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Calendar

Mar
3
Fri
Resolution and its frontiers – an integrated law and economics approach @ European University Institute
Mar 3 all-day
Resolution and its frontiers - an integrated law and economics approach @ European University Institute

The global financial crisis and the European fiscal crisis raised a set of cardinal questions concerning the organization of an economic integrated area. The bank resolution rules introduced by the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation have created a whole new area of law in the EU but touch on many areas of substantive law, including insolvency law and competition law – some already harmonized at European level, others only partially. This area of law is to further extended for institutions other than banks, such as insurance companies and central counterparties. In this PhD-workshop economists and legal scholars shall jointly discuss the current challenges related to the emergence of this new area of law by looking at its boundaries. The organizers are interested in all topics which fall under the umbrella of the broad workshop topic.

With this focus, the seminar is addressed to PhD-students of law, economics and related disciplines, who will present current research-projects that relate to recent or future European legal developments and challenges in the field of resolution law or the European Banking Union in the broader context.

Two topical keynotes from experts in the field will complement the workshop.

Application Procedure:
Early stage researchers (Ph.D.-students or Post-docs) which are interested in participating in the workshop shall submit a full paper or an extended abstract related to the workshop topic via email to Agnieszka Smoleńska (agnieszka.smolenska@EUI.eu) or Lynette Janssen (l.g.a.janssen@law.leidenuniv.nl) no later than December 31, 2016. The decision of including papers for presentation at the workshop will be communicated by January 15, 2017.

The European University Institute will cover hosting expenses for presenters. Travel costs are not covered.

Mar
8
Wed
Macroprudential Policy: Promise and Challenges @ Conference Room, Villa La Fonte
Mar 8 – Mar 10 all-day
Macroprudential Policy: Promise and Challenges @ Conference Room, Villa La Fonte | Fiesole | Toscana | Italy

Course Instructor: Enrique G. Mendoza (University of Pennsylvania)
Area: Financial Stability and Regulation
Level: Intermediate/Advanced
Deadline for registrations: 14 February 2017

This course will focus on the following topics:

  • A primer on financial markets modeling in open economy models and fundamentals of macro models of financial crises
  • Stylized facts of credit booms and Sudden Stops
  • Collateral constraints and the case for Macroprudential policy
  • Quantifying the effectiveness of optimal v. simple financial policy rules in Sudden Stop models
  • Time-inconsistency in the conduct of macropudential policy
  • The interaction between monetary and financial policies (Tinbergen’s rule and the need for coordination)

This course is targeted at financial stability and research departments of Central Banks, Ph.D. students, research departments of private banks, and EU Officials (e.g. ECB, SSM, SRB). Participants are expected to have a degree in Economics and to be proficient in mathematics, statistics and macro-modeling.

Click here for further information and registration

Mar
21
Tue
Measuring and Managing Systemic Risk @ Cappella, Villa Schifanoia
Mar 21 – Mar 23 all-day
Measuring and Managing Systemic Risk @ Cappella, Villa Schifanoia | Firenze | Toscana | Italy

Course Instructor: Gianni De Nicolò (International Monetary Fund and FBF)
Area: Risk Management
Level: Intermediate
Deadline for registrations: 7 March 2017

This course will focus on the following topics:

  • Value at Risk (VAR) and market based measures of systemic risk
  • Measures of systemic importance (COVAR, Network analysis)
  • Identification of Systemically Important Financial Institutions (SIFIs)
  • Contagion and network externalities

This course is targeted at financial stability and research department of Central Banks, Ph.D. students, private sector economists, EU officials. Participants are expected to hold a BA (or equivalent) in Economics and to have a basic understanding of statistics and econometrics.

Click here for further information and registration

Apr
19
Wed
Empirical Methods to Evaluate Financial Regulation @ Sala Europa, Villa Schifanoia
Apr 19 – Apr 20 all-day
Empirical Methods to Evaluate Financial Regulation @ Sala Europa, Villa Schifanoia | Firenze | Toscana | Italy

Course Instructor: Steven Ongena (University of Zurich)
Area: Financial Stability and Regulation
Level: Intermediate/Advanced
Deadline for registrations: 29 March 2017

This course will focus on the following topics:

  • Current research methodologies used in empirical banking, with a special emphasis on inter-temporal and cross-sectional methods (e.g. matching)
  • Techniques: Heteroskedastic Modelling, Duration Analysis and Applications, Matching, Difference-in-Difference, Event Studies and Applications, Elements of an Identification Strategy

This course is targeted at Financial stability and research department of Central Banks, Ph.D. students in Economics, Banking or Econometrics, and economists in the private sector. Participants are expected to have a degree in Economics and to be proficient in mathematics, statistics and modelling (an intermediate level in micro and macroeconomics, as well as in applied econometrics, is required to follow this course).

Click here for further information and registration

Apr
27
Thu
FBF Annual Conference: “The Changing Geography of Finance and Regulation in Europe” @ Villa Schifanoia
Apr 27 all-day
FBF Annual Conference: "The Changing Geography of Finance and Regulation in Europe" @ Villa Schifanoia | Firenze | Toscana | Italy

The annual conference of the Florence School of Banking and Finance, organised at the European University Institute (EUI), brings together leading economists, lawyers, political scientists and policy makers to discuss the current economic situation in Europe.

Organisers:

Franklin Allen | Brevan Howard Centre Imperial College
Elena Carletti | BAFFI CAREFIN Bocconi University and European University Institute
Joanna Gray | Birmingham University
Mitu Gulati | Duke University

Background:

The financial world is undergoing a profound technological change. The advent of innovative technologies is unsettling the industry’s modus operandi which will soon enough disrupt the current practices of both supervisors and central banks. Big data, block-chain and the proliferation of distributed ledgers are only a few illustrations of a wider financial technology industry build-up – known as FinTech – which will revolutionise the global financial infrastructure.
As a result of this, the geography of finance is evolving at a rapid pace. In this new context of digital transformation and innovation, how should regulation respond? Is regulatory arbitrage and the reliance on more decentralised regulatory regimes a possible solution or is the top-down central model resilient enough to sustain these changes? Can regulators turn these new challenges into opportunities?

Sessions:

  • Session 1: The New World of FinTech
  • Session 2: Regulatory Arbitrage across Jurisdictions
  • Session 3: A Case Study: BREXIT

MORE INFORMATION AND REGISTRATION

Apr
28
Fri
EUI-Nomics 2017: Debating the Economic Conditions in the Euro Area and Beyond @ Villa Schifanoia
Apr 28 all-day
EUI-Nomics 2017: Debating the Economic Conditions in the Euro Area and Beyond @ Villa Schifanoia | Firenze | Toscana | Italy

The EUI-Nomics workshops provide a forum for discussion among academics and economists in public and private institutions about the current and expected future global economic conditions, with a special focus on the euro area and its member countries. For each country/area there will be short presentations by leading experts followed by general discussion. The workshops will be completed by a policy panel debating on key economic policy issues for the euro area.

The workshop is organised by Massimiliano Marcellino, Bocconi University and EUI.

The 2017 event will feature roundtables discussing the following topics:

  • France, Germany, Spain
  • The Italian Economic Perspectives
  • Global Conditions
  • Euro Area Macroeconomic Outlook: Alternative Views?
  • EU and the UK after Brexit

FULL PROGRAMME

Jun
7
Wed
Advances in the Computational Methods for Models with Occasionally Binding Constraints @ Cappella, Villa Schifanoia
Jun 7 all-day
Advances in the Computational Methods for Models with Occasionally Binding Constraints @ Cappella, Villa Schifanoia | Firenze | Toscana | Italy

Course Instructors: Fabio Canova (BI), Wouter den Haan (LSE), Junior Maih (Norges Bank)
Area: Statistical and Econometric Methods
Level: Intermediate/Advanced
Deadline for registrations: 17 May 2017

This course will focus on the following topics:

  • Piecewise linear solution. Maximum Likelyhood and Bayesian estimation
  • Solution and simulation of regime-switching DSGE models; exogenous and endogenous switching; occasionally-binding constraints
  • Numerical integration: splines, fixed point and time iteration
  • Projection techniques for models with occasionally binding constraints

This course is targeted at financial stability officers, research department officers, Ph.D. students, and research department officers of private banks. Participants are expected to have a degree in Economics and to be proficient in mathematics, statistics and modelling.

Click here for further information and registration

Jun
12
Mon
International Risk Management Conference 2017 @ Various locations, Florence, Italy
Jun 12 – Jun 14 all-day
International Risk Management Conference 2017 @ Various locations, Florence, Italy

The International Risk Management Conference – 10th Edition of the Annual Meeting of The Risk, Banking and Finance Society takes place in Florence on June 12-14, 2017.

This event brings together professionals and leading experts from various academic disciplines, among others: Davide Alfonsi (Intesa Sanpaolo), Edward I.Altman (NYU Stern), Menachem Brenner (NYU Stern), Michael Gordy (Principal Economist – Board of Governors of Federal Reserve System), Rossella Locatelli (University of Insubria), Anthony Saunders (NYU Stern) and David Yermack (NYU Stern).

In the framework of the conference, the Florence School of Banking and Finance is organizing a professional workshop entitled “Financial Markets and Institutions. This half-day workshop, taking place at the EUI premises in San Domenico di Fiesole on June 14th, will explore the increasingly intertwined nature of risk management and regulation.

 

The Call for Papers for the IRMC conference is now open.
To celebrate the 10th edition of the conference, RBF and Classis Capital SIM will offer a € 3000 cash prize for the Best Conference Paper. The winner will be selected by a World Review Committee and will be announced at the Gala dinner.

The conference welcomes all theoretical, methodological and empirical contributions relevant to the theme “Assessing 10 Years of Changes in the Financial Markets: How will the Future be impacted?”. 
Full papers must be submitted by March 15, 2017. The accepted papers will be presented in parallel sessions. Complete information regarding the Call for Papers can be found on the IRMC website.

 

Further information on the event can be found on the conference website: http://www.therisksociety.com/.
Jun
13
Tue
Practitioners’ Workshop on Financial Markets and Institutions @ EUI, Villa Schifanoia
Jun 13 @ 2:45 pm – 6:00 pm
Practitioners’ Workshop on Financial Markets and Institutions @ EUI, Villa Schifanoia | Firenze | Toscana | Italy

Click here for more information

This half-day workshop, held in the context of the International risk Management Conference co-organized by the New York University Stern Salomon Center for the Study of Financial Institutions and the University of Florence, will explore the increasingly intertwined nature of risk management processes and regulation. The focus will be put on the practitioners perspective.
The workshop will thus come to grips with the interplay of regulation and risk management in a period where risk assessment methodologies are becoming increasingly complex and the regulatory and supervisory framework of the financial sector is getting more intrusive (e.g. increasing monitoring of business models of FIs; additional capital buffers: new powers for resolution authorities on early intervention and resolution planning).
Some of the key questions which the workshop is likely to address are the following:

  • Should financial stability be achieved through activist supervision or should legislators and regulators rely on the production of limited yet credible rules?
  • Do regulators have the administrative and resource capacity to actively supervise financial institutions’ conduct, including internal risk management processes and business models?
  • Knowing the excessive risk-taking that characterised the financial industry in the past and the un-encouraging effectiveness of self-regulation, does the alternative, light-weighted regulatory approach still has a future?
  • Last, but not least, how can risk managers deal with regulatory risk in the financial sector?

The workshop will bring together both bank and non-bank actors to illustrate, analyse and engage with those challenges.

Jul
5
Wed
‘To Fail or Not to Fail?’ Online seminar @ FBF Online Platform
Jul 5 @ 1:00 pm – 2:00 pm
CLICK HERE TO SEE THE RECORDING OF THE PRESENTATION

This interactive online seminar discussed the circumstances under which a credit institution is deemed to be ‘failing or likely to fail’. But what does it take for an institution to be deemed failing or likely to fail? Who makes that assessment and how is it conducted? What are the possible courses of action for authorities? The seminar also recalled and further clarify that a resolution scheme is adopted by the Single Resolution Board (SRB) in relation to a credit institution when it assesses that three conditions for resolution are met cumulatively, namely:

  • The competent (supervisory) authority – i.e., the European Central Bank (ECB) for significant credit institutions or the National Competent Authority (NCA) for less significant ones – determines, after consulting the resolution authority, that the credit institution is ‘failing or likely to fail’,
  • Having regard to timing and other relevant circumstances, there is no reasonable prospect that its failure could be prevented within a reasonable timeframe by taking in respect ‘alternative private sector measures’ or any ‘supervisory action’, and
  • A resolution action is necessary in the ‘public interest’ (meaning that, if this condition is not met, the credit institution may not be resolved but must be wound up).
Lastly, the online seminar explored lessons learned from (and implications of) the first resolution scheme adopted very recently.

Speaker: Christos Gortsos (National and Kapodistrian University of Athens)

Christos Gortsos is Professor of Public Economic Law at the Law School of the National and Kapodistrian University of Athens. Other positions include Visiting Professor at the European Institute of the University of Saarland; Research Partner in the program ‘Financial Market Regulation’ at the University of Zürich; and, from late 2017, Fernand Braudel Senior Fellow at the European University Institute. He also has teaching assignments at the European Institute of the University of Zürich and at the European Law Academy in Trier and is a member of the Committee on International Monetary Law of the International Law Association. His main fields of teaching, writing and research are international, EU and public monetary and financial law, central banking law, financial regulation and institutional economics.

 

Commentator: Seraina Grünewald (University of Zurich)

Seraina Grünewald is assistant Professor for Financial Market Law at the Institute of Law of the University of Zurich. Previous positions include research appointments at the Institute for Financial Services of the University of Liechtenstein, the Program on International Financial Systems of the Harvard Law School, Yale Law School and Columbia Law School, as well as intern positions in the Financial Law Division of the European Central Bank and at the IMF. In 2012 she was awarded the Issekutz Prize of the Institute of Law of the University of Zurich for outstanding achievements in economic law and previously the prize for the best bar exam of the term by the Cantonal High Court of Bern.