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Capital Flows in Advanced Economies


Capital Flows in Advanced Economies: Implications for Financial Stability

Tuesday, November 13, 2018

Registration and Continental Breakfast

Note that all sessions will take place at the Bank of Canada, in the Conference Centre. To enter the Bank, please use the entrance to the Bank of Canada Museum, located at 30 Bank Street (corner of Bank and Wellington Streets) and bring a piece of government-approved photo identification.

08:45–09:00 Opening Remarks

Tim Lane (Bank of Canada)
09:00–10:30 Morning Session I: Foreign Capital and Bank Balance Sheets

Chair: Jean-Sébastien Fontaine (Bank of Canada)
  Foreign currency bank funding and global factors

Signe Krogstrup (International Monetary Fund)

Discussant: Mark Spiegel (Federal Reserve Bank of San Francisco)
  The effects of foreign capital on bank lending—evidence from the UK

Alexander Raabe (Graduate Institute, Geneva)

Discussant: Lerby Ergun (Bank of Canada)
10:30–10:45 Refreshment Break
10:45 – 12:15 Morning Session II: Monetary Policy Spillovers

Chair: Oleksiy Kryvtsov (Bank of Canada)
  Risk-taking spillovers of US monetary policy in the global market for US dollar corporate loans

Viktors Stebunovs (Board of Governors of the Federal Reserve System)

Discussant: Karlye Dilts Stedman (University of North Carolina at Chapel Hill)
  International capital flows at the security level—evidence from the ECB's asset purchase programme

Katharina Bergant (Trinity College and Harvard)

Discussant: Serdar Kabaca (Bank of Canada)
12:15–13:30 Lunch hosted by Lynn Patterson (Bank of Canada)
Noel Terrace (by invitation only)
13:30–15:00 Afternoon Session: Global Liquidity and House Prices Chair: Alexander Ueberfeldt (Bank of Canada)
  America First? A U.S.-centric view of global capital flows

Peter McQuade (Central Bank of Ireland)

Discussant: Hashmat Khan (Carleton University)
  Holes in the dike: The global savings glut, US house prices and the long shadow of banking deregulation

Mathias Hoffmann (University of Zurich)

Discussant: Michael Klein (Tufts University)
15:00–15:15 Refreshment Break
15:15–16:15 Keynote Remarks: Volatile Capital Flows

Linda Goldberg (Federal Reserve Bank of New York)
16:15–17:15 Panel: Foreign Investment in Housing Markets: Blessing or Curse?

Hosted by Larry Schembri (Bank of Canada)
Shubhra Jha (CBRE)
Sylvain Leduc (Federal Reserve Bank of San Francisco)
Gian Maria Milesi-Ferretti (International Monetary Fund)
Susan Wachter (Wharton School)
17:15 – 17:30 Closing Remarks: Larry Schembri (Bank of Canada)
17:30-18:30 Self-guided Tour of the Bank of Canada Museum (optional, by invitation only)
18:30 Reception and Dinner hosted by Carolyn A. Wilkins (Bank of Canada)

Bank of Canada Museum (by invitation only; entrance at corner of Wellington and Bank streets)