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Financial and Macroeconomic Stability: Challenges Ahead
June 4-5 2012, Istanbul

link Conference Programme and Links to Papers

      Istanbul, Turkey

The global financial crisis, which originated in the advanced economies, brought new challenges for both researchers and policy makers. The current crisis has sent out a call for action to researchers around the globe, to investigate the links between the financial sector and the real economy, within a framework that explicitly incorporates financial frictions. Not only that, the global crisis, by both its magnitude and prevalence, shook the widespread view that the deregulation of financial markets would improve welfare, which presents a challenge for policy makers.

In addition, the global financial crisis brought about practical disputes for both the developed and emerging countries. After the emergence of the crisis within the developed economies, mitigating its negative effects became a challenge for policy makers. Moreover, the repercussions of the policies taken in the developed countries, such as unprecedented monetary expansion, became a threat for the financial and price stability in the emerging countries.

To that end, the goal of this conference is to provide a platform for exchanging ideas among academics and policymakers, both from developed and emerging economies, with a special focus on the risks and challenges for sustaining financial and macroeconomic stability. Accordingly, the series of discussions will include (but are not limited to) the following topics:

• Restoring financial and macroeconomic stability

• Embedding macro-prudential policies into conventional policy tools

• Global imbalances and unconventional policies

• The effects of unconventional policies in developed and emerging countries

• Systemic risk, financial stability and macro-prudential policies

• Financial stability and policy responses in emerging market economies

• The role of leverage on macro and financial stability

• Sovereign debt levels and risks to the global economy

• Pressures on financial and price stability in emerging markets after expansionary policies in developed economies

• Designing new monetary policy tools for financial shocks

• Understanding the links between the financial system and the real economy

• Risk taking in the banking and finance sectors

• Measuring and understanding systemic risks in the banking industry

Keynote Speakers:

Franklin Allen, Nippon Life Professor of Finance and Economics, University of Pennsylvania

Ricardo Caballero, Ford International Professor of Economics, MIT


Invited Speakers:

Giovanni Dell'Ariccia, Advisor in the Research Department at IMF, CEPR Research Fellow

Leonardo Gambacorta, Head of Monetary Policy, BIS

Simon Gilchrist, Professor of Economics, Boston University

Adriano Rampini, Associate Professor of Finance and Economics, The Fuqua School of Business Duke University

Haluk Unal, Professor of Finance, Robert H. Smith School of Business University of Maryland

Vikrant Vig, Associate Professor of Finance, London Business School


Financial Support: Travel and accommodation expenses of one author of each accepted paper will be covered for academic participants.

Submission Deadline: 1st of April 2012.

link Call for Papers (Download as pdf)