33rd SUERF Colloquium & Bank of Finland Conference
Shadow Banking: Financial Intermediation beyond Banks
Date: 14-15 (Thursday-Friday) September 2017
Venue: House of the Estates, Snellmaninkatu 9-11, Helsinki, Finland
Motivation
Shadow banking is a broad concept. A possible definition is that it comprises non-bank institutions which do bank-like activities. Another characteristic, to which the word “shadow” refers to, is that the sector is less regulated. Shadow banks can increase competition and spur new innovation in the financial sector. The benefits could come in the form of i) improving efficiency and quality of financial services, and ii) offering better returns and risk diversification opportunities, especially for institutional investors and wealthy individuals. Markets may also become more liquid. On the downside, opacity and risks may increase. The lack of regulation implies that it is difficult to monitor and prevent the build-up of leverage and concentrated risks in the shadow banking sector. Hence, the sector can be a source of systemic risks. Further, traditional banks may utilize the shadow banking sector for regulatory arbitrage. Hence, a big question is whether regulation should be extended to the shadow banking sector, to make it come “out of the shadows”? Will new regulatory loopholes between banks and non-banks develop? Will risks simply pile up in the shadow banking sector now that banks are more heavily regulated? Or will market discipline suffice to do the job of regulation in this sector? Is the growth of shadow banking this time more about FinTech; the provision of financial services making use of technological innovations? What are the fundamental problems of financial frictions they might have solved differently? Are new digital technologies key to finding solutions to the traditional financing frictions? Or are we experiencing just another boom in novel-looking financial services which ultimately share the same problems and risks as more traditional banks?
We have the great pleasure to announce that the 15th SUERF Marjolin Lecture will be given by Daniéle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism.
| Thursday, 14 September 2017 | |
| 13:00 | Registration and Coffee |
| 13:30 | Opening and Welcome |
Urs W. Birchler, SUERF President Esa Jokivuolle, Head of Research, Bank of Finland |
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| 14:00 | Keynote Speech I |
Shapes in the shadows: What do the data (not) tell us? |
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| 14:45 | Poster Session |
A critical review of statistics assessing the size and the riskiness of the securitization market: evidence from Italy and other euro area countries
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| 15:45 | Coffee Break |
| 16:00 | Panel I - The current landscape: Markets and players, competitors and complementarities |
Moderator: Christian Upper, Head of Emerging Markets Monetary and Economic Department, Bank for International Settlements (BIS) and SUERF Tuomas Peltonen, The European Systemic Risk Board (ESRB) Yasushi Shiina, The Financial Stability Board (FSB) Antti Suhonen, Aalto University |
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| 17:30 | Keynote Speech II |
Chair: Ernest Gnan, Head of Division, Oesterreichische Nationalbank and SUERF
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| 18:20 | Presentation of the Marjolin Prize 2017 and Award Ceremony - SUERF Honorary Membership |
Mind the Gaps (pdf) |
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| 18:30 | End of first day’s proceedings |
| 19:30 | Dinner |
| Dinner hosted by Seppo Honkapohja, Deputy Governor, Bank of Finland | |
Seppo Honkapohja, Deputy Governor, Bank of Finland |
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A critical review of statistics assessing the size and the riskiness of the securitization market: evidence from Italy and other euro area countries| Friday, 15 September 2017 | |
| 09:00 | 2017 Marjolin Lecture |
Chair: Urs W. Birchler, SUERF President
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| 10:00 | Coffee Break |
| 10:30 | Panel II - Out of the shadows? The role of regulation and supervision |
Moderator: Jakob de Haan, Head of Research, Economics and Research Division, De Nederlandsche Bank and SUERF Bengt Holmström, Nobel laureate 2016, MIT Richard Portes, Professor (London Business School) , President CEPR, Chair ESRB Advisory Scientific Committee Dimitris Zafeiris, Head of Risks and Financial Stability Department, EIOPA Stan Maes, Deputy Head of Unit Macroprudential Policy, European Commission |
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| 12:15 | Lunch |
| 13:45 | Keynote Speech III |
Chair: Seppo Honkapohja, Deputy Governor, Bank of Finland
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| 14:30 | Panel III - Looking ahead: Forthcoming financial innovations and institutions – opportunities and risks |
Moderator: Michala Marcussen, Global Head of Economics, Société Générale Corporate & Investment Banking and SUERF Henrik Normann, CEO, Nordic Investment Bank Aleksi Grym, Head of Digitalisation, Bank of Finland Risto Murto, CEO, Varma Pension Fund Saskia de Vries-van Ewijk, Head of Department, Financial Stability, De Nederlandsche Bank |
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| 16:00 | End of Colloquium |
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