senior policy-makers for dialogue on the implications of financial interconnectedness for systemic risk and financial stability.
• Conference attendance was by invitation only; interested parties were asked to email interconconf@imf.org (note: capacity constraints meant not all requests could be accommodated).
• The conference started on Thursday, May 8 at 9:00 a.m. and concluded on Friday, May 9 at 2:00 p.m. with a high-level panel discussion followed by lunch.
• Invited attendees were required to present photo identification on entering the IMF at 1900 Pennsylvania Avenue, N.W., Washington D.C.

Motivation and objectives

• Financial interconnectedness refers to direct and indirect exposures from various asset markets and players and can create systemic risk and macroeconomic instability.
• The financial crisis highlighted the need to better understand how interbank exposures, securities, and state-contingent exposures propagate shocks.
• The conference aimed to:
  • Provide a forum for information-sharing and coordination between academic and policy communities.
  • Strengthen the resilience of IMF membership to spillovers.
  • Identify areas where more research is needed to support policy.
• The global financial crisis prompted regulators and supervisory authorities to develop new models and tools for analyzing interconnectedness and its implications for systemic stability.

Agenda and research themes (May 8-9, 2014; IMF HQ2 Conference Hall 1, Washington, D.C.)

• Opening remarks and keynote:
  • Olivier Blanchard (Economic Counsellor and Director, Research Department, IMF) — Opening Remarks.
  • Joseph E. Stiglitz (Columbia University and INET) — Interconnectedness and Financial Stability.
• Session 1: Financial Networks in OTC and Interbank Markets
  • Chair: Ben Craig (Deutsche Bundesbank).
  • Paper: Trading Partners in the Interbank Lending Market — Authors: Gara Afonso (NY Fed), Anna Kovner* (NY Fed), Antoinette Schoar (MIT). Discussant: Peter Hoffmann (ECB).
• Session 2: Financial Networks in OTC and Interbank Markets
  • Chair: Stijn Claessens (IMF, Research Department).
  • Paper: A Network View on Interbank Liquidity — Authors: Silvia Gabrieli (Banque de France) and Co-Pierre Georg* (Deutsche Bundesbank). Discussant: Robin Lumsdaine (American University).
  • Paper: EffIciency and Stability of a Financial Architecture with Too-Interconnected-to-Fail Institutions — Author: Michael Gofman* (Wisconsin). Discussant: Mila Gemansky Sherman (UMass Amherst).
• Session 3: Welfare Implications of Financial Networks
  • Chair: Giovanni Dell’Ariccia (IMF, Research Department).
  • Paper: Mandatory Disclosure and Financial Contagion — Authors: Fernando Alvarez (Chicago) and Gadi Barlevy* (Chicago Fed). Discussant: Tariq Roukny (Université Libre de Bruxelles).
  • Paper: Intermediation in Networks — Author: Mihai Manea* (MIT). Discussant: Fernando Vega-Redondo (Bocconi).
  • Paper: Bilateral Trading in Networks — Authors: Daniele Condorelli* (Essex) and Andrea Galeotti (Essex). Discussant: Ben Craig (Deutsche Bundesbank).
• Session 4: Financial Networks and Systemic Risk
  • Chair: Ratna Sahay (IMF, Monetary and Capital Markets Department).
  • Paper: Intermediation and Voluntary Exposure to Counterparty Risk — Author: Maryam Farboodi* (Chicago Booth). Discussant: Livio Stracca (ECB).
  • Paper: Financial Networks and Contagion — Authors: Matthew Elliott (Caltech), Benjamin Golub* (Harvard), Matthew O. Jackson (Stanford). Discussant: Benjamin Tabak (Universidade Catolica de Brasilia and Federal Senate).
  • Paper: How Likely is Contagion in Financial Networks? — Authors: Paul Glasserman (Columbia), H. Peyton Young* (Oxford). Discussant: Brenda González-Hermosillo (IMF, Monetary and Capital Markets Department).
  • Reception/Dinner (By invitation, HQ2-02 B-300 G).
• Session 5 (Friday, May 9, 2014): Interconnectedness in Policy Work
  • Chair: Brenda Gonzalez-Hermosillo (IMF, Monetary and Capital Markets Department).
  • Paper: Addressing Interconnectedness: Concepts and Prudential Tools — Authors: Nicolas Arregui, Mohamed Norat, Antonio Pancorbo, Jodi Scarlata (IMF). Presenter: Mohamed Norat (IMF, Monetary and Capital Markets Department).
  • Paper: Sweden and the Global Banking System: Network Links and Vulnerabilities — Presenter: Eugenio Cerutti (IMF, Research Department).
  • Paper: Crisis Transmission in the Global Banking Network — Authors: Galina Hale (San Francisco Fed), Tümer Kapan (Fannie Mae), Camelia Minoiu (IMF, Research Department). Presenter: Camelia Minoiu (IMF, Research Department).
• Session 6: The Present and Future Role of Financial Networks
  • Paper: The Present and Future Role of Financial Networks — Authors: Stefano Battiston (University of Zürich), Co-Pierre Georg (Deutsche Bundesbank), Joseph E. Stiglitz (Columbia University and INET). Presenter: Stefano Battiston (University of Zürich).
• Closing Panel (Chair: José Viñals, Financial Counselor and Director, IMF, Monetary and Capital Markets Department)
  • Panelists: Claudia Buch (Halle Institute for Economic Research); Sujit Kapadia (Bank of England); Nellie Liang (Board of Governors of the Federal Reserve System); Patricia Mosser (Office of Financial Research); Sanjay Sharma (RBC Capital Markets).

Key participants and organizers

• Conference organizers: Stefano Battiston (University of Zürich); Co-Pierre Georg (Deutsche Bundesbank); Brenda Gonzalez-Hermosillo (IMF); Camelia Minoiu (IMF).
• Distinguished presenters and contributors included Olivier Blanchard, Joseph E. Stiglitz, Claudia Buch, Sujit Kapadia, Nellie Liang, Patricia Mosser, and others from academic, central bank, supervisory, and policy institutions.

Content in this bundle

• Agendapdf (PDF)
• Barlevypdf (PDF)
• Farboodipdf (PDF)
• Gofmanpdf (PDF)
• Swedenpdf (PDF)
• Indexpdf (PDF)
• Wp13199pdf (PDF)