Disponible en Español 
IV Conference on Financial Stability
November 23 – 25, 2021
Videoconference
November 23
Opening remarks
Chair: Fabrizio López Gallo Dey, Financial Stability General Director, Banco de México
Manuel Ramos Francia, Director General, CEMLA
Alejandro Díaz de León Carrillo, Governor, Banco de México
Keynote 1
Chair: Stefano Battiston (University of Zurich)
Markus K. Brunnermeier, Director of the Bendheim Center for Finance,
Princeton University
Parallel Session 1a. Financial Networks (Room 1)
Chair: Stefano Battiston (University of Zurich)
Temporal networks in the analysis of financial contagion,
Angelos Vouldis – European Central Bank
Discussant: Adrian Carro – Banco de España.
COVID-19, Macroeconomic Dynamics and Fear in Europe: A Network Global VAR Approach
Paolo Pagnottoni – University of Pavia.
Discussant: Angelos Vouldis – European Central Bank
Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank market
Adrian Carro – Banco de España.
Discussant: Paolo Pagnottoni – University of Pavia
Parallel Session 1b. Banking and Regulation (Room 2)
Chair: Calixto López Castañón (Banco de México)
Bank Runs, Bank Competition and Opacity
Toni Ahnert – Bank of Canada.
Discussant: José-Luis Peydró – Imperial College London, ICREA- Universitat Pompeu Fabra - CREI-Barcelona GSE and CEPR.
Bank Risk-Taking and Capital Requirements
José-Luis Peydró – Imperial College London, ICREA- Universitat Pompeu Fabra - CREI-Barcelona GSE and CEPR.
Discussant: Sotirios Kokas – University of Essex.
Real effects of imperfect bank-firm matching
Sotirios Kokas – University of Essex.
Discussant: Nicola Pierri – IMF.
November 24
Keynote 2
Chair: Grzegorz Hałaj, Bank of Canada
Jing Yang, Managing Director Financial Stability, Bank of Canada
Parallel Session 2a. COVID-19 (Room 1)
MChair: Fabrizio López Gallo Dey (Banco de México)
The role of banks’ technology adoption in credit markets during the pandemic
Edoardo Rainone – Bank of Italy.
Discussant: Matias Ossandon Busch – CEMLA.
Hedge Fund Treasury Trading and Funding Fragility: Evidence from the COVID-19 Crisis
Sumudu W. Watugala – Cornell University.
Discussant: Georgia Bush –Banco de México.
Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program
Andrei Zlate – Board of Governors of the Federal Reserve System.
Discussant: Christian Friedrich – Bank of Canada.
Parallel Session 2b. Overlooked challenges to financial stability (Room 2)
Chair: Miguel Molico (Bank of Canada)
Assessing the double materiality of climate-related financial risks: an application to the EU economy and banking sector
Irene Monasterolo – Vienna University of Economics.
Discussant: Serafín Martínez-Jaramillo – CEMLA and Banco de México
Over with carbon? Investors' reaction to the Paris Agreement and the US withdrawal
Stefano Battiston – University of Zurich.
Discussant: Carola Müller – CEMLA
Pirates without Borders: The Propagation of Cyberattacks through Firms’ Supply Chains
André F. Silva – Federal Reserve Board.
Discussant: Co-Pierre George – University of Cape Town
November 25
Parallel Session 3a. Spillover effects in the financial system (Room 1)
MChair: Grzegorz Hałaj (Bank of Canada)
Modelling fire sale contagion across banks and non-banks
Gerardo Ferrara – Bank of England.
Discussant: Matthias Sydow – European Central Bank (ECB)
Shock amplification in an interconnected financial system of banks and investment funds
Matthias Sydow – European Central Bank (ECB).
Discussant: Gerardo Ferrara – Bank of England.
Stress-ridden finance and growth losses: does financial development break the link?
Matias Ossandon Busch – CEMLA.
Discussant: Thibaut Duprey – Bank of Canada
Parallel Session 3b. Macroprudential policy and systemic risk (Room 2)
Chair: Celso Brunetti (Federal Reserve Board)
Back testing Macroprudential Stress Tests
Amanah Ramadiah – FNA
Discussant: Eddie Gerba – Bank of England
Thank me later: Why is (macro)prudence desirable?
Eddie Gerba – Bank of England
Discussant: Michael Sigmund – Oesterreichische Nationalbank.
Do Interbank Markets Price Systemic Risk?
Michael Sigmund – Oesterreichische Nationalbank.
Discussant: Amanah Ramadiah – FNA
Parallel Session 4a. Banks Bail-ins and Resolution (Room 1)
Chair: Angel Estrada (Banco de España)
Fighting Failure: The Persistent Real Effects of Resolving Distressed Banks
Stephen A. Karolyi – U.S. Department of the Treasury.
Discussant: Gábor Fukker – European Central Bank
Assessing the Systemic Risk impact of Bank Bail-Ins
Christoph Siebenbrunner – Harvard University
Discussant: Stephen A. Karolyi – U.S. Department of the Treasury
On the optimal control of interbank contagion in the euro area banking system
Gábor Fukker – European Central Bank
Discussant: Christoph Siebenbrunner – Harvard University
Parallel Session 4b. Monetary policy and financial stability (Room 2)
Chair: Jim MacGee (Bank of Canada)
Monetary Policy Hysteresis and the Financial Cycle
Phurichai Rungcharoenkitkul – Bank for International Settlements.
Discussant: Baptiste Meunier – Banque de France
A prudential trade-off? Leakages and interactions with monetary policy
Baptiste Meunier – Banque de France.
Discussant: Yannick Timmer – Federal Reserve Board.
Mixing QE and Interest Rate Policies at the Effective Lower Bound: Micro Evidence from the Euro Area
Yannick Timmer – Federal Reserve Board.
Discussant: Phurichai Rungcharoenkitkul – Bank for International Settlements.
Main conclusions and closing remarks
Chair: Matías Ossandon Busch, CEMLA
Stefano Battiston, University of Zurich.
Iftekhar Hasan, Fordham University and Journal of Financial Stability.