Banco Central de ChileConferences
12th Annual Conference of the Central Bank of Chile
Financial Stability, Monetary Policy and Central Banking
Santiago, Chile, Thursday, November 6, and Friday, November 7, 2008
Thursday, November 6, 2008
| Time | Speaker | Subject |
|---|---|---|
| Session I Opening Remarks (Session in Spanish, with translation) | ||
| 9:00-9:15 | José De Gregorio (Governor, Central Bank of Chile) | Opening Remarks |
| Session II Defining Financial Stability Chair: José De Gregorio (Governor, Central Bank of Chile) |
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| 9:15-10:00 | Garry Schinasi (International Monetary Fund) Discussant: Rodrigo Cifuentes (Central Bank of Chile) Comments |
Defining and Safeguarding Financial Stability Presentation / Paper |
| 10:00-12:00 | Coffee Break | |
| 12:00-12:45 | Claudio Borio and Mathias Drehmann (Bank of
International Settlements) Discussant: Norman Loayza (World Bank) Comments |
Towards an operational framework for financial stability: “fuzzy” measurement
and its consequences Presentation / Paper |
| 12:45-13:45 | Dale F. Gray (IMF), Robert C. Merton (HBS, Harvard University), Zvi Bodie (Boston University) | New Framework for Measuring and Managing Macrofinanial Risk and Financial Stability Presentation / Paper |
| Dale Gray (IMF), Leonardo Luna and Jorge Restrepo (Central Bank of Chile). Discussant: Felipe Zurita (Pontificia Universidad Católica de Chile) Comments | Incorporating Financial Sector Risk into Monetary Policy Models: Application to Chile Paper |
|
| Session III Keynote Address | ||
| 13:45-15:00 | Lunch | |
| Lars Nyberg (Sveriges Riksbank) | Macrofinancial Systemic Risk Analysis |
|
| Session IV Financial Stability and Monetary Policy Chair: Pablo García (Central Bank of Chile) |
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| 15:00-15:45 | Francis Diebold (University of Pennsylvania) Discussant: Dimitrios Tsomocos (University of Oxford) Comments |
Measuring Spillovers in Financial market Returns and Volatilities Presentation / Paper |
| 15:45-16:30 | Dimitrios Tsomocos (University of Oxford), Charles Goodhart (LSE Professor Emeritus of Banking and Finance), Alexandros Vardoulakis (University of Oxford). Discussant: Simon Gilchrist (Boston University) |
Modelling a Housing and Mortgage Crisis Presentation / Paper |
| 16:30-17:00 | Coffee | |
| 17:00-17:45 | Ethan Cohen-Cole (Federal Reserve Bank of Boston) and Enrique Martinez-García (Federal Reserve Bank of Dallas) Discussant: Jonathan Kearns (Reserve Bank of Australia) Comments |
Systemic Risk, Banking Regulation and Optimal Monetary Policy Presentation / Paper |
Friday, November 7, 2008
| Time | Speaker | Subject |
|---|---|---|
| Session V Financial Stress Testing Methodologies I Chair: Kevin Cowan (Central Bank of Chile) |
||
| 9:00-9:45 | Jaime Ruiz-Tagle (University of Chile) and Marcelo Fuenzalida (Central Bank of Chile) Discussant: Eric Parrado (Ministry of Finance - Chile) Comments |
Households' Financial Vulnerability Presentation / Paper |
| 9:45-10:30 | Miguel Segoviano (International Monetary Fund), Charles Goodhart (LSE Professor Emeritus of Banking and Finance) Miguel Segoviano and Pablo Padilla (International Monetary Fund). Discussant: Enrique Martínez-García (Federal Reserve Bank of Dallas) Comments |
Banking Stability Measures
Portfolio Credit Risk and Macroeconomic Shocks: Applications to Stress Testing Under Data-Restricted Environments Presentation / Paper |
| 10:30-10:45 | Coffee | |
| Session VI Keynote Address |
||
| 10:45-11:30 | Jaime Caruana (International Monetary Fund) | Financial Market Turbulences, International Integration, and Systemic Risk Presentation / Paper |
| Session VII Panel 1 Chair: Manuel Marfán (Member of the Board, Central Bank of Chile) |
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| 11:30-12:30 | Panelists: Martin Wolf (Financial Times) Martín Redrado (Central Bank of Argentina) José Darío Uribe (Central Bank of Colombia) |
Financial Risk Management in Emerging Countries Presentation / Paper |
| 12:30-13:50 | Lunch | |
| Session VIII Financial Stress Testing Methodologies II Chair: Enrique Marshall (Member of the Board, Central Bank of Chile) |
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| 14:00-14:45 | David Aikman (Bank of England), Piergiorgio Alessandri (Bank of England), Bruno Eklund (Bank of England), Prasanna Gai (Australian National University), Sujit Kapadia (Bank of England), Elizabeth Martin (Bank of England), Nada Mora (Bank of England) and Gabriel Sterne (Bank of England), Matthew Willison (Bank of England). Discussant: Ethan Cohen-Cole (Federal Reserve Bank of Boston) Comments |
Funding Liquidity Risk in a Quantitative Model of Systemic Stability Presentation / |
| 14:45-15:30 | Prasanna Gai (Australian National
University) and Sujit Kapadia (Bank of England) Discussant: Jorge Selaive (Central Bank of Chile) Comments |
A Network Model of Financial Contagion Presentation / Paper |
| 15:30-15:45 | Coffee | |
| Session IX Panel II Chair: Sebastián Claro (Member of the Board, Central Bank of Chile) |
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| 15:45-17:00 | Panelists: Michael Bordo (Rutgers University)Presentation / Paper Paul McCulley (PIMCO) Paper Roberto Zahler (Zahler & Co.) Presentation |
Financial Risk Management and Large Financial Institutions: Lessons from the Recent Turbulences |
| Session X Closing Remarks | ||
| 17:00-17:30 | Charles W. Calomiris (Columbia University) | The Subprime Turmoil: What’s Old, What’s New, and What’s Next Presentation |