House of the Estates, Snellmaninkatu 9-11
Helsinki, 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
Global liquidity and monetary policy transmission
Hyun Song Shin, Economic Adviser and Head of Research, BIS presentationHow has the (liquidity) crisis changed monetary policy operations?
Tuomas Välimäki, Head of Monetary Policy and Research Department, Bank of Finland presentationDoes funding liquidity cause market liquidity?
Petri Jylhä, Imperial College Business School presentationLuncheon address by Professor Bengt Holmström, MIT
Banks, taxes, and non-bank competitions
George G. Pennacchi, University of Illinois at Urbana-Champaign presentationWhat 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
