SI 2023 Risks of Financial Institutions

Mark Carey and René M. Stulz, Organizers

July 11-12, 2023

Charles Room AB

Royal Sonesta Hotel, 40 Edwin H. Land Blvd., Cambridge, MA and

Conference Code of Conduct

Tuesday, July 11
Joint session with Corporate Finance in Ballroom A
11:20 am
Andrés P. Sarto, New York University
Olivier Wang, New York University

The Secular Decline in Interest Rates and the Rise of Shadow Banks
Discussant: Adi Sunderam, Harvard University and NBER
12:10 pm
1:10 pm
Mitali Das, International Monetary Fund
Gita Gopinath, International Monetary Fund
Taehoon Kim, International Monetary Fund
Jeremy C. Stein, Harvard University and NBER

Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings
Discussant: Arvind Krishnamurthy, Stanford University and NBER (slides)
2:00 pm
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
3:50 pm
Martin Feldstein Lecture follows at 4:00 pm
Wednesday, July 12
8:00 am
Coffee and Pastries
8:30 am
8:40 am
J. Anthony Cookson, University of Colorado
Corbin Fox, James Madison University
Javier Gil-Bazo, Universitat Pompeu Fabra
Juan F. Imbet, Paris Dauphine
Christoph M. Schiller, Ohio State University

Social Media as a Bank Run Catalyst
Discussant: Manju Puri, Duke University and NBER
9:35 am
Naz Koont, Columbia University
Tano Santos, Columbia University and NBER
Luigi Zingales, University of Chicago and NBER

Destabilizing Digital Bank Walks (slides)
Discussant: Mark L. Egan, Harvard University and NBER
10:25 am
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
1:30 pm
Toni Whited, University of Michigan and NBER
Yufeng Wu, Ohio State University
Kairong Xiao, Columbia University and NBER

Will Central Bank Digital Currency Disintermediate Banks? (slides)
Discussant: Darrell Duffie, Stanford University and NBER
2:20 pm
Yiming Ma, Columbia University
Yao Zeng, University of Pennsylvania
Anthony Lee Zhang, University of Chicago

Stablecoin Runs and the Centralization of Arbitrage
Discussant: Campbell R. Harvey, Duke University and NBER
3:10 pm
3:30 pm
Olivier Darmouni, Columbia University
Kerry Y. Siani, Massachusetts Institute of Technology
Kairong Xiao, Columbia University and NBER

Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System
Discussant: Samuel Hanson, Harvard University and NBER
4:20 pm
Agostino Capponi, Columbia University
Paul Glasserman, Columbia University
Marko Weber, National University of Singapore

Stress Testing Spill Over Risk In Mutual Funds
Discussant: Itay Goldstein, University of Pennsylvania and NBER
5:10 pm