Conférence Banque de France - Toulouse School of Economics “ Digital finance, market disruption, and financial stability ”, Paris, 12 November 2018

The Banque de France and Toulouse School of Economics (TSE) organize a one day conference on “Digital finance, market disruption, and financial stability”, to be held in Paris on November 12, 2018.

This event aims to discuss how digital-based financial innovations are affecting the robustness and efficiency of the financial system. Research papers will analyze various issues such as the properties of crypto-assets, the risks and opportunities associated with security-based crowdfunding, or the impact of peer-to-peer lending on bank credit provision and on the efficacy of instruments used to promote financial stability. The conference will start with a keynote by David Andolfatto (FRB St Louis) on the implication of the blockchain for central banks and financial stability, and ends with a policy panel on digital currencies and central banks.

To attend this conference, please fill in and return the registration form by October, 29th to CONF-BDF-TSE-2018@banque-france.fr

Organizing committee: Régis Breton (Banque de France), Laurent Clerc (Banque de France), Fany Declerck (TSE).

Conference venue : Banque de France conference center, 31 rue Croix-des-Petits-Champs, Paris

Conference papers and presentations

Welcome address by Denis Beau (Deputy Governor, Banque de France)

Keynote lecture by David Andolfatto (Federal Reserve Bank of St Louis)

Blockchain and digital finance: implication for financial stability and central banks

On the Rise of FinTechs – Credit Scoring using Digital Footprints

Tobias Berg, Valentin Burg, Manju Puri and Ana Vanjak

Presentation by Manju Puri (Fuqua School of Business, Duke University)

Discussion by Christophe Bisière (Toulouse School of Economics)

Financing efficiency of securities-based crowdfunding

David C. Brown and Shaun William Davies

Presentation by Shaun William Davies (University of Colorado)

Discussion by Gilles Chemla (Imperial College BS and Université Dauphine)

“Smart” contracts and external financing

Katrin Tinn

Presentation by Katrin Tinn (Imperial College Business School)

Discussion by Jean-Charles Rochet (Université de Genève)

Policy panel “Central banks and digital currency”

Moderator : Laurent Clerc (Banque de France)

David Andolfatto (Federal Reserve Bank of St Louis) Slides , Background paper

Raphael Auer (BIS) Slides

Charles Kahn (University of Illinois) Slides

Jean-Pierre Landau (Sciences Po) Slides

Equilibrium bitcoin pricing

Bruno Biais, Christophe Bisière, Mathieu Bouvard, Catherine Casamatta and Albert J. Menkveld

Presentation by Bruno Biais (HEC)

Discussion by Julien Prat (École Polytechnique)

Financial Innovation and Borrowers: Evidence from Peer-to-Peer Lending

Tetyana Balyuk

Presentation by Tetyana Balyuk (Emory University)

Discussion by Vincent Bignon (Banque de France)

Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China

Fabio Braggion, Alberto Manconi and Haikun Zhu

Presentation by Fabio Braggion (Tilburg University)

Discussion by Olena Havrylchik (Université Paris 1 Panthéon Sorbonne)