Financial System of the Future – October 31–November 1, 2019
- Center for Financial Innovation and Stability
- Center for the Economic Analysis of Risk
Federal Reserve Bank of Atlanta
1000 Peachtree St. NE
Atlanta, GA 30309
The Center for Financial Innovation and Stability (Federal Reserve Bank of Atlanta) and the Center for the Economic Analysis of Risk (Georgia State University) are organizing the conference Financial System of the Future, to be held at the Federal Reserve Bank of Atlanta on October 31 and November 1, 2019. The conference goal is to bring together economists, finance and risk management professionals, and regulators to discuss the financial system of the future.
The financial services business is an information technology business that operates in an environment with substantial government involvement. The state of both technology and government intervention has evolved considerable since the financial crisis that began in 2007 with potentially large implications for the future financial system. On the government involvement side, we saw first large-scale government intervention to protect financial stability and subsequently, a substantial tightening of prudential regulation to reduce the risk of a future crisis. On the technology side, we have seen an explosion of developments in a wide variety of areas, including increased availability of data to firms, new tools for managing and analyzing data, and new ways for financial services consumers to access and manage their data. These developments have the potential to change profoundly the conduct of financial intermediation. The purpose of this conference is to examine how these and related developments are changing the financial system.
Attendance is free.
|Thursday, October 31, 2019|
|Registration and continental breakfast|
Paula Tkac, Federal Reserve Bank of Atlanta
|9:00||Banks' Response to Bad News
Chair: Glenn Harrison, Georgia State University
"Why Do Banks Hide Losses?"
Thomas Flanagan, University of Michigan [Presentation ]
Amiyatosh Purnanandam, University of Michigan
"Overcoming Borrowing Stigma: The Design of Lending-of-Last-Resort Policies"
Yunzhi Hu, University of North Carolina at Chapel Hill [Presentation ]
Hanzhe Zhang, Michigan State University
|11:00||Blockchains and Digital Currency
Chair: Baozhong Yang, Georgia State University [Presentation ]
"Bitcoin's Fatal Flaw: The Limited Adoption Problem"
Franz J. Hinzen, New York University
Kose John, New York University
Fahad Saleh, McGill University
"Designing Central Bank Digital Currencies"
Itai Agur, International Monetary Fund
Anil Ari, International Monetary Fund [Presentation ]
Giovanni Dell'Ariccia, International Monetary Fund
Thoughts on Libra
Warren Weber, Federal Reserve Bank of Atlanta [Presentation ]
|2:00||Retail Loan Securitizations
Chair: Larry Wall, Federal Reserve Bank of Atlanta [Presentation ]
"Shocked by Bank Funding Shocks: Evidence from 500 Million Consumer Credit Cards"
Sudheer Chava, Georgia Institute of Technology
Rohan Ganduri, Emory University
Nikhil Paradkar, Georgia Institute of Technology
Linghang Zeng, Babson College
"The Impact of Skin in the Game on Bank Behavior in the Securitization Market"
Martin Hibbeln, University of Duisburg-Essen [Presentation ]
Werner Osterkamp, University of Duisburg-Essen
|4:00||Corporate Bond and CDS Markets
Chair: Charles Kahn, University of Illinois [Presentation ]
"The Electronic Evolution of Corporate Bond Dealers"
Maureen O'Hara, Cornell University
Xing (Alex) Zhou, Federal Reserve Board of Governors [Presentation ]
"Credit Default Swaps and Corporate Bond Trading"
Robert Czech, Bank of England [Presentation ]
|5:30||Reception and dinner
"Proxy Advisory Firms, Governance, Market Failure, and Regulation"
Speaker: Chester Spatt, Carnegie Mellon University [Presentation ]
|Friday, November 1, 2019|
|8:30 a.m.||Continental breakfast|
|9:00||Retail Fintech Lending
Chair: Stephen Shore, Georgia State University [Presentation ]
"How Magic a Bullet Is Machine Learning for Credit Analysis? An Exploration with Fintech Lending Data"
J. Christina Wang, Federal Reserve Bank of Boston [Presentation ]
Charles B. Perkins, Federal Reserve Bank of Boston
"Marketplace Lending and Consumer Credit Outcomes: Evidence from Prosper"
Timothy Dore, Federal Reserve Board of Governors
Traci Mach, Federal Reserve Board of Governors [Presentation ]
|11:00||Small Banks and Fintech Lending
Chair: Joseph Hughes, Rutgers University [Presentation ]
"Small Bank Lending In the Era of Fintech and Shadow Banking: A Sideshow?"
Taylor Begley, Washington University in St. Louis [Presentation ]
Kandarp Srinivasan, Northeastern University
"What Is Fueling the Fintech Lending Revolution? Local Banking Market Structure and Fintech Market Penetration"
Tetyana Balyuk, Emory University
Allen N. Berger, University of South Carolina
John Hackney, University of South Carolina
|1:30||Capital and Liquidity
Chair: Iftekhar Hasan, Fordham University
"Are Bank Capital Requirements Optimally Set? Evidence from Researchers' Views"
Gene Ambrocio, Bank of Finland
Iftekhar Hasan, Fordham University [Presentation ]
Esa Jokivuolle, Bank of Finland
Kim Ristolainen, University of Turku
"Macroprudential Policy with Capital Buffers"
Josef Schroth, Bank of Canada [Presentation ]
"Bank Liquidity Creation, Systemic Risk, and Basel Liquidity Regulations"
Daniel Roberts, Harvard University
Asani Sarkar, Federal Reserve Bank of New York
Or Shachar, Federal Reserve Bank of New York