First BIS Research Network meeting on "Banking and Asset Management"

Organised jointly with the Brevan Howard Centre for Financial Analysis (Imperial College) and The Paul Woolley Centre for the Study of Capital Market Dysfunctionality (London School of Economics)

Background

On 9-10 September 2014, the BIS held the first in a new series of meetings under the BIS's Research Network initiative, bringing together researchers from academia and central banks exploring long-range research issues related to banking, monetary policy, regulation and financial stability. With banking and asset management as the theme of the first meeting, participants discussed the interaction between capital and liquidity regulation, the channel of adjustment of bank capital to the new Basel III environment; leverage ratio pro-cyclicality, asset management flows and equilibrium prices.

Tuesday 9 September
     
13:45-14:00 Opening remarks by Hyun Song Shin
14:00-16:15 Session 1: Capital and liquidity regulation
   

Chair: Dimitri Vayanos
"Deposits and bank capital structure" by Franklin Allen, Elena Carletti and Robert Marquez
"Equilibrium bank capital structure and regulation" by Douglas Gale
"Measuring liquidity mismatch in the banking sector" by Jennie Bai, Arvind Krishnamurthy and Charles-Henri Weymuller
16:30-18:15 Session 2: Policy perspective on banking
   

Chair: Franklin Allen
"Banks and capital requirements: channels of adjustment" by Ben Cohen and Michela Scatigna
"The leverage ratio over the cycle" by Michael Brei and Leonardo Gambacorta
"Search for yield" by David Martinez-Miera and Rafael Repullo
 
Wednesday 10 September
     
09:00-11:15 Session 3: Asset management and equilibrium prices

Chair: Hyun Song Shin
"Asset management contracts and equilibrium prices" by Andrea Buffa, Dimitri Vayanos, and Paul Woolley
"A model of financialisation of commodities" by Suleyman Basak and Anna Pavlova
"Institutional investors' horizons and trading strategies" by Cristina Cella, Andrew Ellul and Mariassunta Gianetti
11:30-12:30 Session 4:

Financial cycles and asset prices

Chair: Claudio Borio
"Do asset price booms have negative real effects?" byIndraneel Chakraborty, Itay Goldstein and Andrew MacKinlay
14:00-15:30 Session 4:

Financial cycles and asset prices (continued)
"Credit expansion and neglected crash risk" by Matthew Barron and Wei Xiong
Growthless credit booms and creditless recoveries" by Mikael Juselius and Mathias Drehmann
15:30-15:45  

Wrap up and next steps: Hyun Song Shin