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2017 Financial Stability and Fintech Conference

What

2017 Financial Stability and Fintech Conference

When

November 30–December 1, 2017

Where

Treasury Cash Room, Washington DC
1500 Pennsylvania Avenue NW
Washington DC 20220


All sessions of the 2017 Financial Stability and Fintech Conference were livestreamed and are archived at the links below, including keynote addresses delivered by Federal Reserve System Governor Randal K. Quarles and Stern School of Business Professor David Yermack.

Watch day one of the conference
Watch day two of the conference

November 30, 2017

7:45–8:30 am Registration
8:30 am Welcome
Stacey Schreft, Deputy Director, Research and Analysis Center, Office of Financial Research
8:30–9:45 am Panel: Financial Innovation and Macroprudential Policy
Moderator: Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland

Panelists:
Maureen O’Hara, Professor of Finance, Samuel Curtis Johnson Graduate School of Management, Cornell University
Alvaro Martín, Head Economist of Digital Regulation, Banco Bilbao Vizcaya Argentaria
Daniel Gorfine, Director of LabCFTC and Chief Innovation Officer, Commodity Futures Trading Commission
9:45–10:00 am Break
10:00–11:30 am Paper Session: Threats to Financial Stability
Moderator and Discussant: Mark Carey, Board of Governors of the Federal Reserve System (presentation)

Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks

Gregory Buchak, University of Chicago
Gregor Matvos, McCombs School of Business at the University of Texas at Austin and National Bureau of Economic Research (paper, presentation)
Tomasz Piskorski, Columbia Business School and National Bureau of Economic Research
Amit Seru, Stanford Graduate School of Business, the Hoover Institution, Stanford Institute for Economic Policy Research and National Bureau of Economic Research

Financial Innovation and Rent Extraction

Anton Korinek, Johns Hopkins University and National Bureau of Economic Research (paper, presentation)

Marketplace Lending, Information Aggregation, and Liquidity

Julian Franks, London Business School
Nicolas Serrano-Velarde, Università Commerciale Luigi Bocconi
Oren Sussman, Saïd Business School, University of Oxford (presentation)
Noon–1:15 pm Luncheon and Keynote Address
Introduction: Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
Keynote Address: Randal K. Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System
1:15-1:30 pm Break
1:30–3:00 pm Paper Session: Financial Innovation and Payment Systems
Moderator and Discussant: Pete Kyle, Robert H. Smith School of Business, University of Maryland (presentation)

Making Money: Commercial Banks, Liquidity Transformation, and the Payment System

Christine A. Parlour, Haas School of Business, University of California Berkeley (paper, presentation)
Uday Rajan, Stephen M. Ross School of Business at the University of Michigan
Johan Walden, Haas School of Business, University of California Berkeley

Can Currency Competition Work?

Jesús Fernández-Villaverde, University of Pennsylvania, National Bureau of Economic Research, and Centre for Economic Policy Research
Daniel Sanches, Federal Reserve Bank of Philadelphia (paper, presentation)

The Macroeconomics of Central Bank Issued Digital Currencies

John Barrdear, Bank of England
Michael Kumhof, Bank of England (paper, presentation)
3:00–3:15 pm Break
3:15–4:30 pm Panel: Big Data, Regtech, and Financial System Monitoring
Moderator: Richard Berner, Director, Office of Financial Research Panelists:
Michael Meyer, Cofounder, RegTech Lab
Kevin Greenfield, Director for Bank Information Technology, Office of the Comptroller of the Currency
Christina McGlosson-Wilson, Senior Special Counsel, Division of Economic and Risk Analysis, Securities and Exchange Commission
Kathleen Hamm, Global Leader of Securities and Fintech Services and Senior Strategic Advisor to the CEO on Cyber Solutions, Promontory Financial Group
4:30–5:30 pm Paper Session: Predictability Using Big Data
Moderator and Discussant: Sanjiv Das, Santa Clara University Leavey School of Business (presentation)

How News and Its Context Drive Risk and Returns around the World

Charles W. Calomiris, Columbia Business School
Harry Mamaysky, Columbia Business School (paper, presentation)

Media Reinforcement in International Financial Markets

Kenneth Froot, Harvard Business School
Xiaoxia Lou, Alfred Lerner College of Business and Economics, University of Delaware
Gideon Ozik, École des Hautes Études Commerciales
Ronnie Sadka, Carroll School of Management, Boston College (paper, presentation)
Siyi Shen, Carroll School of Management, Boston College
5:30–7:30 pm Reception Hosted by the Federal Reserve Bank of Cleveland
Old Ebbitt Grill, 675 15th Street NW, Washington DC 20005

December 1, 2017

8:30 am Welcome
Joseph Haubrich, Vice President, Federal Reserve Bank of Cleveland
8:30–9:30 am Keynote Address
David Yermack, Professor, New York University Stern School of Business
9:30–10:45 am Panel: Fintech and the Future of Financial Intermediation
Moderator: Alexander J. Triantis, Dean, Robert H. Smith School of Business, University of Maryland

Panelists:
Robert Nichols, President and Chief Executive Officer, American Bankers Association
Amias Gerety, Principal, QED Investors
Yesha Yadav, Professor of Law, Vanderbilt University
10:45–11:00 am Break
11:00 am–12:30 pm Paper Session: Peer-to-Peer Lending and Financial Stability
Moderator and Discussant: Nagpurnanand Prabhala, Robert H. Smith School of Business, University of Maryland

The Effects of Peer-to-Peer (P2P) Lending on Competition, Discrimination, and Financial Stability

Michael S. Padhi, Robert H. Smith School of Business, University of Maryland (paper)

Is Fintech a Threat to Financial Stability? Evidence from Peer-to-Peer Lending in China

Fabio Braggion, Tilburg University and CentER (paper)
Alberto Manconi, Università Commerciale Luigi Bocconi
Haikun Zhu, Tilburg University and CentER
12:30 pm Closing Remarks
Haluk Unal, Professor of Finance, Robert H. Smith School of Business, University of Maryland
12:30 pm Box Luncheon and Adjourn

*Those in bold are attending the conference.