- Announcement and call for papers
“Global Liquidity and its International Repercussions”
Joint workshop of the European Central Bank and the Bank for International Settlements
in Frankfurt am Main, Germany, on 6-7 February 2012
6 February 2012
| 8.30 | Registration |
| 09.00 | Welcoming remarks by Peter Praet (Member of the Executive Board, European Central Bank) and Claudio Borio (Deputy Head of the Monetary and Economic Department and Director of Research and Statistics, Bank for International Settlements) |
| Session I – Global liquidity and credit cycles Chair: Marcel Fratzscher (European Central Bank) |
|
| 9.30 | Capital flows, cross-border banking and global liquidity Valentina Bruno (American University) Hyun Song Shin (Princeton University) Discussant: Refet Gürkaynak (Bilkent University and Massachusetts Institute of Technology) |
| 10.30 | Coffee break |
| 11:00 | Liquidity management of U.S. global banks: Internal capital markets in great recession Linda Goldberg (Federal Reserve Bank of New York) Nicola Cetorelli (Federal Reserve Bank of New York) Discussant: Patrick McGuire (Bank for International Settlements) |
| 12.00 | World asset markets and global liquidity Silvia Miranda Agrippino (London Business School) Hélène Rey (London Business School, CEPR and NBER) Discussant: Robert McCauley (Bank for International Settlements) |
| 13.00 – 14.30 | Seated lunch (by invitation only) Dining area D1, Eurotower, 2nd floor Lunchtime speech: Dietrich Domanski (Head of Policy and Coordination, Bank for International Settlements) Title: The CGFS work on global liquidity |
| Session II – Liquidity and inflation Chair: Claudio Borio (Bank for International Settlements) |
|
| 14:30 | Keynote Speaker: Pierre-Olivier Gourinchas (UC Berkeley) Title: Global imbalances and global liquidity |
| 15.30 | Global liquidity, capital flows and inflation dynamics in the euro area Giancarlo Corsetti (Cambridge University, University of Rome III and CEPR) Luca Dedola (European Central Bank and CEPR) Julian von Landesberger (European Central Bank) Peter Welz (European Central Bank) Discussant: Günter Beck (University of Siegen) |
| 17.00 | The non-inflationary great leveraging Romain Baeriswyl (Swiss National Bank) Maja Ganarin (Swiss National Bank and University of Lausanne) Discussant: Michael Ehrmann (European Central Bank) |
| 18.00 | End of the first day |
| 19.00 | Dinner (by invitation only) ”Saal Silhouette” Hotel Intercontinental, Wilhelm-Leuschner-Strasse 43, Frankfurt Dinner speech: Benoît Coeuré (Member of the Executive Board, European Central Bank) |
7 February 2012
| 8.30 | Registration |
| Session III – Capital flows and liquidity Chair: Caroline Willeke (European Central Bank) |
|
| 9:00 | Keynote Speaker: Marc Flandreau (Graduate Institute Geneva) Title: The legal origins of the rating industry: courts, libel, and liquidity (with some lessons for today's regulators) |
| 10.00 | Coffee break |
| 10:30 | Capital controls and currency wars Anton Korinek (University of Maryland) Discussant: Roland Straub (European Central Bank) |
| 11.30 | ABS inflows to the United Sates and the global financial crisis Carol Bertaut (The Federal Reserve Board) Laurie Pounder DeMarco (The Federal Reserve Board) Steve Kamin (The Federal Reserve Board) Ralph Tryon (The Federal Reserve Board) Discussant: Harald Hau (University of Geneva and GFRI) |
| 12.30 – 14.00 | Lunch Foyer CIV, Eurotower, 2nd floor |
| 14.00 | The large-scale asset purchases had large international effects Chris Neely (Federal Reserve Bank of St. Louis) Discussant: Philip Lane (Trinity College Dublin) |
| 15.00 | End of the workshop |
| Workshop dates | Monday 6 February and Tuesday 7 February 2012 |
| Workshop venue | European Central Bank Room CIV, 2nd floor Eurotower Kaiserstrasse 29 60311 Frankfurt am Main Tel: +49 69 1344 0 Email: [email protected] |
| Dinner venue | Saal Silhouette Intercontinental, Wilhelm-Leuschner-Strasse 43, Frankfurt |
| Hotel accommodation | Steigenberger Frankfurter Hof ***** Am Kaiserplatz 60311 Frankfurt Tel.: +49 69 215-02, Fax: +49 69215-900 [email protected] www.steigenberger.com Intercontinental ***** Wilhelm-Leuschner-Strasse 43 60329 Frankfurt Tel.:+49 6926 05-0, Fax: +49 6925 24- [email protected] www.frankfurt.intercontinental.com |
| Seminar language | English |
| Organisers | Marcel Fratzscher European Central Bank International Policy Analysis Division Tel: +49 69 1344 6871 Email: [email protected] Claudio Borio Bank for International Settlements Monetary and Economic Department and Research and Statistics Tel: +41 61 280 8436 Email: [email protected] Roland Straub European Central Bank International Policy Analysis Division Tel: +49 69 1344 8926 Email: [email protected] Patrick McGuire Bank for International Settlements Financial Institutions Group Tel: +41 61 280 8921 Email: [email protected] Michael Ehrmann European Central Bank External Developments Division Tel: +49 69 1344 7327 Email: [email protected] Björn Fischer European Central Bank Monetary Policy Stance Division Tel: +49 69 1344 7684 Email: [email protected] |
| Contacts (Logistical arrangements) |
Tiina Pessi European Central Bank International Policy Analysis Division Tel: +49 69 1344 7507 Email: [email protected] Silke Köhler European Central Bank Directorate Communications Publishing, Events and Protocol Division Tel: +49 69 1344 8671 Email: [email protected] |
| Programme | The organisers reserve the right to change the conference programme without prior notice. |
Deadline for paper submissions: 14 December 2011
Motivation:
“Global liquidity” is a term frequently employed to explain the rally in stock markets, the decline in bond yields, the real estate booms, the surge in international capital flows and the rise in inflation observed in the years before the crisis and/or more recently. Similarly, some see the drying up of global liquidity as responsible for serious episodes of financial distress internationally. That said, global liquidity is an elusive and multi-faceted concept. In the economics profession there is no consensus on its definition, measurement, causes and implications. As a result, explanations that rely on global liquidity are often speculative and controversial.
More generally, regardless of the specific definition, several factors have no doubt had a significant impact on the behaviour of liquidity internationally and globally. These include: financial market developments and financial globalisation; monetary and fiscal policy responses before, during and after the crisis; exchange rate policies and reserve accumulation, and other structural factors.
In this workshop, we aim to bring together academics and researchers to present and discuss research on global liquidity. The intention is to improve our understanding of the concept and of its potential usefulness in answering questions of policy relevance in international economics. We also aim to take a longer-term perspective and link the notion of global liquidity with the evolution of the international financial and monetary system. Of special interest is the link between macroeconomic policy – including monetary, exchange rate and macro-prudential policy – and fluctuations in global liquidity.
The papers should address one or more of the following issues:
- The definition and measurement of global liquidity
- Global liquidity and the direction, size and composition of international capital flows
- The impact of global liquidity on asset prices and exchange rates
- The impact of global liquidity on monetary and financial stability
- The relationship between standard and non-standard monetary policy and global liquidity
- How policy can affect global liquidity
Submission of papers:
Interested authors should submit either a draft of the paper or an extended, detailed abstract 14 December 2011 to [email protected]. Authors of accepted papers will be notified by end December 2011. The final versions of the papers selected for the workshop are due by 28 January 2012.
Organising committee:
- Claudio Borio (BIS, [email protected])
- Michael Ehrmann (ECB, [email protected])
- Björn Fischer, (ECB, [email protected])
- Marcel Fratzscher (ECB, [email protected])
- Patrick McGuire (BIS, [email protected])
- Roland Straub (ECB, [email protected])
The workshop will take place over 1.5 days and includes about 8-10 academic papers with discussants
Expenses:
Academic presenters' and discussants’ expenses for travel (economy class round-trip) and accommodation for up to 2 days will be covered.