16th Annual Paul Woolley Centre Conference
and
4th Annual Conference on Non-Bank Financial Sector and Financial Stability
Date: 6-7th June 2024 Venue: London School of Economics, in person
Speakers: Itay Goldstein (Wharton), Zhiguo He (Stanford), Erica Jiang (USC), John Kuong (INSEAD), Gabor Pinter (BIS), Andres Sarto (NYU), Amit Seru (Stanford), Kerry Siani (MIT), Sascha Steffen (Frankfurt)
Discussants: Cynthia Balloch (LSE), Marco Grotteria (LBS), Raj Iyer (Imperial), Yiming Ma (Columbia), Cecilia Parlatore (NYU), Rafael Repullo (CEMFI), João Santos (FRBNY), Savitar Sundaresan (Imperial), Huan Tang (Wharton)
Confirmed policy panel speakers: Franklin Allen (Brevan Howard Centre at Imperial College London), Amit Seru (Stanford)
Programme
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The 16th Annual Conference of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality took place on 6th-7th June 2024 at the LSE. It was scheduled this year to coincide, as a joint conference, with the 4th Annual Conference on Non-Bank Financial Sector and Financial Stability. The conference was organized in partnership with the Bank of England and the Brevan Howard Centre at Imperial College.
Research at the Paul Woolley Centre aims to understand capital markets' workings and the social efficiency of allocations these markets achieve. The research departs from the Arrow-Debreu view of frictionless markets and emphasises the role of financial intermediaries (e.g. investment banks, mutual, hedge, and pension funds) in influencing prices and allocations. The Centre holds a conference each year based on these broad themes to bring together researchers working on such questions, disseminate their research, and stimulate the development of new ideas.
This year's edition of the conference focussed on the growing role of non-bank financial institutions in intermediating credit and on their relationship with banks. There were four sessions on: monetary policy and institutional trading, monetary policy and financial stability, fintech, and shadow banks and lending. There was also a policy panel on monetary policy and financial stability.
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Session 1: Monetary policy and institutional trading
Monetary Policy and Fragility in Corporate Bond Funds
Presenter: John Kuong (INSEAD) (Slides)
Co-authors: James O'Donovan, Jinyuan Zhang
Discussant: João Santos (Federal Reserve Bank of New York) (Slides)
The Liquidity State-Dependence of Monetary Policy Transmission
Presenter: Gabor Pinter (Bank for International Settlements) (Slides)
Co-authors: Oliver Ashtari-Tafti, Rodrigo Guimaraes, Jean-Charles Wijnandts
Discussant: Marco Grotteria (London Business School) (Slides)
Session 2: Monetary policy and financial stability
Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System Presenter: Kerry Siani (MIT Sloan School of Management)
Co-authors: Olivier Darmouni, Kairong Xiao
Discussant: Yiming Ma (Columbia Business School) (Slides)
Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets
Presenter: Sascha Steffen (Frankfurt School of Finance & Management)
Co-authors: Viral Acharya, Rahul Chauhan, Raghuram Rajan
Discussant: Raj Iyer (Imperial College Business School) (Slides)
Policy Panel: Monetary policy and financial stability
Moderator: Charles Goodhart (London School of Economics) (Slides)
Panellists: Franklin Allen (Imperial College) (Slides), Amit Seru (Stanford University Graduate School of Business)
Session 3: Fintech
Information Span in Credit Market Competition
Presenter: Zhiguo He (Graduate School of Business, Stanford University) (Slides, Paper)
Co-authors: Jing Huang, Cecilia Parlatore
Discussant: Savitar Sundaresan (Imperial College Business School)
Open Banking: Lending Market Competition and Resource Allocation Efficiency
Presenter: Itay Goldstein (The Wharton School, University of Pennsylvania) (Slides)
Co-authors: Chong Huang, Liyan Yang
Discussant: Cecilia Parlatore (Stern School of Business, New York University)
Session 4: Shadow banks and lending
The Secular Decline in Interest Rates and the Rise of Shadow Banks
Presenter: Andres Sarto (Stern School of Business, New York University) (Slides, Paper)
Co-author: Olivier Wang
Discussant: Cynthia Balloch (London School of Economics)
The Secular Decline of Bank Balance Sheet Lending
Presenter: Amit Seru (Stanford University Graduate School of Business)
Co-authors: Greg Buchak, Gregor Matvos, Tomasz Piskorski
Discussant: Rafael Repullo (CEMFI) (Slides)
Branching out Inequality: The Impact of Credit Equality Policies
Presenter: Erica Jiang (USC Marshall School of Business) (Slides, Paper)
Co-authors: Jacelly Cespedes, Carlos Parra, Jinyan Zhang
Discussant: Huan Tang (The Wharton School, University of Pennsylvania)
Organisers: Jamie Coen (Imperial College Business School), Peter Kondor (London School of Economics), Arzu Uluc (Bank of England), Dimitri Vayanos (London School of Economics), Ansgar Walther (Imperial College Business School), Nora Wegner (Bank of England)
