4th CEMLA/Dallas Fed Financial Stability Workshop
The Center for Latin American Monetary Studies (CEMLA) and the Federal Reserve Bank of Dallas are hosting the 4th Financial Stability Workshop on Nov. 24–25, 2025, 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 12:30 p.m. | Closing remarks |
| Enrique Martínez García, Federal Reserve Bank of Dallas Gustavo Leyva, CEMLA |
|
When
- November 24–25, 2025
Where
- Federal Reserve Bank of Dallas, San Antonio Branch
402 Dwyer Ave.
San Antonio, TX 78204
Call for papers
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
Convocatoria de trabajos
El Centro de Estudios Monetarios Latinoamericanos (CEMLA) y la Reserva Federal de Dallas invitan al envío de trabajos para su 4.º Taller sobre Estabilidad Financiera, que se celebrará los días 24 y 25 de noviembre de 2025 en la sucursal de San Antonio de la Fed de Dallas.
Se aceptarán contribuciones teóricas y empíricas que aborden la interacción entre intermediación financiera, banca y estabilidad financiera. Las temáticas incluyen, aunque no se limitan a:
- Política monetaria y estabilidad financiera: interacciones y paradojas.
- Efectos de contagio financiero global y el papel del dólar estadounidense.
- Política macroprudencial: diseño, mecanismos de transmisión y aplicaciones al sector inmobiliario y otros ámbitos.
- Intermediación financiera no bancaria, liquidez de mercado y vulnerabilidades de financiación.
- Nuevos riesgos macrofinancieros y la transformación digital de las finanzas.
CEMLA también invita al envío de trabajos para una sesión especial patrocinada, dedicada a investigaciones relevantes para América Latina y el Caribe. Los autores que indiquen su interés por esta modalidad de doble vía podrán optar a publicar en el Latin American Journal of Central Banking y recibir financiación para asistir al taller.
No hay tasas de inscripción ni de envío; sin embargo, se espera que los participantes cubran sus propios gastos de viaje. Cada trabajo aceptado será asignado a un comentarista invitado.
Puede consultarse información sobre ediciones anteriores del taller en el siguiente enlace.
Política de difusión: Los trabajos seleccionados y las presentaciones estarán disponibles en la página web del evento y podrán ser retransmitidos en directo o grabados para su difusión pública (por ejemplo, a través de YouTube). Estos materiales no serán publicados formalmente en ninguna revista ni actas del congreso.
Cuándo
- 24-25 de noviembre de 2025
Lugar del evento
- Sucursal de San Antonio de la Fed de Dallas
402 Dwyer Ave.
San Antonio, TX 78204, EE.UU.
Conferencia magistral
- Itay Goldstein, Wharton School, University of Pennsylvania
Fechas importantes
- 18 de julio de 2025: Fecha límite de envío. Por favor, enviar los trabajos a: fsworkshop@cemla.org, indicando en el asunto: “Submission — FSW”.
- Agosto de 2025: Notificación de aceptación a los autores.
Comité científico
- 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, Fed de Nueva York
- Ricardo Correa, Federal Reserve Board
- Mariela Dal Borgo, Banco de México
- Scott Davis, Fed de Dallas
- Ralph De Haas, European Bank for Reconstruction and Development
- Filippo De Marco, Bocconi University
- Paul Fontanier, Yale School of Management
- Emilia Garcia-Appendini, Universidad de St. Gallen
- Björn Imbierowicz, Deutsche Bundesbank
- Gabriel Jiménez, Banco de España
- Thomas Lambert, Rotterdam School of Management, Erasmus University
- David Marqués-Ibáñez, Banco Central Europeo
- David Martinez-Miera, Universidad Carlos III de Madrid
- Natalya Martynova, Deutsche Bundesbank
- Ralf Meisenzahl, Fed de Chicago
- Camelia Minoiu, Fed de 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, Universidad de Luxemburgo
- Andrea Presbitero, International Monetary Fund
- Kasper Roszbach, Norges Bank
- Farzad Saidi, Universidad de Bonn
- Manuel Santos, Universidad de Miami
- Glenn Schepens, Banco Central Europeo
- Leslie Shen, Fed de Boston
- Elizaveta Sizova, Norwegian School of Economics
- Lena Tonzer, Universidad de Leipzig y Halle Institute for Economic Research (IWH)
- Nitzan Tzur-Ilan, Fed de 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
Coordinadores del programa
- Enrique Martínez García, Fed de Dallas
- Peter Karlström, CEMLA
- Matias Ossandon Busch, CEMLA
For more information
Contact Enrique Martínez García at enrique.martinez-garcia@dal.frb.org.