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Calendar

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

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/.
Sep
7
Thu
Early Warning Systems @ House of Finance, Goethe University
Sep 7 – Sep 8 all-day
Early Warning Systems @ House of Finance, Goethe University | Frankfurt am Main | Hessen | Germany

Course Instructors: Gianni De Nicolò (FBF and IMF), Fabio Canova (FBF and BI Norwegian Business School), Manfred Kremer (ECB)
Area: Financial Stability and Regulation
Level: Intermediate/Advanced

This course will focus on the following topics:

  • Introduction to tail risk measures; VaR and CoVaR
  • Expected Systemic shortfall (SES) and other risk measures
  • Logit and Receiving operation characteristic (ROC) models
  • Networks, connectedness, and risk interdependences

This course is targeted at Financial stability and research department of Central Banks, Ph.D. students, Research department of private banks, and EU officials. Participants are expected to have a degree in Economics and to be proficient in mathematics, statistics and macro-modelling.

Click here for further information and registration

Oct
9
Mon
Bank Regulation and Systemic Risk @ Teatro, Badia Fiesolana
Oct 9 – Oct 11 all-day
Bank Regulation and Systemic Risk @ Teatro, Badia Fiesolana | Fiesole | Toscana | Italy

Course Instructor: Jean Charles Rochet (University of Zurich)
Area: Financial Stability and Regulation
Level: Intermediate/Advanced

This course will focus on the following topics:

  • The objectives of prudential regulations
  • Capital regulation for banks: static and dynamic models
  • Bank runs and the Lender of Last Resort
  • Systemic risk and contagion
  • Bank resolution and Total Loss Absorbing Capacity

This course is targeted at Financial stability and research department of Central Banks, Ph.D. students, Research departments of private banks, and EU officials. Participants are expected to be familiar with basic banking and finance models and to have some understanding of dynamic optimization and of basic simulation techniques.

Click here for further information and registration

Oct
30
Mon
Regulation of Shadow Banks @ University of Amsterdam
Oct 30 – Oct 31 all-day
Regulation of Shadow Banks @ University of Amsterdam | Amsterdam | Noord-Holland | Netherlands

Course Instructors: Enrico Perotti, Bart Joosen and Roger Laeven (University of Amsterdam); Iman van Lelyveld (Free University of Amsterdam and DNB)
Area: Financial Stability and Regulation
Level: Intermediate

This course will focus on the following topics:

  • Financial and prudential aspects, with some attention to its legal underpinnings.
  • Shadow banking understood as a financial segment that expands and contracts credit outside the regulatory perimeter.
  • Key elements of shadow banking regulation as well as emerging issues related to their relevance for macro-prudential policy.
  • European (as well as some US) legislation on insurance companies, money mutual funds and central clearing platforms for derivatives.
  • Review of typical shadow banking funding and lending strategies such as secured credit and security lending.

This course is targeted at Financial Stability officers, Research department officers, Ph.D. and Post-doctoral researchers, Assistant Professors, Research department of private banks, EBA, SSM, SRB, ESRB, EU officials. Participants are expected to have a degree in Social Sciences and to have a general command of EU financial regulation.

Click here for further information and registration

Nov
22
Wed
The Law, Economics and Practice of EU Banking Resolution @ European University Institute
Nov 22 – Nov 25 all-day
The Law, Economics and Practice of EU Banking Resolution @ European University Institute | San Domenico, Fiesole | Toscana | Italy

Joint Autumn School of the Florence School of Banking & Finance and the School of Transnational Governance

Course Director: Bart Joosen (VU University, Amsterdam)
Instructors: Boudewijn Berger (ABN AMRO); Stefano Cappiello (SRB); Bart Joosen (VU University, Amsterdam); Andrea Resti (Bocconi University); Emiliano Tornese (DG Fisma, EC); Tobias Tröger (Goethe University, Frankfurt)
Area: Bank Regulation, Supervision and Resolution
Level: Introductory/Intermediate

The joint FBF-STG Autumn School seeks to intensify and strengthen knowledge on the part of public authorities, practitioners and academics as well as foster an in-depth dialogue on the merits and challenges in the implementation of the new EU resolution framework.

The learning objectives of this course are to:

  • Acquire the essentials of the new EU banking resolution regime – its rules and principles, actors and procedures
  • Understand and apply the key concepts of bank resolution (e.g. Resolution Tools, Resolution Objectives, Bail-In, No CreditorWorse Off in Liquidation, Minimum Requirements for Own Funds and
  • Eligible Liabilities, Total Loss Absorption Capacity)
  • Learn how to assess recovery plans in practice
  • Learn how to design and implement resolution plans in practice

This course is targeted at policy-makers and experts from European institutions and agencies (European Commission, European Central Bank/Single Supervisory Mechanism, European Systemic Risk Board, Single Resolution Board, European Banking Authority, European Stability Mechanism); policy-makers and experts from National Finance Ministries, National Central Banks, National Resolution Authorities and officials from Foreign Affairs Ministries; private lawyers and private banking practitioners; Ph.D. researchers and post-doc researchers.

Click here for further information

Nov
27
Mon
Central Banking in Europe Today: Over-Mighty or Under-Powered? @ Villa La Fonte, EUI
Nov 27 @ 4:30 pm – 6:30 pm

Download the paper that followed the speech

RECORDING OF THE EVENT


Agenda

16:30 | Introduction by Vincenzo Grassi, EUI Secretary General and Brigid Laffan, RSCAS EUI

16:50 | Introduction by Andrea Simoncini, UNIFI and Fondazione CR Firenze

17:00 | Lecture by Patrick Honohan “Central Banking in Europe today: Over-mighty or Under-powered”

17:45 | Q&A, moderated by Giorgia Giovannetti, UNIFI and EUI

18:30 | Reception for all participants

 


Abstract

The ECB and other European Central Banks have never looked so powerful. They have driven interest rates below zero and purchased trillions of euros of government and other bonds. They have become more active in bank supervision – a function now also centralised for the euro zone in the ECB. Moreover, a much broader toolkit than used in past decades is being energetically employed. Having tested the limits of their mandates, the ECB and other European Central Banks are now unlikely to return to the light touch policy of the 1990s. However, some puzzles remain:

  • Why is inflation in the euro area – the main statutory objective of the ECB – still below target?
  • Why were these tools not employed earlier in the crisis?
  • Is there more that could be done now, such as “helicopter money”; and if so, should it be used?

This lecture will explain how the crisis has gradually drawn the ECB into policy areas and instruments for which its mandate is less explicit, though no less real. The Frankfurt-based Bank has, in the past ten years, changed more than most central banks. Like other major central banks, it has had to innovate in response to developments in globalization, in commodity price fluctuations and in unusually large fiscal deviations. But in doing so the ECB has been faced with unique challenges of political legitimacy as well as of economic analysis in the multi-country currency union.

 


Speaker

Patrick Honohan
Honorary Professor of Economics at Trinity College Dublin; Nonresident Senior Fellow at the Peterson Institute for International Economics
Former Governor of the Central Bank of Ireland

Patrick Honohan was Governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank from September 2009 to November 2015. He is an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics, Washington, DC. Previously he spent twelve years on the staff of the World Bank where he was a Senior Advisor on financial sector issues. During the 1990s he was a Research Professor at Ireland’s Economic and Social Research Institute. In the 1980s he was Economic Advisor to the Taoiseach (Irish Prime Minister) Garret FitzGerald. He also spent earlier spells at the Central Bank of Ireland and at the International Monetary Fund. A graduate of University College Dublin, he received his PhD in Economics from the London School of Economics in 1978. He has taught economics at the London School of Economics, at University College Dublin and as a visitor to the University of California San Diego and the Australian National University as well as at Trinity College Dublin. He was elected a member of the Royal Irish Academy in 2002.

 
Feb
12
Mon
Financial Stability and Regulation: Basic Concepts and Applications @ EUI Premises, Florence
Feb 12 – Feb 13 all-day
Financial Stability and Regulation: Basic Concepts and Applications @ EUI Premises, Florence | Toscana | Italy

Course Instructor: Gianni De Nicolò (FBF and International Monetary Fund)
Area: Financial Stability and Macroprudential policy
Level: Introductory/Intermediate

This course will focus on the following topics:

  • Key measures of bank risk
  • Individual and aggregate financial soundness indicators of banking system market, credit, and liquidity risks;
  • Design and interpretation of stress tests and their role in managing and mitigating risk exposures;
  • The bank regulatory framework with respect to capital and liquidity;
  • Public intervention and role of central banks

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, accountants, private sector economists, law firms and practitioners.

Click here for further information and registration

Feb
26
Mon
The Essentials of EU Banking Regulation @ EUI Premises, Florence
Feb 26 – Feb 28 all-day
The Essentials of EU Banking Regulation @ EUI Premises, Florence | Toscana | Italy

Course Instructors: Christos Gortsos (National and Kapodistrian University of Athens and EUI – Fernand Braudel Senior Fellow), Seraina Grünewald (University of Zurich), Kristian Kjeldsen (Single Resolution Board)
Area: Bank Regulation, Supervision and Resolution
Level: Introductory/Intermediate

This course will focus on the following topics:

  • Banking resolution as an element of the ‘bank safety net’
  • Recovery planning – resolution planning
  • Minimum requirement of eligible liabilities (MREL) – differences with the total loss absorbing capacity (TLAC)
  • Early intervention
  • The international regulatory framework: Key attributes of effective resolution (Financial Stability Board)
  • The EU regulatory framework: BRRD and Single Resolution Mechanism Regulation (SRMR)
  • The Single Resolution Board: institutional aspects
  • Resolution tools (including bail-in)
  • Conditions for resolution (including the ‘failing or likely to fail’ criterion)
  • Precautionary recapitalization
  • State aid and Single Resolution Fund (SRF) aid
  • Government financial stabilization tools (GFST)
  • Equivalence of third country resolution frameworks

This course is targeted at EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, and assistant professors.

Click here for further information and registration