Banner image for the How Is the COVID-19 Experience Changing Finance? conference on October 7-8, 2021

October 7 8:40 a.m.–12:30 p.m. (ET)
October 8 8:40 a.m.–12:15 p.m. (ET)
Location: Online (via Zoom)

The Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability and Georgia State University's Center for the Economic Analysis of Risk are cohosting the conference How Is the COVID-19 Experience Changing Finance? The goal of the conference, which takes place on Zoom October 7–8, 2021, is to bring together economists, finance and risk management professionals, and regulators to discuss the impact of the pandemic on finance and some of its lessons for the future.

Attendance is free, but you must register by October 4 to attend. We will email login details, along with the program, ahead of the event.

Format of paper sessions: 25-minute presentation, 10-minute discussion, 5-minute question-and-answer. Presenting authors are indicated in bold.

Thursday, October 7
Corporate Finance
8:40 a.m. Welcoming remarks
8:45 Implications of Increased Corporate Leverage
Chair: Larry D. Wall, Federal Reserve Bank of Atlanta

"The COVID-19 Impact on Corporate Leverage and Financial Fragility"
Authors: Sharjil M. Haque, University of North Carolina at Chapel Hill, and Richard Varghese, International Monetary Fund
Discussant: Julian Kozlowski, Federal Reserve Bank of St. Louis

"The Costs of Corporate Debt Overhang"
Authors: Kristian Blickle, Federal Reserve Bank of New York, and João A. C. Santos, Federal Reserve Bank of New York
Discussant: Mark Carey, Federal Reserve Bank of Cleveland

"The Core, the Periphery, and the Disaster: Corporate-Sovereign Nexus in COVID-19 Times"
Authors: Ruggero Jappelli, Goethe University; Loriana Pelizzon, Goethe University; and Alberto Plazzi, Università della Svizzera italiana
Discussant: Mark M. Spiegel, Federal Reserve Bank of San Francisco
10:30 Break
10:45 The Value of Financial Relationships in a Crisis
Chair: Stephen H. Shore, Georgia State University

"Bank Capital, Lending Distortions, and Misallocation"
Authors: Miguel Faria-e-Castro, Federal Reserve Bank of St. Louis; Pascal Paul, Federal Reserve Bank of San Francisco; and Juan Sánchez, Federal Reserve Bank of St. Louis
Discussant: Frederic Boissay, Bank for International Settlements

"Is a Friend in Need a Friend Indeed? How Relationship Borrowers Fare during the COVID-19 Crisis"
Authors: Allen N. Berger, University of South Carolina; Christa H.S. Bouwman, Texas A&M University;  Lars Norden, Getulio Vargas Foundation; Raluca A. Roman, Federal Reserve Bank of Philadelphia; Gregory F. Udell, Indiana University; and Teng Wang, Federal Reserve Board of Governors
Discussant: Jennie Bai, Georgetown University

"Piercing through Opacity: Relationships and Credit Card Lending to Consumers and Small Businesses during Normal Times and the COVID-19 Crisis"
Authors: Allen N. Berger, University of South Carolina; Christa H.S. Bouwman, Texas A&M University; Lars Norden, Getulio Vargas Foundation; Raluca A. Roman, Federal Reserve Bank of Philadelphia; Gregory F. Udell, Indiana University; and Teng Wang, Federal Reserve Board of Governors
Discussant: Andrei Zlate, Federal Reserve Board of Governors
12:30 Close of first day

Friday, October 8
Public Policy
8:40 a.m. Welcoming remarks
8:45 Panel: Early Lessons from the COVID-19 Pandemic on the Basel Reforms Panelists
Simon Hall, Bank of England
Benjamin Kay, Federal Reserve Board of Governors
Markus Behn, European Central Bank
Asani Sarkar, Federal Reserve Bank of New York
10:15 Break
10:30 PPP: Establishing an Emergency Support Program
Chair: Glenn W. Harrison, Georgia State University

"The Optimal Allocation of Relief Funds: The Case of the Paycheck Protection Program"
Authors: Gustavo Joaquim, Federal Reserve Bank of Boston, and Felipe Netto, Columbia University
Discussant: Andrei Zlate, Federal Reserve Board of Governors

"Ten Days Late and Billions of Dollars Short: The Employment Effects of Delays in Paycheck Protection Program Financing"
Authors: Cynthia L. Doniger, Federal Reserve Board of Governors, and Benjamin Kay, Federal Reserve Board of Governors
Discussant: Pavel Kapinos, Federal Reserve Bank of Dallas

"Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection Program"
Authors: Tetyana Balyuk, Emory University; Nagpurnanand Prabhala, Johns Hopkins University; and Manju Puri, Duke University
Discussant: Padma Sharma, Federal Reserve Bank of Kansas City
12:15 Close of the workshop