Research Events

2nd CEMLA/Dallas Fed Financial Stability Workshop

November 30 – December 1, 2023

Dallas Fed

The Center for Latin American Monetary Studies (CEMLA) and the Federal Reserve Bank of Dallas are hosting the 2nd Financial Stability Workshop, to be held from Nov. 30 to Dec. 1, 2023, in Dallas.

Agenda

Thursday, November 30
Federal Reserve Bank of Dallas
8:00 a.m.	Registration
8:30 a.m.	Welcome remarks
	Chiara Scotti, Senior Vice President and Director of Research, Federal Reserve Bank of Dallas
8:35 a.m.	Perspectives on financial stability in the Americas
	Chair: Chiara Scotti, Senior Vice President and Director of Research, Federal Reserve Bank of Dallas Speaker: Lorenzo Garza, Vice President, Supervisory Risk and Surveillance, Federal Reserve Bank of Dallas \| Presentation Speaker: Manuel Ramos Francia, Director General, CEMLA; former Deputy Governor and Member of the Board, Banco de México
9:15 a.m.	Session 1: Banks, firms and macro-financial linkages
	Chair: Enrique Martínez García, Federal Reserve Bank of Dallas Macro shocks and firm dynamics with oligopolistic financial intermediaries Presenter: Alessandro T. Villa, Federal Reserve Bank of Chicago Discussant: Tim Landvoigt, The Wharton School, University of Pennsylvania \| Discussion Unemployment insurance and macro-financial (in)stability Presenter: Bulent Guler, Indiana University \| Presentation Co-authors: Yavuz Arslan, Ahmet Degerli, Gazi Kabas and Burhan Kuruscu Discussant: Nathaniel Pattison, Southern Methodist University
10:45 a.m.	Coffee break
11:15 a.m.	Keynote address
	Chair: Matias Ossandon Busch, CEMLA Keynote speaker: Atif Mian, John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance, Princeton University \| Presentation Keynote title: Long-run macro-finance
12:15 p.m.	Lunch
1:00 p.m.	Session 2: Macroprudential policies, bank risk-taking and real effects
	Chair: Enrique Martínez García, Federal Reserve Bank of Dallas A static capital buffer is hard to beat Presenter: Luca Guerrieri, Federal Reserve Board Co-authors: Matthew Canzoneri, Behzad Diba and Arsenii Mishin Discussant: Aaron Pancost, The University of Texas at Austin \| Discussion The transmission of macroprudential policy in the tails: Evidence from a narrative approach Presenter: Álvaro Fernández-Gallardo, Universidad de Alicante \| Presentation Co-authors: Simon Lloyd and Ed Manuel Discussant: Jorge E. Galán Camacho, Banco de España
2:30 p.m.	Break
2:45 p.m.	Session 3: Prudential regulation and policy trade-offs
	Chair: Gustavo Antonio Leyva Jiménez, CEMLA Efficient or systemic banks: Can regulation strike a deal? Presenter: Tirupam Goel, Bank for International Settlements \| Presentation Discussant: Alejandro Rivera, The University of Texas at Dallas Macroprudential policy leakage through firms Presenter: Axel Löffler, Deutsche Bundesbank \| Presentation Co-authors: Björn Imbierowicz, Steven Ongena and Ursula Vogel Discussant: Christian Friedrich, Bank of Canada
4:15 p.m.	Coffee break
4:30 p.m.	Session 4: Financial digitalization, payment systems and financial stability
	Chair: Carola Müller, Bank for International Settlements Navigating the digital frontier: Unraveling the impact of bank technology innovations on idiosyncratic and systemic risks Presenter: Aneta Hryckiewicz-Gontarczyk, Kozminski University \| Presentation Co-authors: Kinga B. Tchorzewska, Marcin Borsuk and Dimitrios P. Tsomocos Discussant: Anthony Murphy, Federal Reserve Bank of Dallas \| Discussion Payment firms, cryptocurrencies and CBDCs Presenter: Jan Keil, Humboldt University Berlin \| Presentation Co-authors: Tobias Berg, Felix Martini and Manju Puri Discussant: Pablo Daniel Azar, Federal Reserve Bank of New York \| Discussion
6:00 p.m.	Reception
Friday, December 1
Federal Reserve Bank of Dallas
8:00 a.m.	Registration
8:30 a.m.	Session 5: Deposit markets, bank runs and supervision
	Chair: Enrique Martínez García, Federal Reserve Bank of Dallas Social media as a bank run catalyst Presenter: J. Anthony Cookson, University of Colorado \| Presentation Co-authors: Corbin Fox, Javier Gil-Bazo, Juan F. Imbet and Christoph Schiller Discussant: Nitzan Tzur-Ilan, Federal Reserve Bank of Dallas \| Discussion Banking on trust: Supervisory transparency in developing economies Presenter: Rimmy E. Tomy, The University of Chicago Booth School of Business \| Presentation Co-authors: Abhiman Das and Tanmoy Majilla Discussant: Mariela Dal Borgo, Banco de México \| Discussion
10:00 a.m.	Coffee break
10:30 a.m.	Session 6: International finance and the global role of the U.S. dollar
	Chair: J. Scott Davis, Federal Reserve Bank of Dallas Central banker to the world: Foreign reserve management and U.S. money market liquidity Presenter: Ron Alquist, Financial Stability Oversight Council, U.S. Treasury \| Presentation Co-authors: R. Jay Kahn and Karlye Dilts Stedman Discussant: Joshua Aizenman, University of Southern California Dollar debt and the inefficient global financial cycle Presenter: Paul Fontanier, Yale School of Management \| Presentation Discussant: Julien Bengui, Bank of Canada
12:00 p.m.	Lunch
1:00 p.m.	Session 7: Advances in central bank research – sponsored by the Latin American Journal of Central Banking
	Chair: Matias Ossandon Busch, CEMLA Central bank digital currency in small open economies Presenter: Todd B. Walker, Indiana University Co-authors: Rong Fan and Allan Wright Financial stimulus and microfinance institutions in emerging markets Presenter: Carlos Antonio Burga Idrogo, PUC Chile \| Presentation Co-authors: Walter Cuba, Eduardo Díaz and Elmer Sánchez Wealth taxes and firms’ capital structures: Credit supply and real effects Presenter: Miguel Sarmiento, Banco de la República (Colombia) \| Presentation Co-authors: Alejandro Granados, José Luis Peydró and Hernán Rincón-Castro
2:30 p.m.	Closing remarks
	Matias Ossandon Busch, CEMLA Mark A. Wynne, Vice President, Associate Director of Research and Director of the Globalization Institute, Federal Reserve Bank of Dallas

Conference info

Find out more about the workshop venue and how to get here in the links below:

When

Nov. 30–Dec. 1, 2023

Where

Federal Reserve Bank of Dallas
2200 N. Pearl St.
Dallas, TX 75201

Getting to the Dallas Fed

Call for papers

The Center for Latin American Monetary Studies (CEMLA) and the Federal Reserve Bank of Dallas invite submissions to their 2nd Financial Stability Workshop, to be held from Nov. 30 to Dec. 1, 2023, in Dallas. We invite theoretical and empirical submissions focusing on the interplay between financial intermediation, banking and financial stability, on topics including:

Interactions between monetary policy, inflation dynamics and financial stability.
Financial fragility through cross-border spillovers.
Liquidity risks and short-term funding markets.
Build-up of financial risks in housing and real estate markets.
The role of financial digitalization and CBDCs for financial stability.
The adoption and impact of macroprudential policies.
Banking competition and financial stability.

We especially encourage submissions on financial stability challenges in Latin America and the Caribbean. The Latin American Journal of Central Banking (LAJCB) will sponsor a special session dedicated to discussing outstanding research relevant for the region. LAJCB also offers a special submission track for authors of papers presented at the workshop that are interested in publishing their work with the journal. Authors should signal their interest on this possibility in their submission e-mail.

The authors will be informed of the final acceptance by Oct. 1, 2023. Participants are expected to cover their travel expenses; sponsors will cover accommodations for invited participants.

When

Nov. 30–Dec. 1, 2023

Where

Federal Reserve Bank of Dallas
2200 N. Pearl St.
Dallas, TX 75201

Submission

Please submit papers to: fsworkshop@cemla.org using the subject line “Submission – FSW”. In response to requests to extend the workshop's submission deadline, the deadline of Sept. 1, 2023, has been extended over the U.S. Labor Day weekend until Sept. 4, 2023.

Policy panel

Lorenzo Garza, Vice President, Supervisory Risk and Surveillance, Federal Reserve Bank of Dallas
Manuel Ramos Francia, Director General, CEMLA; former Deputy Governor and Member of the Board, Banco de México

Keynote speaker

Atif Mian, John H. Laporte, Jr. Class of 1967 Professor of Economics, Princeton University

Scientific committee

Jose Aurazo, Bank for International Settlements
Nathan Balke, Southern Methodist University
Sofia Bauducco, Banco Central de Chile
Susanto Basu, Boston College
Christoph Bertsch, Sveriges Riksbank
Ricardo Correa, Federal Reserve Board
Jon Frost, Bank for International Settlements
Lu Han, University of Wisconsin-Madison
Deniz Igan, Bank for International Settlements
Gabriel Jiménez, Banco de España
Peter Karlström, CEMLA
Haoyang Liu, Federal Reserve Bank of Dallas
Elena Loutskina, Darden School of Business Administration
Galo Nuño, Banco de España
Efthymios Pavlidis, Lancaster University
Claudio Raddatz, Universidad de Chile
Kasper Roszbach, Norges Bank, University of Groningen
Cesar Sosa-Padilla, University of Notre Dame, NBER
Sasha Steffen, Frankfurt School of Finance & Management
Martín Tobal, Banco de México
Lena Tonzer, OvGU University Magdeburg and Halle Institute for Economic Research (IWH)
Wolf Wagner, Rotterdam School of Management, CEPR
Xiaoqing Zhou, Federal Reserve Bank of Dallas

Organizing committee

Enrique Martínez-García, Federal Reserve Bank of Dallas
Carola Müller, Bank for International Settlements (formerly CEMLA)
Matias Ossandon-Busch, CEMLA

For More Information

Contact Enrique Martínez García at enrique.martinez-garcia@dal.frb.org.