Financial stability, macroprudential regulation and microprudential supervision

Welcome address

Yannis Stournaras, Governor of the Bank of Greece

Session A

Chair: Dimitris Malliaropulos, Bank of Greece and University of Piraeus

Credit supply shock propagation and amplification in the real economy: firm-level evidence

Hans Dewachter, Nationale Bank van België/Banque Nationale de Belgique
Joris Tielens* and Jan Van Hove, KU Leuven

Discussant: Marcel Tirpak, European Central Bank

Monetary policy, lending standards, and bank risk-taking: evidence from the Swedish mortgage market

Jieying Li* and Peter Van Santen, Sveriges Riksbank

Discussant: Giuseppe Cappelletti, European Central Bank

Pitfalls in the use of systemic risk measures

Gunter Löffler, University of Ulm
Peter Raupach*, Deutsche Bundesbank

Discussant: Bernd Schwaab, European Central Bank

Rules and discretion(s) in prudential regulation and supervision: evidence from EU Banks in the run-up to the crisis

Angela Maddaloni, European Central Bank
Alessandro D. Scopelliti*, European Systemic Risk Board

Discussant: Daniel Foos, Deutsche Bundesbank

Keynote speeches and panel discussion

“The use of financial research in the policy process”

Luc Laeven, European Central Bank

“A selective and forward-looking view on financial research topics”

Stijn Claessens, Bank for International Settlements

Panel discussion chair: Heather Gibson, Bank of Greece

Session B

Chair: Benoît Mojon, Banque de France

Life below zero: bank lending under negative policy rates

Florian Heider and Glenn Schepens*, European Central Bank
Farzad Saidi, Stockholm School of Economics

Discussant: Diana Bonfim, Banco de Portugal

Credit supply shocks, networks effects and the real economy

Laura Alfaro, Harvard Business School
Manuel García-Santana, Universitat Pompeu Fabra
Enrique Moral-Benito*, Banco de España

Discussant: Olivier De Jonghe, Nationale Bank van België/Banque Nationale de Belgique

Asymmetric information and the securitisation of SME loans

Ugo Albertazzi* and Margherita Bottero, Banca d’Italia
Leonardo Gambacorta, Bank for International Settlements
Steven Ongena, University of Zurich

Discussant: Eduardo Maqui, Central Bank of Ireland

Session C

Chair: Simone Manganelli, European Central Bank

Measuring financial stress and its impact on the macroeconomy

Sulkhan Chavleishvili, Goethe University Frankfurt
Manfred Kremer*, European Central Bank

Discussant: Robert Vermeulen, De Nederlandsche Bank

Detrending and financial cycle facts across G7 countries: mind a spurious medium term!

Yves S. Schüler, Deutsche Bundesbank

Discussant: Petros Migiakis, Bank of Greece

Monetary policy, stock market and sectoral comovement

Pierre Guérin, Bank of Canada
Danilo Leiva-Leon*, Banco de España

Discussant: Dimitrios Louzis, Bank of Greece

Bank business models at zero interest rates

André Lucas and Julia Schaumburg, Vrije Universiteit Amsterdam
Bernd Schwaab*, European Central Bank

Discussant: Xisong Jin, Banque centrale du Luxembourg

Session D

Chair: Federico Pierobon, European Central Bank

Non-performing loans and the supply of bank credit from Italy

Matteo Accornero, Piergiorgio Alessandri, Luisa Carpinelli* and Alberto Maria Sorrentino, Banca d’Italia

Discussant: Carlo Altavilla, European Central Bank

Real effects of financial distress: the role of heterogeneity

Francisco Buera, Federal Reserve Bank of Chicago
Sudipto Karmakar*, Banco de Portugal

Discussant: Glenn Schepens, European Central Bank

Mitigating counterparty risk

Yalin Gündüz, Deutsche Bundesbank

Discussant: Evangelos Benos, Bank of England

Banking crises, bail-ins and depositor confidence: lessons from Cyprus

Martin Brown, University of St.Gallen
Ioanna S. Evangelou, Central Bank of Cyprus
Helmut Stix*, Oesterreichische Nationalbank

Discussant: Evangelos Charalambakis, Bank of Greece

Session E

Chair: Dimitris Georgarakos, European Central Bank

Stress tests of the household sector based on microdata from the survey and administrative sources

Jaanika Meriküll and Tairi Rõõm*, Eesti Pank

Discussant: Miguel Ampudia, European Central Bank

Mortgage debt and shadow banks

Sebastiaan Pool, De Nederlandsche Bank

Discussant: Johannes Poeschl, Danmarks Nationalbank

Leverage, borrower behaviour and macroprudential policy

Christina Kinghan, Yvonne McCarthy* and Conor O’Toole, Central Bank of Ireland

Discussant: Nicolas Albacete, Oesterreichische Nationalbank

Session F

Chair: Hiona Balfoussia, Bank of Greece (Cluster coordinator)

Bank capital in the short and in the long run

Caterina Mendicino* and Kalin Nikolov, European Central Bank
Javier Suarez, CEMFI and the Centre for Economic Policy Research
Dominik Supera, Wharton School

Discussant: Dimitris Papageorgiou, Bank of Greece

Bank capital buffers in a dynamic model

Jochen Mankart*, Deutsche Bundesbank
Alexander Michaelides, Imperial College London
Spyros Pagratis, Athens University of Economics and Business

Discussant: Saleem Bahaj, Bank of England

Bank runs and macroprudential instruments in a global game general equilibrium model

Daisuke Ikeda, Bank of England

Discussant: Anatoli Segura, Banca d’Italia

Session G

Chair: David Marqués-Ibáñez, European Central Bank (Cluster coordinator)

A positive analysis of bank behaviour under capital requirements

Saleem Bahaj*, Bank of England
Frédéric Malherbe, London Business School

Discussant: Pablo Alberto Aguilar García, Banco de España

Bank resolution and the mutualisation of the public backstop in a banking union

Anatoli Segura*, Banca d’Italia
Sergio Vicente, Universidad Carlos III de Madrid

Discussant: Agnese Leonello, European Central Bank

Liquidity management in banking: what is the role of leverage?

Fabiana Gomez, University of Bristol
Quynh-Anh Vo*, Bank of England

Discussant: Ettore Panetti, Banco de Portugal