The Financial Crisis of 2008, Credit Markets and Effects on Developed and Emerging Economies

Conference cosponsored by the Central Bank of Brazil, the Bank of Finland, the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability, and the Journal of Financial Stability.

Sâo Paulo, Brazil
August 11-12, 2010


The papers and presentations are available on the Central Bank of Brazil's website at

Wednesday, August 11
  Opening Remarks
Benjamin M. Tabak, Banco Central do Brasil
Gerald P. Dwyer Jr.,
Federal Reserve Bank of Atlanta
Jouko Vilmunen,
Bank of Finland
  Session 1
Chair and Discussant
Jonathan Williams, Bangor University

Peer Monitoring or Contagion? Interbank Market Exposure and Bank Risk
Iman van Lelyveld, Netherlands Bank

Regulatory Capital Charges for Too-Connected-to-Fail Institutions: A Practical Proposal
Jorge A. Chan Lau, International Monetary Fund
  Session 2
Chair and Discussant
Robert Krainer, Wisconsin School of Business

The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact

Gaston Gelos, International Monetary Fund

Lessons and Policy Implications from the Global Financial Crisis
Deniz Orge Igan, International Monetary Fund
Systemic Risk Regulation

Lecturer: Mark Carey, Federal Reserve Board
  Session 3
Chair and Discussant
Emanuel Werner Kohlscheen, Banco Central do Brasil

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

Florian Heider, European Central Bank

Analyzing Interconnectivity among Economies
Pak Wing Fong, Hong Kong Monetary Authority
  Session 4
Chair and Discussant
Rafael Chaves Santos, Banco Central do Brasil

Consumption, Credit Restrictions and Financial Stability: A DSGE Approach
Santiago Caicedo, Banco Central de la Repubica de Colombia

Household Response to the Economic Crisis and Aggregate Consumption
Petr Jakubik, European Central Bank
Thursday, August 12
  Session 5
Chair and Discussant
Rafael Lopes Rogo, Banco Central do Brasil

Uninvited U.S. investors? Economic Consequences of Involuntary Cross-listings

Darius Miller, Southern Methodist University

Credit Risk Transfer and the Default Risk of Large Complex Financial Institutions
Giovanni Calice, University of Southampton
  Session 6
Chair and Discussant
Jose Valentim M. Vincente, Banco Central do Brasil

Risk, Uncertainty and Monetary Policy
Marie Hoerova, European Central Bank

Interest Rates and Default in Unsecured Loan Markets
Jose Angelo Divino, Universidade Catolica de Brasilia
  Session 7
Chair and Discussant
Solange Nunes de Gouvea, Banco Central do Brasil

What Are the Limits on Commercial Bank Lending?
Jacky Mallett, Icelandic Institute for Intelligent Machines

Banking Concentration, Profitability and Systemic Risk: An Indirect Contagion Approach
Leonardo Soriano de Alencar, Banco Central do Brasil
  Session 8
Chair and Discussant
Boris Vujcic, Central Bank of Croatia

Macro Stress Testing of Credit Risk Focused on the Tails
Ricardo Schechtman, Banco Central do Brasil

Easing Reserve Requirements, Bank Lending and Financial Stability in Brazil
Paulo Evandro Dawid, Banco Central do Brasil
  Closing Remarks