• Linkedin
  • Twitter
Shadow Banking: Financial Intermediation beyond Banks

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
 
14:00 Keynote Speech I
Shapes in the shadows: What do the data (not) tell us?
Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, International Monetary Fund (IMF)
Speech by Tobias Adrian, International Monetary Fund
 
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
Giorgio Nuzzo (Bank of Italy)
A critical review of statistics assessing the size and the riskiness of the securitization market: evidence from Italy and other euro area countriesA critical review of statistics assessing the size and the riskiness of the securitization market: evidence from Italy and other euro area countries

Vulnerable Funds?
Christoph Fricke (Deutsche Bundesbank), and Danile Fricke (LSE)
see Paper Vulnerable Funds?Vulnerable Funds?

Traditional and shadow banks during the crisis
Victor Lyonnet (HEC Paris, École Polytechnique), and Edouard Chrétien (ACPR, École Polytechnique)
see PaperTraditional and shadow banks during the crisis Traditional and shadow banks during the crisis

Shadow Banking, macroprudential regulation and financial stability
Margarita Rubio (University of Nottingham)
see PaperShadow Banking, macroprudential regulation and financial stabilityShadow Banking, macroprudential regulation and financial stability

A Securitization-based model of shadow banking with surplus extraction and credit risk transfer
Patrizio Morganti (Tuscia University in Viterbo)
see PaperA Securitization-based model of shadow banking with surplus extraction and credit risk transfer A Securitization-based model of shadow banking with surplus extraction and credit risk transfer

Shadow Banking and Financial Stability Under Limited Deposit Insurance
Lukas Voellmy (University of Bern)
see Paper Shadow banking and financial stability under limited deposit insuranceShadow banking and financial stability under limited deposit insurance

Liquidity creation, capital requirements, and regulatory arbitrage
Paul Schempp (University of Cologne), and Stephan Luck (Federal Reserve Board)
Liquidity creation, capital requirements, and regulatory arbitrageLiquidity creation, capital requirements, and regulatory arbitrage

Profit sharing: A contracting solution to harness the wisdom of the crowd
Jiasun Li (George Mason University)
Profit sharing: A contracting solution to harness the wisdom of the crowdProfit sharing: A contracting solution to harness the wisdom of the crowd
 
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
C. Upper - presentationC. Upper - presentation
Tuomas Peltonen, The European Systemic Risk Board (ESRB)
T. Peltonen - presentationT. Peltonen - presentation
Yasushi Shiina, The Financial Stability Board (FSB)
Y. Shiina - presentationY. Shiina - presentation
Antti Suhonen, Aalto University
A. Suhonen - presentationA. Suhonen - presentation
 
17:30 Keynote Speech II
Chair: Ernest Gnan, Head of Division, Oesterreichische Nationalbank and SUERF

Financial Disrupters: Disintermediation & Driving Synergies
Phillip Straley, President, ECO World Alliance, Regional Head, APAC
 
18:20 Presentation of the Marjolin Prize 2017
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
Welcome Remarks
 
Friday, 15 September 2017
09:00 2017 Marjolin Lecture
Chair: Urs W. Birchler, SUERF President

Gaming the rules or ruling the game? – How to deal with regulatory arbitrage
Daniéle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism

Speech by Danièle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism
 
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
R. Portes - presentationR. Portes - presentation
Dimitris Zafeiris, Head of Risks and Financial Stability Department, EIOPA
Stan Maes, Deputy Head of Unit Macroprudential Policy, European Commission
S. Maes - presentationS. Maes - presentation
 
12:15 Lunch
13:45 Keynote Speech III
Chair: Seppo Honkapohja, Deputy Governor, Bank of Finland

Shadow banking and systemic risks
Nicola Gennaioli, Professor, Bocconi University
N. Gennaioli -  presentationN. Gennaioli - presentation
 
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
 
16:00 End of Colloquium

© SUERF - The European Money and Finance Forum 2010-2018 .:. Société Universitaire Européenne de Recherches Financières

Privacy Policy .:. Legal notice

Design by draganmarkovic.net