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Maintaining Stability in a Changing Financial System


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


The Contributors

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

  
PrefaceMARTIN 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
 
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