Bank Funding, Markets, Instruments and Implications for Corporate Lending and the Real Economy

October 8 - 9, 2012
10:30a.m. Registration and coffee
11:05 a.m. Opening of the conference
11:15 a.m. Session 1
Intermediary leverage cycles and financial stability

Tobias Adrian and Nina Boyarchenko, Federal Reserve Bank of New York

Discussant: Frank Smets, European Central Bank
12:00 noon Lunch
1:00 p.m. Keynote speech
Banking at the crossroads: Instability in institutions and funding structures

Arnoud Boot, University of Amsterdam

1.50 p.m Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding: Evidence from a euro-area banking system
Massilimiano Affinito, Bank of Italy

Discussant: Falko Fecht, Frankfurt School of Finance
2.40 p.m. The US dollar funding premium of global banks
Warren Hrung and Asani Sarkar, Federal Reserve Bank of New York

Discussant: Charlotte Ostergaard, BI-Norwegian Business School
3:25 p.m. Coffee
Session 3
Chair: Benjamin Sahel, European Central Bank
4:00 p.m. Haircuts and relationships
Charles-Henri Weymuller, Harvard University

Discussant: David Skeie, Federal Reserve Bank of New York
4:50 p.m. A theory of bank liquidity requirements
Charles Calomiris, Columbia University; Florian Heider and Marie Hoerova, European Central Bank

Discussant: Enrico Perotti, University of Amsterdam
7:30 p.m. Dinner
Hotel Intercontinental
Wilhelm-Leuschner-Strasse 43
60329 Frankfurt am Main

Keynote speech: Why the euro needs a banking union
Benoît Coeuré, Executive Board, European Central Bank
Tuesday, October 9 2012
8:00 a.m. Coffee
Session 4
Chair: Philipp Hartmann, European Central Bank
8:30 a.m. Complex securities and reputation: Do reputable underwriters produce better securities?
John Griffin, Richard Lowery and Alessio Saretto, University of Texas

Discussant: Ugo Albertazzi, Bank of Italy
9:00 a.m. Access to funding by European banks and the financial crisis
Gonzalo Camba-Mendez, European Central Bank,
Santiago Carbo-Valverde, Bangor University and
Diego Rodriguez-Palenzuela, European Central Bank

Discussant: Steven Ongena, Tilburg University
9:30 a.m. Bank cost of equity, leverage and the business cycle
Kostas Tsatsaronis and Jing Yang, Bank for International Settlements
Discussant: Carmelo Salleo, European Central Bank
10:00 a.m. Joint discussion and open comments
Kostas Tsatsaronis and Jing Yang, Bank for International Settlements
Discussant: Carmelo Salleo, European Central Bank
10:50 a.m. Coffee break
11:15 a.m. Policy session
Chair: Ulrich Bindseil
Andrew Sheets, Morgan Stanley
Tobias Adrian, Federal Reserve Bank of New York
Philippe Bodereau, Pimco
Martin Hellwig, Professor of Economics, University of Bonn
12:45 p.m. Closure of the conference
Steven Ongena and David Marqués-Ibañez, European Central Bank
12:50 p.m. Lunch
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