Call for Papers: The Evolving Financial System and the Transmission Mechanism of Monetary Policy

                THE CEPR/ESI 12TH ANNUAL CONFERENCE ON
         'THE EVOLVING FINANCIAL SYSTEM AND THE TRANSMISSION
                    MECHANISM OF MONETARY POLICY'

                        25/26 September 2008
                               Basel

                   Co-organised and hosted by the
                 Bank for International Settlements

               CALL FOR PAPERS - DEADLINE: 1 JUNE 2008


      The 12th CEPR/European Summer Institute Annual Conference
      will take place on 25/26 September 2008 in Basel and will
      be co-organised with, and hosted by, the Bank for
      International Settlements. The CEPR/ESI Annual Conferences
      were previously sponsored by the South African Reserve
      Bank, Banco de Portugal, Bank of Finland, the National Bank
      of Poland, the Nederlandsche Bank, the Oesterreichische
      Nationalbank and the European Central Bank. Former
      conferences were held on 'Fiscal Policy Imbalances, the
      Monetary Transmission Mechanism and Prudential Supervision'
      in Lisbon (1999), 'Vivent les Differences?: Heterogeneous
      Europe' in Amsterdam (2000), 'Old Age, New Economy and
      Central Banking' in Helsinki (2001), 'Regulatory Changes
      for European Financial Markets' in Vienna (2002), 'The Euro
      Area as an Economic Entity' in Eltville (2003), 'EMU
      Enlargement to the East and the West' in Budapest (2004)
      'Structural Reforms and Economic Growth in Europe' in
      Frankfurt-am-Main (2005) 'Globalisation and Monetary
      Policy' in Warsaw (2006) and on 'Global Imbalances,
      Competitiveness and Emerging Markets' in Pretoria (2007).


      OVERVIEW:

      The topic of the 12th CEPR/ESI Annual Conference will be
      'The Evolving Financial System and the Transmission
      Mechanism of Monetary Policy'. The structure of the
      financial system has changed considerably in recent years
      in at least three ways. First, financial markets and
      institutions have become more globalised, thus
      strengthening the international transmission of shocks.
      Second, business models of financial institutions have
      shifted from originate-and-hold to originate-and-distribute
      strategies. While the recent turmoil in financial markets
      may have slowed the growth in the securitisation of
      financial claims, at this stage it is too early to say
      whether the trend has been reversed. Third, regulatory and
      accounting frameworks have changed substantially. Banking
      regulation has been shifting from a framework of simple
      rules to a more model-based approach based on risk
      management principles. Similarly, historical cost
      accounting has been giving way to fair value accounting
      (mark-to-market or mark-to-model).

      Assessing the implications of these trends for monetary
      policy in general, and the transmission mechanism in
      particular, is not straightforward. For example, to what
      degree do the existing models used for monetary policy have
      to be adapted in the light of these changes? How are the
      individual channels of monetary policy transmission
      affected, and how is this reflected in their balance? To
      what extent should monetary policy strategies be adjusted
      to respond to such changes?

      In addition to the submissions selected from a call for
      papers, the programme will include policy lectures by
      senior central bankers, papers by reputed academics and a
      high-level panel.


      PAPER SUBMISSION PROCEDURE:

      One part of the conference will be reserved for central
      bank researchers of member countries of the European Union
      and the EU candidate countries. Therefore, the organizers
      of the 2008 CEPR/ESI Annual Conference ask the Research
      Departments of all central banks of the EU and EU candidate
      countries to submit their best paper related to the
      specified area above. The application deadline is 1 June
      2008. If you would like to submit a paper for this meeting,
      please contact:

      CONTACT:       Nadine Clarke at CEPR
      Email:         MAILTO:nclarke@cepr.org
      Tel:           +44 (0) 207 183 8808

      The organizers will then select the three best papers for
      presentation at the conference in a special session of
      central bank research papers. Moreover, the organizers will
      award the best of these three papers with the CEPR/ESI 2008
      Prize for the Best Central Bank Research Paper.


      THE ORGANIZERS:

      Sylvester Eijffinger (CentER, Tilburg University, RSM
      Erasmus University and CEPR)
      Kees Koedijk (Tilburg University and CEPR)
      Claudio Borio (Bank for International Settlements)
      Christian Upper (Bank for International Settlements)
Posted 4/10/08