4th CEMLA/Dallas Fed Financial Stability Workshop
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.
| Monday, November 24 | |
| San Antonio | |
| 8:00 a.m. | Registration |
| 9:00 a.m. | Opening session |
| Enrique Martínez García, Federal Reserve Bank of Dallas Manuel Ramos Francia, CEMLA |
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| 9:30 a.m. | Session 1: Non-bank financial intermediation, market liquidity and funding fragilities |
| Chair: Enrique Martínez García, Federal Reserve Bank of Dallas Bank lending to nonbanks: A robust channel fueled by constrained capital? Presenter: Teng Wang, University of Texas at Arlington Co-authors: John Krainer and Farindokht Vaghefi Discussant: Asani Sarkar, Federal Reserve Bank of New York From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending Presenter: Bruno Albuquerque, International Monetary Fund Co-authors: Eugenio Cerutti, Nanyu Chen and Melih Firat Discussant: Sergio Correia, Federal Reserve Bank of Richmond |
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| 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 Co-authors: David Martinez-Miera and Javier Suarez Discussant: Lorenzo Menna, Banco de México The effect of monetary policy on systemic bank funding stability Presenter: Maximilian Grimm, Federal Reserve Board Discussant: Renata Herrerías, Instituto Tecnológico Autónomo de México |
|
| 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 Co-author: Amy W. Huber Discussant: Jens Christensen, Federal Reserve Bank of San Francisco Synthetic dollar funding Presenter: Umang Khetan, University of Iowa Discussant: Maximiliano San Millán, Banco Central de Chile |
|
| 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 Co-authors: Ding Ding, Yiming Ma and Yao Zeng Discussant: Mariela Dal Borgo, Banco de México Financial stability implications of generative AI: Taming the animal spirits Presenter: Anne Lundgaard Hansen, Federal Reserve Bank of Richmond Co-author: Seung Jung Lee Discussant: Haoyang Liu, Federal Reserve Bank of Dallas |
|
| 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 Co-authors: Luis Felipe Céspedes, Tomás Cortés and Alberto Undurraga-Flotts Discussant: Peter Karlström, CEMLA Internal loan ratings, supervision and procyclical leverage Presenter: Pinar Uysal, Federal Reserve Board Co-authors: Stephen A. Karolyi, Lewis W. Gaul and Jonathan Jones Discussant: Anya V. Kleymenova, Federal Reserve Board |
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| 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 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 Co-author: Álvaro Fernández-Gallardo U.K. housing market connectivity and the transmission of monetary policy Presenter: Iván Payá, Universidad de Alicante 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) Co-author: Camilo Gómez |
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| 12:30 p.m. | Closing remarks |
| Enrique Martínez García, Federal Reserve Bank of Dallas Gustavo Leyva, CEMLA |
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For more information
Contact Enrique Martínez García at enrique.martinez-garcia@dal.frb.org.