Eleventh Annual International Banking Conference

Credit Market Turmoil of 2007–08: Implications for Public Policy


The Federal Reserve Bank of Chicago and the European Central Bank held a conference on The Credit Market Turmoil of 2007–08: Implications for Public Policy at the Chicago Reserve Bank on Thursday and Friday, September 25–26, 2008.

This was the eleventh in an annual series of international banking conferences sponsored by the Federal Reserve Bank of Chicago that focused on important current issues in global economics and finance. This year's conference theme addressed the recent turmoil in international credit markets, evaluated the damage incurred and considered corrective policy options.

The conference speakers were internationally recognized experts in their respective areas, and represented a wide array of affiliations from an equally wide array of countries. In addition, the two-day conference featured keynote presentations by José Manuel González-Páramo, Board Member, European Central Bank; Nout Wellink, President, Netherlands Bank, and Chairman, Basel Committee on Banking Supervision; and Charles Dallara, Managing Director, The Institute of International Finance, Inc.

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09/25/06
9:00 AM
Registration and Continental Breakfast
9:45 AM
Welcoming Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
José Manuel González-Páramo, Board Member, European Central Bank
10:00 AM
Session I: What Happened, Where?
Moderator
Douglas D Evanoff, Federal Reserve Bank of Chicago
Speaker - United States
Robert DiClemente, Citigroup
Speaker - Europe
Jesús Saurina, Bank of Spain
Speaker - Rest of World
Laura E Kodres, International Monetary Fund
Discussant and Commentator
John P C Fell, European Central Bank
12:00 PM
Luncheon and Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote
Paola Sapienza, Associate Professor of Finance, Zell Center Faculty Fellow, Northwestern University, Kellogg School of Management
2:00 PM
Session II: How Serious Is the Damage?
Moderator
Philipp Hartmann, European Central Bank
Speakers
Patrick Honohan, Trinity College, Dublin
Damages to Financial Markets
S (Vish) Viswanathan, Duke University
David Greenlaw, Morgan Stanley
Discussant and Commentator
Christopher Kent, Reserve Bank of Australia
3:45 PM
Break
4:00 PM
Session III: Why Did It Go Undetected/Underestimated for So Long?
Moderator
Garry J Schinasi, International Monetary Fund
Speakers
Joseph R Mason, Louisiana State University
Pricing Risk
John Hull, University of Toronto
Frank Patroy, University of San Diego School of Law
Discussant and Commentator
Mark Zandi, Moody's Economy.com
5:45 PM
Reception
6:45 PM
Dinner and Keynote Address
Introduction
Charles I Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia
Keynote
José Manuel González-Páramo, Board Member, European Central Bank
09/26/08
7:30 AM
Registration and Continental Breakfast
8:15 AM
Session IV: Experience with Crisis Management
Moderator
Richard J Rosen, Federal Reserve Bank of Chicago
Speakers - Euro Area
Nuno Cassola, European Central Bank
Cornelia Holthausen, European Central Bank
Flemming Würtz, European Central Bank
Speaker - United Kingdom
Nigel Jenkinson, Bank of England
Speaker - United States
Richard Rosen, Federal Reserve Bank of Chicago
10:00 AM
Break
10:15 AM
Session V: Implications for Basel II and Bank Capital Regulation
Moderator
Michel Crouhy, Natixis Corporate and Investment Bank
Speaker - Role of Risk Models
Michel Crouhy, Natixis Corporate and Investment Bank
Speaker - Role of Supervision
Cathy Lemieux, Federal Reserve Bank of Chicago
Speaker - Role of Market Discipline
Mark J Flannery, University of Florida
Discussant and Commentator
Robert E Litan, Kauffman Foundation
12:15 PM
Luncheon and Keynote Address
Introduction
José Manuel González-Páramo, Board Member, European Central Bank
Keynote
Kenneth W Dam, Max Pam Professor Emeritus of American and Foreign Law, University of Chicago Law School
2:15 PM
Session VI: Implications for Regulation of Financial Markets and Instruments
Moderator
Olli Castrén, European Central Bank
Speaker - Role of Financial Engineering
, Board of Governors of the Federal Reserve System
Speakers - Complex Securities
Markus K Brunnermeier, Princeton University
Martin Oehmke, Columbia University
Speaker - Aligning Incentives
Adam B Ashcraft, Federal Reserve Bank of New York
Discussant and Commentator
James Overdahl, U.S. Securities and Exchange Commission
4:00 PM
Break
4:15 PM
Session VII: Policy Panel: Where to from Here?
Moderator
George G Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Panelists
Philipp Harmann, European Central Bank
, Bundesanstalt für Finanzdienstleistungsaufsicht (German Federal Financial Supervisory Authority)
Takatoshi Ito, University of Tokyo
Henry Kaufman, Henry Kaufman & Company
Sam Peltzman, Swiss National Bank
Lawrence R Uhlick, Institute of International Bankers
6:00 PM
Reception
6:45 PM
Dinner and Keynote Address
Introduction
Douglas D Evanoff, Federal Reserve Bank of Chicago
Keynote
Charles H Dallara, Managing Director, Institute of International Finance
6:45 PM
Conference Coordinators
Douglas Evanoff, Federal Reserve Bank of Chicago
Philipp Harmann, European Central Bank
George Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago

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