Capital Flows, Systemic Risk and Policy Responses
Alþjóðleg ráðstefna um fjármagnsflæði, kerfisáhættu og stefnuviðbrögð var haldin á hótel Hilton Reykjavík Nordica og í tónlistar- og ráðstefnuhúsinu Hörpu í Reykjavík dagana 28. og 29. apríl 2016. Ráðstefnuhaldarar voru Seðlabanki Íslands, Alþjóðagjaldeyrissjóðurinn og London School of Economics. Már Guðmundsson seðlabankastjóri flutti opnunarávarp og aðalræðumenn á ráðstefnunni voru Maurice Obstfeld frá Alþjóðagjaldeyrissjóðnum og Stijn Claessens frá Seðlabanka Bandaríkjanna.
| Programme |
|---|
| Már Guðmundsson (Governor Central Bank of Iceland) Opening remarks |
| Stijn Claessens (Board of Governors of the Federal Reserve System) Keynote Address: Macroprudential, Monetary and Capital Flows Management Policies and Their Interactions |
| SESSION #1 Policy Responses: Implementation of Macroprudential Policies Jeffrey M. Chwieroth (London School of Economics): The Political Economy of Leaning Against the Wind: Preliminary Results Gurnain Pasricha (Bank of Canada): Motivations for Capital Controls and Their Effectiveness Sebastian Krug (Kiel University): The Interaction between Monetary and Macroprudential Policy, paper Discussion led by Sigríður Benediktsdóttir (CBI) |
| SESSION #2 Policy Responses: Policy Responses: Implementation of Macroprudential Policies Fatih Altunok (Central Bank of Turkey): Credit Growth and Reserve Requirements as a Macro-prudential Policy: Evidence from Loan-Level Data Dennis Reinhardt (Bank of England): Regulatory Arbitrage in Action: Evidence from Banking Flows and Macroprudential Policypaper, paper Sebnem Kalemli-Ozcan (University of Maryland): International Spillovers and Local Credit Cycles: What do firm-bank-loan level data tell us? Discussion led by Ásgeir Jónsson (University of Iceland) |
| SESSION #3 Capital Flows and Policy Responses Rodrigo Cifuentes (Central Bank of Chile): Facing Volatile Capital Flows: The Role of Exchange Rate Flexibility and Foreign Assets Damiano Sandri (IMF): Capital Controls or Macroprudential Regulation?, paper John Beirne (European Central Bank): Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities, paper Discussion led by Charles Goodhart (Systemic Risk Centre, FMG, LSE) |
| SESSION #4 Capital Flows and Financial Stability Stephanie Curcuru (Board of Governors of the Federal Reserve System): International Capital Flows and Unconventional Monetary Policy Deniz Igan (IMF): Capital Inflows, Credit Growth, and Financial Systems, paper Teodora Paligorova (Bank of Canada): Cross-Border Bank Flows and Monetary Policy Discussion led by Luis Catão (IMF) |
| Jon Danielsson (Systemic Risk Center, LSE): Financial Policy in Highly Volatile Economies |
| Þorvarður Tjörvi Ólafsson (CBI): Capital Flows and Policy Responses in Iceland, paper |
Keynote address: Maurice Obstfeld (IMF) Trilemmas and trade-offs: living with financial globalisation Policy panel: Karnit Flug (Central Bank of Israel) Már Guðmundsson (Central Bank of Iceland) Turalay Kenç (Central Bank of Turkey) Luiz A. Pereira da Silva (BIS) Carmen Reinhart (Harvard Kennedy School) |