Meginmál

An international conference on capital flows, systemic risk and policy responses was held in Reykjavik on 28-29 April 2016. The conference was jointly organised by the International Monetary Fund, London School of Economics and the Central Bank of Iceland. Governor Már Gudmundsson gave the opening remarks and the keynote speakers were Maurice Obstfeld of the International Monetary Fund and Stijn Claessens of the Federal Reserve System.

Programme

Már Guðmundsson (Governor Central Bank of Iceland)

Opening remarks(230.63 KB)

Stijn Claessens (Board of Governors of the Federal Reserve System)

Keynote Address:

Macroprudential, Monetary and Capital Flows Management Policies and Their Interactions(1.7 MB)
SESSION #1 Policy Responses: Implementation of Macroprudential Policies

Jeffrey M. Chwieroth (London School of Economics):

The Political Economy of Leaning Against the Wind: Preliminary Results(719.88 KB)

Gurnain Pasricha (Bank of Canada):

Motivations for Capital Controls and Their Effectiveness(275.55 KB)

Sebastian Krug (Kiel University):

The Interaction between Monetary and Macroprudential Policy(7.28 MB)Paper(4.62 MB)

Discussion led by Ásgeir Jónsson (University of Iceland)

SESSION #2 Policy Responses: Policy Responses: Implementation of Macroprudential Policies

Fatih Altunok (Central Bank of Turkey):
Credit Growth and Reserve Requirements as a Macro-prudential Policy: Evidence from Loan-Level Data

Dennis Reinhardt (Bank of England):

Regulatory Arbitrage in Action: Evidence from Banking Flows and Macroprudential Policypaper(866.43 KB)Paper(963.09 KB)

Sebnem Kalemli-Ozcan (University of Maryland):

International Spillovers and Local Credit Cycles: What do firm-bank-loan level data tell us?(320.31 KB)

Discussion led by Ásgeir Jónsson (University of Iceland)

SESSION #3 Capital Flows and Policy Responses
SESSION #4 Capital Flows and Financial Stability

Stephanie Curcuru (Board of Governors of the Federal Reserve System):

International Capital Flows and Unconventional Monetary Policy(988.16 KB)

Deniz Igan (IMF):

Capital Inflows, Credit Growth, and Financial Systems(202.44 KB)Paper(681.55 KB)

Teodora Paligorova (Bank of Canada):

Cross-Border Bank Flows and Monetary Policy(532.85 KB)

Discussion led by Luis Catão (IMF)

Jon Danielsson (Systemic Risk Center, LSE):

Financial Policy in Highly Volatile Economies(831.5 KB)

Keynote address:

  • Maurice Obstfeld (IMF) Trilemmas and trade-offs: living with financial globalisation

Policy panel:

  • Karnit Flug (Central Bank of Israel)
  • Már Guðmundsson (Central Bank of Iceland)
  • Turalay Kenç (Central Bank of Turkey)
  • Luiz A. Pereira da Silva (BIS)
  • Carmen Reinhart (Harvard Kennedy School)