SI 2023 Risks of Financial Institutions
Organized by Mark Carey and René M. Stulz
July 11-12, 2023
Royal Sonesta Hotel, 40 Edwin H. Land Blvd., Cambridge, MA and zoom.us
Tuesday, July 11
Joint session with Corporate Finance in Ballroom A
11:20 am

The Secular Decline in Interest Rates and the Rise of Shadow Banks

Andrés P. Sarto, University of Illinois Urbana-Champaign
Olivier Wang, New York University

Discussant:
Adi Sunderam, Harvard University and NBER
12:10 pm
Lunch
1:10 pm

Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings

Mitali Das, International Monetary Fund
Gita Gopinath, Harvard University and NBER
Taehoon Kim, International Monetary Fund
Jeremy C. Stein, Harvard University and NBER

Discussant:
Arvind Krishnamurthy, Stanford University and NBER (slides)
2:00 pm
Break
2:20 pm
Panel on Recent Bank Runs and Financial Instability
Viral Acharya, New York University and NBER
Gregor Matvos, Northwestern University and NBER
Manju Puri, Duke University and NBER
Philipp Schnabl, New York University and NBER
Slides
3:50 pm
Adjourn
Martin Feldstein Lecture follows at 4:00 pm
Wednesday, July 12
8:00 am
Coffee and Pastries
8:30 am
Introductions
8:40 am

Social Media as a Bank Run Catalyst

J. Anthony Cookson, University of Colorado Boulder
Corbin Fox, James Madison University
Javier Gil-Bazo, Universitat Pompeu Fabra
Juan F. Imbet, Paris Dauphine
Christoph M. Schiller, The Ohio State University

Discussant:
Manju Puri, Duke University and NBER
9:35 am

Destabilizing Digital Bank Walks (slides)

Naz Koont, Stanford University
Tano Santos, Columbia University and NBER
Luigi Zingales, University of Chicago and NBER

Discussant:
Mark L. Egan, Harvard University and NBER
10:25 am
Break
11:00 am
Panel on Bank Supervision, Risk Management, and the Banking Crisis of 2023
Chair: Douglas W. Diamond, University of Chicago and NBER
Stephen Hoffman, Consultant, Ludwig Regulatory Group
Gregory Hopper, Bank Policy Institute
Eric Rosengren, Massachusetts Institute of Technology
Til Schuermann, Oliver Wyman
12:30 pm
Lunch
1:30 pm

Will Central Bank Digital Currency Disintermediate Banks? (slides)

Toni Whited, University of Michigan and NBER
Yufeng Wu, The Ohio State University
Kairong Xiao, Columbia University and NBER

Discussant:
Darrell Duffie, Stanford University and NBER
2:20 pm

Stablecoin Runs and the Centralization of Arbitrage

Yiming Ma, Columbia University and NBER
Yao Zeng, University of Pennsylvania and NBER
Anthony Lee Zhang, University of Chicago

Discussant:
Campbell R. Harvey, Duke University and NBER
3:10 pm
Break
3:30 pm

Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System

Olivier Darmouni, HEC Paris
Kerry Y. Siani, Massachusetts Institute of Technology
Kairong Xiao, Columbia University and NBER

Discussant:
Samuel Hanson, Harvard University and NBER
4:20 pm

Stress Testing Spill Over Risk In Mutual Funds

Agostino Capponi, Columbia University
Paul Glasserman, Columbia University
Marko Weber, National University of Singapore

Discussant:
Itay Goldstein, University of Pennsylvania and NBER
5:10 pm
Adjourn