2010 Financial Markets Conference
Up from the Ashes: The Financial System after the Crisis
Papers and Presentations
Tuesday, May 11, 2010
David Altig, Senior Vice President and Director of Research, Federal Reserve Bank of Atlanta
Research paper I—"Did Subjectivity Play a Role in CDO Credit Ratings?"
John Griffin, Professor of Finance, University of Texas, Austin [Presentation]
Mark Jensen, Financial Economist and Associate Policy Adviser, Federal Reserve Bank of Atlanta
Joseph Mason, Professor of Finance, Louisiana State University Ourso School of Business [Presentation]
Research paper II—"Contingent Convertible Bonds and Capital Structure Decisions"
Alexei Tchistyi, Assistant Professor of Finance and Real Estate, University of California, Berkeley [Presentation]
Gerald Dwyer, Director, Center for Financial Innovation and Stability, Federal Reserve Bank of Atlanta
Larry Wall, Financial Economist and Policy Adviser, Federal Reserve Bank of Atlanta [Presentation]
Policy Session I—Structured finance
This session explores the creation of various forms of structured finance, addressing particularly its role in the recent financial crisis, the future of structured products, and a possible role for regulation.
"Credit Ratings and the Securitization of Subprime Mortgages"
John Hull, Professor of Finance, University of Toronto Rotman School of Management [Presentation]
Charles Plosser, President and CEO, Federal Reserve Bank of Philadelphia
Adam Ashcraft, Vice President, Federal Reserve Bank of New York [Presentation]
Peter Niculescu, Partner, Capital Market Risk Advisors
Policy Session II—Markets for financial information
This session looks at the key players providing financial information used to determine purchases of securities and how each has contributed to the underlying issues of the recent financial crisis. The discussion will consider key issues in the markets for credit information such as the credit rating agencies, financial intermediaries' balance sheets, guarantees of monoline insurers, and suggested changes. It will also consider issues in the markets for information on equities such as stock analysts and asset management.
Jerry Jordan, President, Pacific Academy for Advanced Studies
Frank Partnoy, Professor of Law and Finance, University of San Diego [Presentation]
Paul English, Head of U.S. Investment Grade Research, Invesco
Wednesday, May 12, 2010
Policy Session III—Too big to fail: What should we do?
This discussion examines the risks of continuing current TBTF and too-interconnected-to-fail safety nets and various proposals for scaling them back, including increasing market discipline, achieving orderly resolution, and reducing spillovers from failure.
Ron Feldman, Senior Vice President for Supervision, Regulation, and Credit, Federal Reserve Bank of Minneapolis [Presentation]
Bob Eisenbeis, Chief Monetary Economist, Cumberland Advisors [Presentation]
John Bovenzi, Partner, Oliver Wyman
Policy Session IV—The role of macroprudential supervision
This session poses fundamental questions regarding the definition of macroprudential regulation and the scope and function of a macroprudential regulator. Is the objective of a macroprudential regulator to "pop bubbles" before they threaten the financial system, to supervise systemically important institutions, to assure that another crisis doesn't occur, or something else entirely?
Eric Rosengren, President and CEO, Federal Reserve Bank of Boston
John Hele, Executive Vice President, Chief Financial Officer, and Treasurer, Arch Capital Group Ltd.
Paul Kupiec, Associate Director, Federal Deposit Insurance Corporation [Presentation]
Closing remarks—Dennis Lockhart