## $name _IMF Seminars, January 1, 1901_ ## Source details **Canonical URL:** [$name](https://www.imf.org/es/news/seminars/conferences/2016/12/31/interconnectedness-building-bridges-between-research-and-policy) ## Other formats - [Markdown version](/es/news/seminars/conferences/2016/12/31/interconnectedness-building-bridges-between-research-and-policy/index.md) - [Structured JSON version](/es/news/seminars/conferences/2016/12/31/interconnectedness-building-bridges-between-research-and-policy/index.json) - [Bundle manifest](/es/news/seminars/conferences/2016/12/31/interconnectedness-building-bridges-between-research-and-policy/bundle-manifest.json) ## 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)](/-/media/websites/imf/imported-events/external/np/seminars/eng/2014/interconnect/pdf/_agendapdf.pdf){rel="external" type="application/pdf"} - [Barlevypdf (PDF)](/-/media/websites/imf/imported-events/external/np/seminars/eng/2014/interconnect/pdf/_barlevypdf.pdf){rel="external" type="application/pdf"} - [Farboodipdf (PDF)](/-/media/websites/imf/imported-events/external/np/seminars/eng/2014/interconnect/pdf/_farboodipdf.pdf){rel="external" type="application/pdf"} - [Gofmanpdf (PDF)](/-/media/websites/imf/imported-events/external/np/seminars/eng/2014/interconnect/pdf/_gofmanpdf.pdf){rel="external" type="application/pdf"} - [Swedenpdf (PDF)](/-/media/websites/imf/imported-events/external/np/seminars/eng/2014/interconnect/pdf/_swedenpdf.pdf){rel="external" type="application/pdf"} - [Indexpdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/irb/2014/01/_indexpdf.pdf){rel="external" type="application/pdf"} - [Wp13199pdf (PDF)](/-/media/websites/imf/imported-events/external/pubs/ft/wp/2013/_wp13199pdf.pdf){rel="external" type="application/pdf"} --- _Source: https://www.imf.org/es/news/seminars/conferences/2016/12/31/interconnectedness-building-bridges-between-research-and-policy_