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IMF Seminars, January 1, 1901

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Bibliographic details

• Published: January 1, 1901

Overview and purpose

• 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.
• Objective: provide a forum for information-sharing and coordination between academics and policymakers to strengthen resilience to spillovers and identify areas where more research is needed to support policy.
• Rationale: The global financial crisis highlighted the need to better understand financial interconnectedness — direct and indirect exposures across asset markets and players — as a source of systemic risk and macroeconomic instability.
• Emphasis: interconnectedness beyond interbank exposures, including securities and state-contingent exposures, and how failures or distress can create domestic and cross-border negative spillovers.

Timing, attendance, and logistics

• Dates and times:
  • Conference start: Thursday, May 8 at 9:00 a.m.
  • Conference conclusion: Friday, May 9 at 2:00 p.m., ending with a high-level panel discussion followed by lunch.
• Venue: IMF HQ2 Conference Hall 1, Washington, D.C.
• Attendance: by invitation only; interested parties were instructed to email interconconf@imf.org, with note that capacity constraints meant not all requests could be accommodated.
• Security requirement: invited attendees were required to present photo identification to enter the IMF at 1900 Pennsylvania Avenue, N.W., Washington D.C.

Thematic sessions and research agenda

• Conference theme: implications of financial interconnectedness for systemic risk and financial stability, and links between network research and policy tools.
• Key session topics and selected papers/authors:
  • Interbank and OTC market networks:
  • "Trading Partners in the Interbank Lending Market" — Gara Afonso (NY Fed), Anna Kovner* (NY Fed), Antoinette Schoar (MIT); Discussant: Peter Hoffmann (ECB).
  • "A Network View on Interbank Liquidity" — Silvia Gabrieli (Banque de France) and Co-Pierre Georg* (Deutsche Bundesbank); Discussant: Robin Lumsdaine (American University).
  • "EffIciency and Stability of a Financial Architecture with Too-Interconnected-to-Fail Institutions" — Michael Gofman* (Wisconsin); Discussant: Mila Gemansky Sherman (UMass Amherst).
  • Welfare and contagion in networks:
  • "Mandatory Disclosure and Financial Contagion" — Fernando Alvarez (Chicago) and Gadi Barlevy* (Chicago Fed); Discussant: Tariq Roukny (Université Libre de Bruxelles).
  • "Intermediation in Networks" — Mihai Manea* (MIT); Discussant: Fernando Vega-Redondo (Bocconi).
  • "Bilateral Trading in Networks" — Daniele Condorelli* (Essex) and Andrea Galeotti (Essex); Discussant: Ben Craig (Deutsche Bundesbank).
  • Systemic risk and contagion analysis:
  • "Intermediation and Voluntary Exposure to Counterparty Risk" — Maryam Farboodi* (Chicago Booth); Discussant: Livio Stracca (ECB).
  • "Financial Networks and Contagion" — Matthew Elliott (Caltech), Benjamin Golub* (Harvard), Matthew O. Jackson (Stanford); Discussant: Benjamin Tabak (Universidade Catolica de Brasilia and Federal Senate).
  • "How Likely is Contagion in Financial Networks?" — Paul Glasserman (Columbia), H. Peyton Young* (Oxford); Discussant: Brenda González-Hermosillo (IMF, Monetary and Capital Markets Department).
  • Policy-focused sessions:
  • "Addressing Interconnectedness: Concepts and Prudential Tools" — Nicolas Arregui, Mohamed Norat, Antonio Pancorbo, Jodi Scarlata (IMF); Presenter: Mohamed Norat (IMF, Monetary and Capital Markets Department).
  • "Sweden and the Global Banking System: Network Links and Vulnerabilities" — Presenter: Eugenio Cerutti (IMF, Research Department).
  • "Crisis Transmission in the Global Banking Network" — Galina Hale (San Francisco Fed), Tümer Kapan (Fannie Mae), Camelia Minoiu (IMF, Research Department); Presenter: Camelia Minoiu (IMF, Research Department).
  • Forward-looking synthesis:
  • "The Present and Future Role of Financial Networks" — Stefano Battiston (University of Zürich), Co-Pierre Georg (Deutsche Bundesbank), Joseph E. Stiglitz (Columbia University and INET); Presenter: Stefano Battiston (University of Zürich).

High-level contributions and panels

• Opening remarks by Olivier Blanchard (Economic Counsellor and Director, Research Department, IMF).
• Keynote: Joseph E. Stiglitz (Columbia University and INET) on "Interconnectedness and Financial Stability".
• Closing panel chaired by José Viñals (Financial Counselor and Director, IMF, Monetary and Capital Markets Department) with 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 organization and contributors

• Conference organizers:
  • Stefano Battiston (University of Zürich)
  • Co-Pierre Georg (Deutsche Bundesbank)
  • Brenda Gonzalez-Hermosillo (IMF)
  • Camelia Minoiu (IMF)

Content in this bundle

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