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Program: DNB-Riksbank-Bundesbank Macroprudential Conference Series June 20 and 21, 2022

June 20-21, 2022: De Nederlandsche Bank - Sveriges Riksbank - Deutsche Bundesbank, 6th Annual Macroprudential Conference

De Nederlandsche Bank will be hosting this high-level conference on macroprudential policy this year. The conference will be the sixth in a series of annual macroprudential conferences and will be organised jointly with the Sveriges Riksbank and The Deutsche Bundesbank. 

In 2015 the Riksbank took the initiative to hold an annual conference on macroprudential policy. The conference provides an excellent opportunity for policy makers, representatives of the private sector and prominent academics from around the world to gather to discuss, exchange experiences and learn from the best in the macroprudential field. Conferences in the series were held in Stockholm in 2015, 2016 and 2018, and the 2017 conference was hosted by De Nederlandsche Bank in Amsterdam, while the Bundesbank hosted the conference in 2019.

Participation is by invitation only.  

MONDAY, 20 June 2022 – Landgoed Duin & Kruidberg, Santpoort-Amsterdam 

09:00 – 09:30  Registration with coffee/tea

09:30 – 09:45  Welcoming remarks by Klaas Knot (De Nederlandsche Bank)

09:45 – 10:45  Keynote speech by Pablo Hernández de Cos (Governor Banco de España & Chairman of the Advisory Technical Committee of the ESRB)

10:45 – 11:15  Coffee break


Chair: Dirk Broeders (De Nederlandsche Bank, Maastricht University)

 11:15 – 12:30  Climate finance and asset pricing

Johannes Stroebel (New York University)

Discussant 1: Marcin Kacperczyk (Imperial college London)
Discussant 2: Rick van der Ploeg (University of Oxford)

12:30 – 13:45  Lunch


Chair: Tara Rice (Bank for International Settlements)

13:45 – 15:00  Fintech entry, lending market competition and welfare 

Xavier Vives (IESE Business School) and Zhiqiang Ye (IESE Business School)

Discussant 1: John Vickers (University of Oxford)
Discussant 2: Kathryn Petralia (Kabbage)

15:00 – 15:15        Coffee break


Chair: Neeltje van Horen (Bank of England, University of Amsterdam)

15:15 – 16:30  Case study: Greece 

Dimitri Vayanos (London School of Economics) and Gikas Hardouvelis (University of Piraeus)

Discussant 1: Jerome Zettelmeyer (Peterson Institute for International Economics)
Discussant 2: Vítor Constâncio (former Vice-President of the European Central Bank)

16:30 – 16:45        Coffee break


Chair: Olaf Sleijpen (De Nederlandsche Bank)

16.45 – 17:45  Policy panel: Uneven economic recovery, implications for financial stability and the need to redesign of the international financial architectur

Elga Bartsch

Carmen M. Reinhart (World Bank Group)

Axel Weber (President, Center for Financial Studies, Goethe University, Frankfurt/ Main, Former Chairman, UBS Group AG, Former President, Deutsche Bundesbank)

18:00 – 19:00  Reception and drinks  

19:00 – 21:00  Dinner at Landgoed Duin en Kruidberg

TUESDAY, 21 June 2022 - Landgoed Duin & Kruidberg, Santpoort-Amsterdam 

08:30 – 08:45  Registration with coffee/tea


Chair: Anil Kashyap (University of Chicago)

08:45 – 10:00  Loan Guarantees, Bank Lending and Credit Risk Reallocation 

Marco Pagano (University of Naples Federico II, CSEF and EIEF), Carlo Altavilla (European Central Bank), Andrew Ellul (Indiana University and CSEF), Andrea Polo (LUISS, Pompeu Fabra University, EIEF and Barcelona GSE) and Thomas Vlassopoulos (European Central Bank)

Discussant 1: Claudia Buch (Deutsche Bundesbank)
Discussant 2: José-Luis Peydró (Imperial College London)                           

10:00 – 10:30  Coffee break


Chair: Nicole Stolk (De Nederlandsche Bank)               

10:30 – 11:45  Cyber risk and financial stabilit

Jason Healey (Columbia University), Patricia Mosser (Columbia University), Rachel Adeney (Columbia University) and Danielle Murad Waiss (Columbia University)

Discussant 1: Jill May (Bank of England)
Discussant 2: C.S. Venkatakrishnan (Barclays) 

11:45 – 12:00  Coffee break


Chair: Marlene Amstad (FINMA)

12:00 – 13:15  Systemic liquidity and the central bank balance sheet

Hyun Shin (Bank for International Settlements), Gara Afonso (Federal Reserve Bank of New York), Darrell Duffie (Stanford University) and Lorenzo Rigon (Stanford University)

Discussant 1: Cecilia Skingsley (Sveriges Riksbank)
Discussant 2: Gary Gorton (Yale University)

13:15 – 14:00        Lunch


Scientific Committee
Anil Kashyap (University of Chicago
Nobuhiro Kiyotaki (Princeton University)
Arvind Krishnamurthy (Stanford University
Thomas Philippon (New York University)
Rafael Repullo (CEMFI)
Hélène Rey (London Business School)

Local organization
Maurice Bun (De Nederlandsche Bank)
Jonas Niemeyer (Riksbank)
Christian Schumacher (Bundesbank)