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SUERF/Bank of Finland

Liquidity and Market Efficiency – Alive and Well?

Friday 3 July 2015

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

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

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
Hyun Song Shin_Helsinki 2015Hyun Song Shin_Helsinki 2015

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
Tuomas Välimäki_Helsinki 2015Tuomas Välimäki_Helsinki 2015

Does funding liquidity cause market liquidity?
Petri Jylhä, Imperial College Business School
Petri Jylhä_Helsinki 2015Petri Jylhä_Helsinki 2015

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
George G. Pennacchi_Helsinki 2015George G. Pennacchi_Helsinki 2015

14:30 Research Session

Chair: Esa Jokivuolle, Bank of Finland and SUERF

Volcker Rule and liquidity
Jussi Keppo, National University of Singapore
Jussi Keppo_Helsinki 2015Jussi Keppo_Helsinki 2015

15:15 Coffee
15:45 Keynote Session III

Chair: Robert N. McCauley , Bank for International Settlements and SUERF

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

16:45 Closing

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