26 and 27 April 2016, Frankfurt am Main, Germany
Hosted by the European Central Bank
Submission deadline: 3 January 2016
The European Central Bank (ECB) is launching a new annual conference series on macroprudential policy and research. The first event is organised in collaboration with the International Monetary Fund (IMF). The objective of this series is to bring together academic scholars, policy-makers and practitioners to discuss state-of-the-art research on macroprudential policy, assess the effectiveness of macroprudential regulatory instruments and consider issues for policy implementation.
TOPICS: Theoretical and empirical contributions are welcome on issues including, but not limited to:
1. Financial cycles, imbalances and early warning indicators:
a. The emergence of systemic risks and financial imbalances and the role of externalities and misaligned incentives.
b. The properties of financial cycles, especially their constituent elements (e.g. credit extended to households versus corporations), the degree of commonality across countries, amplification mechanisms in financial crises and the relationship with regular business cycles; as well as the predictive abilities of early warning indicators for financial crises or boom/bust cycles.
c. The role of macroprudential policy to counteract imbalances and manage soft landings when the cycle peaks, with a focus on micro and macroprudential policy interactions.
2. The scope of macroprudential policy, regulatory arbitrage and the role of non-bank activities in systemic risk:
a. Incentive structures in the non-banking and banking sector and the way in which the incentives in the two sectors interact, especially in view of recent (banking) regulation.
b. Ways of detecting new sectors in which risks are accumulating and ways of including them in early warning and stress-testing frameworks.
c. Effective policy measures to increase resilience of non-bank institutions and to mitigate risks in financial markets, including specific market-based forms of financing.
3. Macroprudential regulatory instruments: theory, empirical results and practical experience:
a. The macroprudential toolkit: What are the differences between lender and borrower-based instruments in their transmission and impact? Is the current toolkit well balanced between enhancing resilience and taming the financial cycle? What are the factors limiting the effectiveness of these instruments?
b. Benefits and costs of macroprudential policies. Possible undesired side-effects and lessons to be drawn from recent applications of macroprudential policy instruments.
c. What are systemic risks that call for alternative approaches to macroprudential policies?
The final programme will include presentations of both submitted and invited papers and speeches by high-level policy-makers and scholars. The conference will also feature a policy panel discussion on macroprudential policy in Europe and the world.
ORGANISATIONAL INFORMATION: The conference will start in the morning of 26 April 2015 and end in the late afternoon on 27 April 2015. Attendance is by invitation only.
Travel and accommodation expenses for academic speakers and discussants of selected papers will be reimbursed.
CONFERENCE ORGANISERS: The organising committee of the workshop includes Carsten Detken, Stephan Fahr, Angela Maddaloni, Simone Manganelli, Carmelo Salleo (all ECB), and Deniz Igan and Erlend Nier (both IMF).
PAPER SUBMISSION PROCEDURE: Interested authors should submit their papers by 3 January 2016 to firstname.lastname@example.org. Authors will be notified of the decision on their submission by 29 January 2016. The final version of accepted papers must be received by 18 March 2016.