Bank of Israel, CEPR conference - Systemic Risk and Macroprudential Policy

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Monday 17 December


9:00- 9:30           Registration and Refreshments

9:30- 9:45            Welcome address and opening remarks:

                            Nadine Baudot-Trajtenberg​, Acting Governor, Bank of Israel

                             Franklin Allen, Imperial College and CEPR

Session I:            Systemic risk and financial system interconnectedness (Chair: Michel Strawczynski, Bank of Israel 

9:45-10:30          CoMap: Mapping contagion in the Euro Area banking sector

   Giovanni Covi​, European Central Bank

                           Discussant:Noam Michelson​, Bank of Israel

10:30-11:15       It takes more than two to tango: understanding the dynamics behind multiple Bank Lending and its implications

  Noam Michelson​, Bank of Israel

  Discussant:Roberto Steri​, University of Lausanne and Swiss Finance Institute


Session II:          Credit portfolios and systemic financial risk (Chair: Roy Stein, Bank of Israel)

11:30-12:15         Household credit, global financial cycle, and Macroprudential Policies: credit register evidence from an Emerging Country

                            Mircea Epure​, Universitat Pompeu Fabra & Barcelona GSE

    Discussant: Jon Bridges​, Bank of England

12:15-13:00          Keynote Speech:

    Franklin Allen,​ Imperial College and CEPR, “Leaning Against the Wind”



Session III:         Macroprudential measures aimed at avoiding future imbalances (Chair: Yossi Saadon, Bank of Israel)

14:00 –14:45       Geographic discontinuity of a Macroprudential Policy: evidence from Brazilian municipalities

    Lucas Teixeira​, Getulio Vargas Foundation and Central Bank of Brazil

    Discussant:Giovanni Covi​, European Central Bank

14:45 – 15:30      LTV Limit and Borrower Risk

    Nitzan Tzur-Ilan​, Bank of Israel and Hebrew University

                        ​     Discussant:Lucas Teixeira​, Getulio Vargas Foundation and Central Bank of Brazil

16:15-17:00         Would macroprudential regulation have prevented the last crisis?

    Jon Bridges​, Bank of England

                            Discussant:Linda Fache Rousová European Central Bank

T​uesday 18 December

Session IV:          Banking and Non-Banking sources of Risk (Chair: Michael Kahn, Bank of Israel)

8:45-9:30              Insurers' investment strategies: pro- or counter-cyclical?

Linda Fache Rousová​, European Central Bank

                                Discussant:Nadav Steinberg​, Bank of Israel

9:45-10:30           Shadow banking and market discipline on traditional banks

                                Christoffer Kok​, European Central Bank

                                Discussant:Jonathan Benchimol​, Bank of Israel

10:30-11:15         Stressed Banks

Roberto Steri, University of Lausanne and Swiss Finance Institute

                                Discussant:Christoffer Kok​, European Central Bank

11:15-12:00         Strategic liquidity mismatch and financial sector stability

André F. Silva, Federal Reserve Board

Discussant: Michael Gofman​, University of Rochester