Foreword
THOMAS M. HOENIG
President, Federal Reserve Bank of Kansas City

Symposium Introduction Gordon H. Sellon Jr., Senior Vice President and Director of Research, and Brent Bundick, Research Associate, Federal Reserve Bank of Kansas City


Opening Remarks	BEN S. BERNANKE Chairman, Board of Governors of the Federal Reserve System

Preface	MARTIN FELDSTEIN Professor, Harvard University, and President Emeritus, National Bureau of Economic Research


Financial Crises in Historical Perspective

Author:	CHARLES CALOMIRIS Professor, Graduate School of Business, Columbia University

Paper:	The Subprime Turmoil: What’s Old, What’s New, and What’s Next

Discussant:	Michael Bordo Professor, Rutgers University

General Discussion

The Role of Incentives and Asymmetric Information in Financial Crises

Author:	GARY B. GORTON Professor, Yale University

Paper:	The Panic of 2007

Discussant:	Bengt HolmstrÖm Professor, Massachusetts Institute of Technology

General Discussion

Asset Prices and the Credit Cycle: The Role of the Macroeconomic Environment

Author:	HYUN SONG SHIN Professor, Princeton University

Paper:	Financial Intermediaries, Financial Stability and Monetary Policy

Discussant:	John Lipsky First Deputy Managing Director, International Monetary Fund

General Discussion

Luncheon Address	MARIO DRAGHI Governor, Bank of Italy
General Discussion

The Role of Liquidity in Financial Crises

Authors:	FRANKLIN ALLEN Professor, The Wharton School, University of Pennsylvania

	ELENA CARLETTI Professor, Center for Financial Studies, University of Frankfurt

Paper:	The Role of Liquidity in Financial Crises

Discussant:	PETER R. FISHER Managing Director and Co-head of Fixed Income, BlackRock

General Discussion

Implications for Regulation and Prudential Supervision

Author:	ANIL K. KASHYAP Professor, Graduate School of Business, University of Chicago

	RAGHURAM G. RAJAN Professor, Graduate School of Business, University of Chicago

	JEREMY C. STEIN Professor, Harvard University

Paper:	Rethinking Capital Regulation

Discussant:	JEAN-CHARLES ROCHET Professor, University of Toulouse

General Discussion

Central Banks and Financial Crises

Author:	WILLEM H. BUITER Professor, European Institute, London School of Economics and Political Science

Paper:	Central Banks and Financial Crises

Discussant:	ALAN S. BLINDER Professor, Princeton University

	YUTAKA YAMAGUCHI Former Deputy Governor, Bank of Japan

General Discussion

Overview and Concluding Remarks

	STANLEY FISCHER Governor, Bank of Israel

Participants