Hong Kong Institute for Monetary Research
Sixth Annual International Conference on the Chinese Economy
"Leverage and Financial System Efficiency and Stability: Chinese and International Experiences"
15 January 2015 (Thursday) - 16 January 2015 (Friday)
Room 5608, 56/F, Two International Finance Centre, 8 Finance Street, Central
Programme
| 15 Jan 2015 |
|
| 8:30 - 9:00 |
Registration and Coffee
|
| 9:00 - 9:10 |
Opening Remarks
Hongyi Chen (Senior Manager, Hong Kong Institute for Monetary Research)
|
|
Morning Session Chair: Edward Chen (University of Hong Kong)
|
| Session 1 |
Monetary Policy and Financial Stability
|
| 9:10 – 10:00 |
Betting the House
Oscar Jorda (Federal Reserve Bank of San Francisco)
Moritz Schularick* (University of Bonn)
Alan M. Taylor (University of California, Davis)
Discussant: Feng Zhu (Bank for International Settlements)
|
| 10:00 – 10:50 |
Asset Allocation and Monetary Policy: Evidence from the Eurozone
Harald Hau* (University of Geneva and Swiss Finance Institute)
Sandy Lai (University of Hong Kong)
Discussant: James Yetman (Bank for International Settlements)
|
| 10:50 – 11:20 |
Coffee Break
|
| Session 2 |
Corporate Leverage in China
|
| 11:20 – 12:10 |
Why did Corporate Leverage Increase Fast in China and Where do the Risks Lie?
Wenlang Zhang* (HKMA)
Gaofeng Han (HKMA)
Brian Ng (HKMA)
Steven Chan (HKMA)
Discussant: W. Raphael Lam (IMF)
|
| 12:10 – 13:00 |
Corporate Default Risks in China
Shaun K. Roache* (IMF)
Daniel Law (IMF)
Discussant: Dragon Tang (University of Hong Kong)
|
| 13:00 – 14:00 |
Lunch
|
|
Afternoon Session Chair: Hongyi Chen (HKIMR)
|
| Session 3 |
Banking Regulation and Credit Supply
|
| 14:00 - 14:50 |
How Does Macroprudential Regulation Change Bank Credit Supply?
Anil K. Kashyap (University of Chicago)
Dimitrios P. Tsomocos* (University of Oxford)
Alexandros P. Vardoulakis (Board of Governors of the Federal Reserve System)
Discussant: David Cook (Hong Kong University of Science and Technology)
|
| 14:50 – 15:40 |
How Capital Regulation and Other Factors Drive the Role of Shadow Banking in Funding Short-Term Business Credit
John V. Duca* (Federal Reserve Bank of Dallas)
Discussant: Torsten Ehlers (Bank for International Settlements)
|
| 15:40 – 16:10 |
Coffee Break
|
| Session 4 |
China’s Credit Boom and Business Cycle
|
| 16:10 – 17:00 |
SOE and Chinese Real Business Cycle
Daoju Peng (Chinese University of Hong Kong)
Kang Shi* (Chinese University of Hong Kong)
Juanyi Xu (Hong Kong University of Science and Technology)
Discussant: Yin-Wong Cheung (City University of Hong Kong)
|
| 17:00 – 17:50 |
Will China’s Credit Boom End in a Bust?
Scott Davis* (Federal Reserve Bank of Dallas)
Adrienne Mack (Federal Reserve Bank of Dallas)
Wesley Phoa (The Capital Group Companies)
Anne Vandenabeele (The Capital Group Companies)
Discussant: Charles Yu (HKIMR)
|
| 18:30 – 20:00 |
Conference Dinner (By invitation only)
|
| 16 Jan 2015 |
|
| 8:30 – 9:00 |
Registration and Coffee
|
|
Morning Session Chair: Cho-Hoi Hui (HKMA)
|
| Session 5 |
Banking Competition and Financial Stability
|
| 9:00 – 9:50 |
International Evidence on Bank Funding Profiles and Performance: Are Banks “Overbanked”?
Jose A. Lopez (Federal Reserve Bank of San Francisco)
Mark M. Spiegel* (Federal Reserve Bank of San Francisco)
Discussant: Eric Wong (HKMA)
|
| 9:50 – 10:40 |
Collateral, Market Structure and Relationship Lending — Identification through IPO
Bing Xu (Unviersity of Carlos III in Madrid)
Honglin Wang* (HKIMR)
Adrian Van Rixtel (Bank for International Settlements)
Discussant: Yue Ma (City University of Hong Kong)
|
| 10:40 – 11:10 |
Coffee Break
|
| 11:10 – 12:00 |
Banking Competition and Stability: The Role of Leverage
Xavier Freixas (Universitat Pompeu Fabra)
Kebin Ma* (The University of Warwick)
Discussant: Frank Song (The University of Hong Kong)
|
| 12:00 – 13:00 |
Sandwich Lunch
|
|
- End of Conference -
|
| * : presenter |
|