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Venue

House of the Estates, Snellmaninkatu 9-11
Helsinki, Finland

Format

Helsinki

Date

Friday, July 3, 2015

In cooperation with

The 6th joint conference organized by SUERF and Bank of Finland

The recent financial crisis has given a serious blow to the doctrine of market efficiency. At the same time the need has arisen to better understand liquidity which evaporated in the midst of the crisis. How are liquidity and market efficiency related? It has been argued that liquidity in stock and debt markets, especially in short-term money markets, may be maximized under very different conditions regarding the information content of market prices. What are the implications for systemic risks and financial stability? This one-day conference aims to bring together experts from all sides to better understand the key concepts of market liquidity and efficiency in different markets that research has helped to identify, the incentives facing practitioners in the market place, and the role regulation may have in correcting any market failures.

Thursday, 2 July 2015
at 19:30 Conference Dinner, Bank of Finland, Banqueting Hall, Snellmaninaukio, Helsinki

Program

Time
Friday, 3 July 2015
08:30
Registration
08:45
Opening and welcome
Erkki Liikanen, Governor, Bank of Finland
Urs Birchler, SUERF President and Professor of Banking, University of Zürich
Jouko Vilmunen, Head of Research, Bank of Finland
09:00
Keynote Session I
Chair: Jouko Vilmunen, Head of Research, Bank of Finland

Global liquidity and monetary policy transmission

Hyun Song Shin, Economic Adviser and Head of Research, BIS presentation
10:00
Coffee
10:30
Policy Session
Chair: Ernest Gnan , SUERF Secretary General and Oesterreichische Nationalbank

How has the (liquidity) crisis changed monetary policy operations?

Tuomas Välimäki, Head of Monetary Policy and Research Department, Bank of Finland presentation

Does funding liquidity cause market liquidity?

Petri Jylhä, Imperial College Business School presentation
12:00
Lunch

Luncheon address by Professor Bengt Holmström, MIT

13:30
Keynote Session II
Chair: Esa Jokivuolle, Bank of Finland and SUERF

Banks, taxes, and non-bank competitions

George G. Pennacchi, University of Illinois at Urbana-Champaign presentation
14:30
Research Session
Chair: Esa Jokivuolle, Bank of Finland and SUERF

Volcker Rule and liquidity

Jussi Keppo, National University of Singapore presentation
15:15
Coffee
15:45
Keynote Session III

What is money, and who says so? – A pragmatist’s view

Peter Fisher, Senior Director, BlackRock Investment Institute, and a Senior Fellow at the Center for Global Business and Government at the Tuck School of Business at Dartmouth
Chair: Robert N. McCauley , Bank for International Settlements and SUERF
16:45
Closing