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 | RemarksManuel 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? From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending |
| 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 |
| 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 The effect of monetary policy on systemic bank funding stability |
| 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 Synthetic dollar funding |
| 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 Financial stability implications of generative AI: Taming the animal spirits |
| 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? Macroprudential policy and housing wealth inequality: Evidence from the Euro area U.K. housing market connectivity and the transmission of monetary policy Dynamic balance sheet simulation and credit default prediction: A stress test model for Colombian firms |
| 12:30 p.m. | Closing remarks Enrique Martínez GarcíaGustavo Leyva |
The Center for Latin American Monetary Studies (CEMLA) and the Federal Reserve Bank of Dallas invite theoretical and empirical submissions focusing on the interplay between financial intermediation, banking and financial stability. Submissions may address, but are not limited to, the following topics:
- Monetary policy and financial stability: Interactions and trade-offs.
- Global financial spillovers and the role of the U.S. dollar.
- Macroprudential policy: Design, transmission and applications to housing and beyond.
- Non-bank financial intermediation, market liquidity and funding fragilities.
- Emerging macro-financial risks and the digital transformation of finance.
CEMLA invites submissions for a special sponsored session dedicated to discussing outstanding research relevant for Latin America and the Caribbean. Authors indicating a preference for a dual-track submission will have publication opportunities in the Latin American Journal of Central Banking and funding to support their participation in the workshop.
There are no registration or submission fees; however, participants are expected to cover their travel expenses. Each accepted paper will be paired with an invited discussant.
Materials from the previous workshop can be viewed online.
Dissemination policy: Selected papers and presentations will be made available on the conference website and may be livestreamed or recorded for public dissemination (e.g., via YouTube). These materials will not be formally published in any journal or conference proceedings.
Important dates
Submit papers to fsworkshop@cemla.org with subject line “Submission — FSW” by July 18, 2025. Authors of accepted papers will be notified in August 2025.
Keynote speaker
- Itay Goldstein, Wharton School, University of Pennsylvania
Scientific committee
- Jennie Bai, Georgetown University
- Christoph Bertsch, Sveriges Riksbank
- Diana Bonfim, Banco de Portugal
- Valentina Bruno, American University
- Mauricio Calani, Banco Central de Chile
- Nicola Cetorelli, Federal Reserve Bank of New York
- Ricardo Correa, Federal Reserve Board
- Mariela Dal Borgo, Banco de México
- Scott Davis, Federal Reserve Bank of Dallas
- Ralph De Haas, European Bank for Reconstruction and Development
- Filippo De Marco, Bocconi University
- Paul Fontanier, Yale School of Management
- Emilia Garcia-Appendini, University of St. Gallen
- Björn Imbierowicz, Deutsche Bundesbank
- Gabriel Jiménez, Banco de España
- Thomas Lambert, Rotterdam School of Management, Erasmus University
- David Marqués-Ibáñez, European Central Bank
- David Martinez-Miera, Universidad Carlos III de Madrid
- Natalya Martynova, Deutsche Bundesbank
- Ralf Meisenzahl, Federal Reserve Bank of Chicago
- Camelia Minoiu, Federal Reserve Bank of Atlanta
- Emanuel Moench, Frankfurt School
- Carola Müller, Bank for International Settlements
- Karsten Müller, NUS Singapore
- Lars Norden, Getulio Vargas Foundation
- Galo Nuño, Banco de España
- Efthymios Pavlidis, Lancaster University
- Diane Pierret, University of Luxembourg
- Andrea Presbitero, International Monetary Fund
- Kasper Roszbach, Norges Bank
- Farzad Saidi, University of Bonn
- Manuel Santos, University of Miami
- Glenn Schepens, European Central Bank
- Leslie Shen, Federal Reserve Bank of Boston
- Elizaveta Sizova, Norwegian School of Economics
- Lena Tonzer, Leipzig University and Halle Institute for Economic Research (IWH)
- Nitzan Tzur-Ilan, Federal Reserve Bank of Dallas
- Alexander Ufier, Federal Deposit Insurance Corporation
- Ali Uppal, Imperial College London
- Bernardus van Doornik, Banco Central do Brasil
- Emil Verner, Massachusetts Institute of Technology
Program co-chairs
- Enrique Martínez García, Federal Reserve Bank of Dallas
- Peter Karlström, CEMLA
- Matias Ossandon Busch, CEMLA
For more information
Contact Enrique Martínez García.