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IMF Seminars, January 1, 1901

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Bibliographic details

• Published: January 1, 1901

Conference 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.
• Purpose: to convene leading academics and senior policy-makers for intensive dialogue on the implications of financial interconnectedness for systemic risk and financial stability and to strengthen resilience to spillovers while identifying areas where more research is needed to support policy.
• Attendance: by invitation only (interconconf@imf.org). Invited attendees are required to present photo identification on entering the IMF at 1900 Pennsylvania Avenue, N.W., Washington D.C.
• Timing: 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.

Rationale and themes

• Financial interconnectedness defined as direct and indirect exposures from various asset markets and players; includes interbank exposures, securities, and state-contingent exposures.
• Core concerns:
  • Systemic risk arising from linkages whereby failure or distress of one or more entities can produce negative spillovers throughout the financial system and the real sector, domestically and across borders.
  • The need for better understanding of how interconnectedness contributes to systemic importance and macroeconomic instability.
  • Development of new models and tools by regulators and supervisory authorities to analyze interconnectedness and implications for systemic stability.
• Conference aim: foster information-sharing and coordination between academic and policy communities to influence research directions relevant to policy.

Conference logistics and program structure

• Venue: IMF HQ2 Conference Hall 1, Washington, D.C.
• Dates: May 8-9, 2014.
• Format highlights:
  • Opening remarks and keynote address.
  • Multiple thematic sessions with presented papers and designated discussants.
  • Reception/Dinner (by invitation).
  • Closing high-level panel chaired by José Viñals.

Key sessions, papers, presenters, and discussants

• Opening remarks
  • Olivier Blanchard (Economic Counsellor and Director, Research Department, IMF)
• Keynote
  • 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)

• Session 5: 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)

Conference organizers and contact

• Organizers:
  • Stefano Battiston (University of Zürich)
  • Co-Pierre Georg (Deutsche Bundesbank)
  • Brenda Gonzalez-Hermosillo (IMF)
  • Camelia Minoiu (IMF)
• Contact for attendance interest: interconconf@imf.org

Content in this bundle

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