Capital Flows, Systemic Risk and Policy Responses

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.



Már Guðmundsson (Governor Central Bank of Iceland)
Opening remarks


Stijn Claessens (Board of Governors of the Federal Reserve System)
Keynote Address: Macroprudential, Monetary and Capital Flows Management Policies and Their Interactions 


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 

Gurnain Pasricha (Bank of Canada): 
Motivations for Capital Controls and Their Effectiveness 

Sebastian Krug (Kiel University): 
The Interaction between Monetary and Macroprudential Policypaper

Discussion led by Sigríður Benediktsdóttir (CBI)


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 Policy paperpaper

Sebnem Kalemli-Ozcan (University of Maryland): 
International Spillovers and Local Credit Cycles: What do firm-bank-loan level data tell us?

Discussion led by Ásgeir Jónsson (University of Iceland)


SESSION #3 Capital Flows and Policy Responses 

Rodrigo Cifuentes (Central Bank of Chile): 
Facing Volatile Capital Flows: The Role of Exchange Rate Flexibility and Foreign Assets 

Damiano Sandri (IMF):
Capital Controls or Macroprudential Regulation?paper

John Beirne (European Central Bank): 
Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalitiespaper

Discussion led by Charles Goodhart (Systemic Risk Centre, FMG, LSE)


SESSION #4 Capital Flows and Financial Stability 

Stephanie Curcuru (Board of Governors of the Federal Reserve System): 
International Capital Flows and Unconventional Monetary Policy 

Deniz Igan (IMF): 
Capital Inflows, Credit Growth, and Financial Systemspaper

Teodora Paligorova (Bank of Canada): 
Cross-Border Bank Flows and Monetary Policy

Discussion led by Luis Catão (IMF)


Jon Danielsson (Systemic Risk Center, LSE): 
Financial Policy in Highly Volatile Economies


Þorvarður Tjörvi Ólafsson (CBI):
Capital Flows and Policy Responses in Icelandpaper


Conference video:

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)