- The roles of the U.S. dollar in global payment systems and international financial transactions, addressing how evolving and new payment systems impact cross-border transactions, the speed of flows, and dollar funding liquidity.
- With an increased role of tokenization and new ways to make payments, research that informs emerging frictions that could change U.S. dollar usage, dollar credit conditions and dollar financial markets functioning.
- The role of the U.S. dollar as a safe-haven currency: As geopolitical risks increase, work on the liquidity and safe-haven status of U.S. dollar-denominated securities, and on the implications of new payment technologies and digital assets for this status.
- The policy toolkit and roles of the U.S. dollar: How monetary policy regimes, central bank dollar facilities, prudential regulations, and capital flow management tools engage with the U.S. dollar's roles in international trade and finance and as a reserve currency.
- Financial institutions and financial markets: U.S. dollar activities and evolving roles of bank and nonbank financial institutions in international financial markets, including in funding markets, foreign exchange derivatives and offshore financial centers.
May 20-21, 2024
Washington, D.C.
This event is in-person, and attendance is by invitation only.
The event is open to the media and on the record. Media who wish to attend should contact media@frb.gov.
Monday, May 20, 2024 |
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8:30am | Registration and Continental Breakfast |
9:00am | Welcoming Remarks Chair: Beth Anne Wilson (Federal Reserve Board) Christopher J. Waller, Governor, Federal Reserve Board |
9:20am | Session 1: Global Investors Session Chair: Alain Chaboud (Federal Reserve Board) Which Exchange Rate Matters to Global Investors? Presenter: Kristy Jansen (University of Southern California Marshall) Discussant: Alexandra Tabova (Federal Reserve Board) |
10:10am | Coffee Break |
10:30am | Session 2: Geoeconomics and the U.S. dollar Session Chair: Juan M. Londono (Federal Reserve Board) The Dollar in an Era of International Retrenchment Presenter: Ryan Chahrour (Cornell University) Discussant: Chris Clayton (Yale University) |
11:20am | Drivers of Dollar Share in Official Foreign Exchange Reserves Presenter: Linda Goldberg (Federal Reserve Bank of New York) Discussant: Menzie Chinn (University of Wisconsin Madison) |
12:10pm | Lunch |
1:00pm | Panel: Global Payment Systems and International Implications Moderator: Michelle Neal, Federal Reserve Bank of New York Tobias Adrian (International Monetary Fund) Morten Bech (Bank for International Settlements) Joyce Chang (JP Morgan) Wenxin Du (Columbia University) |
2:30pm | Coffee Break |
3:10pm | Session 3: Dealer risk Session Chair: Ricardo Correa (Federal Reserve Board) Dealer Risk Limits and Currency Returns Presenter: Hillary Stein (Federal Reserve Bank of Boston) Discussant: Amy Wang Huber (University of Pennsylvania) |
4:20pm | Keynote Address Stijn Claessens (Yale University) |
Tuesday, May 21, 2024 |
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8:30am | Registration and Continental Breakfast |
9:00am | Session 4: Swap Lines Session Chair: Linda Goldberg (Federal Reserve Bank of New York) Dollar Shortages, CIP Deviations, and the Safe Haven Role of the Dollar Presenter: Scott Davis (Federal Reserve Bank of Dallas) Discussant: Ozge Akinci (Federal Reserve Bank of New York) |
9:50am |
The High Frequency Effects of Dollar Swap Lines Presenter: Moritz Lenel (Princeton University) Discussant:Anusha Chari (University of North Carolina) |
10:40am | Coffee Break |
11:10am | Session 5: Financial intermediary risk and payment systems Session Chair: Fabiola Ravazzolo (Federal Reserve Bank of New York) Payment-vs-payment bank settlement systems Presenter: Angelo Ranaldo (St. Gallen University) |
12:30pm | Closing Remarks Stephanie Curcuru, Federal Reserve Board |
12:40pm | Adjourn – Box lunch |