Opening Remarks

Sylvain Leduc, Bank of Canada

Session 1: Banking

Morning Session Chair: Antonio Diez de los Rios, Bank of Canada

Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentives

Viral Acharya, Reserve Bank of India
Yalin Gündüz, Deutsche Bundesbank
Timothy Johnson, University of Illinois, Urbana-Champaign

Discussant: Teodora Paligorova, Federal Reserve Board

Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins

Thorsten Beck, Cass Business School
Samuel Da-Rocha-Lopes, Nova School of Business & Economics
Andre Silva, Cass Business School

Discussant: Lev Ratnovski, International Monetary Fund

Session 2: Effects of Financial Market Regulation

Banking Regulation and Market Making

David Cimon, Bank of Canada
Corey Garriott, Bank of Canada

Discussant: Liyan Yang, University of Toronto

The Real Effects of Short Selling Restrictions around the World

Christoph Schiller, Rotman School of Management

Discussant: Ryan Riordan, Queen’s University

Session 3: Limits to Arbitrage in Foreign Exchange Markets

Afternoon Session Chair: Jose Manuel Marques, Banco de España

The Japan Repo Premium and US Dollar Intermediation

Iñaki Aldasoro, Bank for International Settlements
Torsten Ehlers, Bank for International Settlements
Egemen Eren, Bank for International Settlements

Discussant: Alyssa Anderson, Federal Reserve Board

Limits to Arbitrage in the Foreign Exchange Market: Evidence from FX Trade Repository Data

Gino Cenedese, Bank of England
Pasquale Della Corte, Imperial College
Tianyu Wang, Imperial College

Discussant: Jose Manuel Marques, Banco de España

Session 4: Global Financial Cycles

Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows

Anusha Chari, University of North Carolina-Chapel Hill & NBER
Karlye Dilts Stedman, University of North Carolina-Chapel Hill
Christian Lundblad, University of North Carolina-Chapel Hill

Discussant: Antonio Diez de los Rios, Bank of Canada

Foreign Booms, Domestic Busts: The Global Dimension of Banking Crises

Ambrogio Cesa-Bianchi, Bank of England
Fernando Eguren Martin, Bank of England
Gregory Thwaites, Bank of England

Discussant: Greg Bauer, University of Rochester

Session 5: Central Banking: International Considerations

Morning Session Chair: Jonathan Witmer, Bank of Canada

Which Central-Bank Projections Influence Private-Sector Forecasts?

Monica Jain, Bank of Canada
Andrew Levin, University of Dartmouth
Christopher Sutherland, Bank of Canada

Discussant: Paul Hubert, Sciences Po

The currency dimension of the bank lending channel in international monetary transmission

Elod Takats, Bank for International Settlements
Judit Temesvary, Federal Reserve Board

Discussant: Adrian Van Rixtel, Banco de España

Making room for the needy: The effects of the Corporate Sector Purchase Programme on firms credit

Oscar Arce, Banco de España
Ricardo Gimeno, Banco de España
Sergio Mayordomo, Banco de España

Discussant: Massimiliano Affinito, Banca d’Italia

Session 6: International Asset Pricing

The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets

Torben Andersen, Northwestern University
Nicola Fusari, Johns Hopkins University
Viktor Todorov, Northwestern University

Discussant: Bruno Feunou, Bank of Canada

Oil Volatility Risk and Expected Stock Returns

Peter Christoffersen, University of Toronto, CBS and CREATES
Xuhui (Nick) Pan, Freeman School of Business, Tulane University

Discussant: Alexander David, University of Calgary