SPEAKERS INFORMATION Riksbank Macroprudential Conference June 21–22 2016, Stockholm, Sweden 1 2 Opening remarks Kerstin af Jochnick First Deputy Governor Sveriges Riksbank Kerstin af Jochnick has been First Deputy which is a lobby organisation for banks with Governor of the Riksbank since January 2012. ­­ activities in Sweden. She has also been Chair Her current international assignments include of the Committee of European Banking the Basel Committee and the General Board ­­­­­Super visors as well as Head of Department of the European Systemic Risk Board (ESRB). at Finans inspektionen (the SwedishFinancial Kerstin af Jochnick has previously been Managing Supervisory Authority). Director of the Swedish Bankers’ Association, 3 Macroprudential challenges of managing real estate Author Charles W. Calomiris Henry Kaufman Professor of Financial Institutions Columbia Business School Charles W. Calomiris is Henry Kaufman Professor Calomiris received a B.A. in economics Professor of Financial Institutions at Columbia from Yale University, Magna Cum Laude, and Business School, Director of the Business School’s his Ph.D. in economics from Stanford University. Program for Financial Studies and ­­its Initiative on His most recent book (with Stephen Haber), Finance and Growth in Emerging Markets, and a Fragile By Design: The Political Origins of professor at Columbia’s School of International Banking Crises and Scarce Credit (Princeton ­­and ­­Public Affairs. 2014), received the American Publishers 2015 His research spans the areas of banking, Award for the best book in Business, Finance and corporate finance, financial history and monetary Management, and was named one of the Best economics. He serves as co- managing editor of Economics Books of 2014 by the Financial Times. the Journal of Financial Intermediation. Chair Karnit Flug Governor Bank of Israel Dr. Karnit Flug was appointed Governor of the worked and published papers on topics including Bank of Israel on November 13, 2013. Dr. Flug macroeconomics, the labor market and social previously served as Deputy Governor of the policies. In 1994–96 Dr. Flug worked at the Bank of Israel from July 2011 and then as Acting Inter-American Development Bank as a senior Governor from July 2013 until November 2013. research economist. In 1997 she was appointed Dr. Flug received her M.A. (cum laude) in Deputy Director of the Research Department Economics from the Hebrew University in 1980, at the Bank of Israel, and in June 2001 she was and her Ph.D. in Economics from Columbia appointed Director of the Research Department University in 1985. and a member of the Bank’s senior management. In 1984, Dr. Flug joined the IMF as an Dr. Flug has served on a number of public and economist. In 1988, she joined the Research government committees. Department in the Bank of Israel, where she 4 Session 1 Discussant Philip R. Lane Governor Central Bank of Ireland Philip R. Lane is the Governor of the Central 1995-1997. His research interests include Bank of Ireland. He was on the academic staff at financial globalisation, macroeconomics of Trinity College Dublin 1997-2015 and he remains exchange rates and capital flows, macroeconomic affiliated there as Whately Professor of Political ­­­ policy design and European monetary integration Economy. Governor Lane has chaired the and he has been published in many journals. Advis ory Scientific Committee of the European In 2001, he was the inaugural recipient of the Systemic Risk Board and was Director of the German Bernacer Award in Monetary Economics International Macroeconomics and Finance and in 2010, he was co-recipient of the Bhagwati Programme at the Centre for Economic Policy Prize. He has also acted as an academic Research (CEPR). consultant for the European Central Bank, Governor Lane received his PhD in European Commission, International Monetary Economics from Harvard University in 1995 Fund, World Bank, OECD, Asian Development and was Assist ant Professor of Economics Bank and a number of national central banks. He and International Affairs at Columbia University, is a former managing editor of Economic Policy. Discussant David Scharfstein Edmund Cogswell Converse Professor of Finance and Banking Harvard Business School David Scharfstein is the Edmund Cogswell capital. Scharfstein is a Research Associate of Converse Professor of Finance and Banking at the National Bureau of Economic Research, a Harvard Business School. His current research member of the Financial Advisory Roundtable focuses on financial intermediation and financial of the Federal Reserve Bank of New York, regulation, including research on housing finance, and President-Elect of the American Finance financial system risk, the growth of the financial Association. During 2009-2010, he was sector, and government risk management. Senior Advisor to the U.S. Treasury Secretary, He has published on a broad range of other working on policy related to the financial crisis. topics in finance, including corporate investment Scharfstein received a Ph.D. in Economics and financing behavior, risk management, from MIT in 1986 and an A.B. from Princeton financial distress, capital allocation, and venture University in 1982. 5 Central bankbanks’ collateral collateral policies policies and financial fragility Author Kjell Nyborg Professor University of Zurich Professor Kjell G. Nyborg currently holds a work focuses on issues relating to liquidity and Chair in Finance at the Department of Banking collateral, as, for example, represented by his and Finance at the University of Zurich. He is also forthcoming book on central bank collateral a Senior Chair of the Swiss Finance Institute and a frameworks on Cambridge University Press. Research Fellow of the CEPR. He was educated at the University of Chicago (S.B.) and Stanford University (Ph.D). His recent Chair Kjetil Storesletten Professor University of Oslo Kjetil Storesletten is a professor of Review of Economic Studies, and is currently macroeconomics at University of Oslo. He chairman of the same journal. He is a member obtained a PhD in economics at Carnegie of the Norwegian Executive Monet ary Policy Mellon University in 1995. He has been a Committee and holds an Advanced Grant from Monetary Advisor at Minnea polis Fed and the European Research Council. Storesletten is associate professor at Stockholm University a Fellow of Econometric Society and in 2012 he (IIES). He has served as managing editor of the received the Sun Yefang Award. 6 Session 2 Discussant Stephen Cecchetti Professor of Internati onal Economics Brandeis Internati onal Business School Stephen G. Cecchetti is the Professor of Federal Reserve Bank of New York; editor of Inter nati onal Economics at the Brandeis the Journal of Money, Credit, and Banking; and Internati onal Business School. Before rejoining is currently a Research Associate of Nati onal Brandeis in 2014, he completed a fi ve-year term Bureau of Economic Research and research as economic adviser and head of the monetary fellow of the Centre for Economic Policy and economic Research since 2008. department at the Bank for Internati onal Cecchetti has published widely in academic Sett le ments. During his ti me at the BIS, Cecchetti and policy journals, and is the author of a leading parti cipated in the numerous post-crisis global textbook in money and banking. regulatory reform initi ati ves. Together with Kim Schoenholtz, he blogs at In additi on to his other appointments, www.moneyandbanking.com. Cecchetti served as director of research at the Discussant Randall S Kroszner Norman R. Bobins Professor of Economics University of Chicago, Booth School of Business Randall S. Kros�ner is the Norman R. Bobins Robert J. Shiller, Reforming U.S. Financial Professor of Economics at the University of Markets: Reflections Before and Beyond Chicago’s Booth School of Business. Between Dodd-Frank appeared on the Washington Post’s 2006 - 2009, he served as a Governor of the “Book World” politi cal bestsellers list. U.S. Federal Reserve System. He represented He currently serves as the Vice Chair of the the Fed on the Financial Stability Board and Financial Research Advisory Committ ee in the the Basel Committ ee on Banking Supervision, Offi ce of Financial Research at the US Treasury. and chaired the OECD working party of deputy He is a member of the board of the Paulson central bank governors and deputy fi nance Insti tute and is a member of the CME Group’s ministers on internati onal macro policy. From Competi ti ve Markets Advisory Council. Professor 2001 to 2003, Professor Kroszner was a member Kroszner consults with fi nancial insti tuti ons, of the U.S. President’s Council of Economic government organizati ons, and central banks Advisers (CEA). throughout the world. Dr. Kroszner received a Professor Kroszner has more than 100 Sc.B. (magna cum laude) from Brown University pub licati ons. His recent book co-authored and a Ph.D. from Harvard University. 7 The Argentine banking crises of 1995 and 2001: ­­ AnCentral exploration banks’ intocollateral the role policies of Macroprudential regulation Author Pablo Guidotti Professor Universidad Torcato Di Tella Pablo E Guidotti is Professor and Member of Argentina. He also was Co-Chairman of the ­­the Board of Directors of Universidad Torcuato G-22 Working Group on Strengthening Financial ­­Di Tella. He is a sfounding member of the Latin Systems, and Member of the Board of Directors American Shadow Financial Regulatory of the Argentine Central Bank. ­­Committee, and member of the National Dr. Guidotti holds a Ph.D. in Economics from Aca demy of Economic Sciences of Argentina. the University of Chicago. Dr. Guidotti is also a Member of the Board of Directors of Ternium Siderar S.A. (Co-author on this paper: Juan Pablo Nicolini, Dr. Guidotti has been Deputy Minister Federal Reserve Bank of Minneapolis) of Finan ce and Secretary of the Treasury of Chair Erkki Liikanen Governor Bank of Finland Mr Erkki Liikanen has been Governor of the Finland.