4th CEMLA/Dallas Fed Financial Stability Workshop

November 24 – 25, 2025

San Antonio

The Center for Latin American Monetary Studies (CEMLA) and the Federal Reserve Bank of Dallas hosted the 4th Financial Stability Workshop at the Dallas Fed's San Antonio Branch.

3rd CEMLA/Dallas Fed/IBEFA Financial Stability Workshop attendees

Monday, November 24
San Antonio
8:00 a.m.	Registration
9:00 a.m.	Opening session Enrique Martínez García, Federal Reserve Bank of Dallas \| Remarks Manuel Ramos Francia, CEMLA
9:30 a.m.	Session 1: Non-bank financial intermediation, market liquidity and funding fragilities Chair: Enrique Martínez García Bank lending to nonbanks: A robust channel fueled by constrained capital? Presenter: Teng Wang, University of Texas at Arlington \| Paper \| Slides Co-authors: John Krainer and Farindokht Vaghefi Discussant: Asani Sarkar, Federal Reserve Bank of New York \| Discussion From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending Presenter: Bruno Albuquerque, International Monetary Fund \| Paper \| Slides Co-authors: Eugenio Cerutti, Nanyu Chen and Melih Firat Discussant: Sergio Correia, Federal Reserve Bank of Richmond \| Discussion
10:50 a.m.	Coffee break
11:20 a.m.	Keynote address Chair: Mark Wynne, Federal Reserve Bank of Dallas Tracing the Sources of Fragility in the Financial System Itay Goldstein, Wharton School, University of Pennsylvania
12:20 p.m.	Lunch break
1:30 p.m.	Session 2: Monetary policy and flnanclal stability: Interactions and trade-offs Chair: Peter Karlström, CEMLA A macroeconomic model of banks' systemic risk taking Presenter: Jorge Abad, Banco de España \| Paper \| Slides Co-authors: David Martinez-Miera and Javier Suarez Discussant: Lorenzo Menna, Banco de México \| Discussion The effect of monetary policy on systemic bank funding stability Presenter: Maximilian Grimm, Federal Reserve Board \| Paper \| Slides Discussant: Renata Herrerías, Instituto Tecnológico Autónomo de México \| Discussion
2:50 p.m.	Coffee break
3:20 p.m.	Session 3: Global financial spillovers and the role of the U.S. dollar Chair: Gustavo Leyva, CEMLA Demand propagation through traded risk factors Presenter: Yu An, Johns Hopkins Carey Business School \| Paper \| Slides Co-author: Amy W. Huber Discussant: Jens Christensen, Federal Reserve Bank of San Francisco \| Discussion Synthetic dollar funding Presenter: Umang Khetan, University of Iowa \| Paper \| Slides Discussant: Maximiliano San Millán, Banco Central de Chile \| Discussion
4:40 p.m.	Coffee break
5:10 p.m.	Session 4: Emerging macro-financial risks and the digital transformation of finance Chair: Gerardo Hernández del Valle, CEMLA The effect of instant payments on the banking system: Liquidity transformation and risk-taking Presenter: Rodrigo Gonzalez, Banco Central do Brasil \| Paper \| Slides Co-authors: Ding Ding, Yiming Ma and Yao Zeng Discussant: Mariela Dal Borgo, Banco de México \| Discussion Financial stability implications of generative AI: Taming the animal spirits Presenter: Anne Lundgaard Hansen, Federal Reserve Bank of Richmond \| Paper \| Slides Co-author: Seung Jung Lee Discussant: Haoyang Liu, Federal Reserve Bank of Dallas \| Discussion

Tuesday, November 25
San Antonio
8:30 a.m.	Registration
9:00 a.m.	Session 5: Macroprudential policy: Design, transmission and applications
	Chair: Nelson Ramírez Rondán, CEMLA The capital constraints channel of collateral eligibility: Evidence from a credit support exit policy Presenter: Patricio Toro, Banco Central de Chile \| Paper \| Slides Co-authors: Luis Felipe Céspedes, Tomás Cortés and Alberto Undurraga-Flotts Discussant: Peter Karlström \| Discussion Internal loan ratings, supervision and procyclical leverage Presenter: Pinar Uysal, Federal Reserve Board \| Paper \| Slides Co-authors: Stephen A. Karolyi, Lewis W. Gaul and Jonathan Jones Discussant: Anya V. Kleymenova, Federal Reserve Board \| Discussion
10:20 a.m.	Coffee break
10:50 a.m.	Session 6: Housing market dynamics and credit risk Chair: Luis Torres, Federal Reserve Bank of Dallas Is there a puzzle in underwater mortgage default? Presenter: David Zhang, Rice University \| Paper \| Slides Co-authors: Lara Loewenstein, Paul Willen and Yuxi Yao Macroprudential policy and housing wealth inequality: Evidence from the Euro area Presenter: Alberto Pérez-Bernabeu, Universided de Alicante \| Paper \| Slides Co-author: Álvaro Fernández-Gallardo U.K. housing market connectivity and the transmission of monetary policy Presenter: Iván Payá, Universidad de Alicante \| Slides Co-author: Alberto Pérez-Bernabeu Dynamic balance sheet simulation and credit default prediction: A stress test model for Colombian firms Presenter: Diego Fernando Cuesta-Mora, Banco de la República (Colombia) \| Paper \| Slides Co-author: Camilo Gómez
12:30 p.m.	Closing remarks Enrique Martínez García Gustavo Leyva

For more information

Contact Enrique Martínez García.