Global financial linkages and monetary policy transmission

The Banque de France, together with the International Banking Research Network (IBRN), the Paris School of Economics and the Bundesbank, organizes a conference on “Global financial linkages and monetary policy transmission”. To assist the conference, (free) registration is mandatory (for safety reasons) by sending an e-mail to 1404-ut@banque-france.fr

The object of the conference is to present state-of-the-art empirical and theoretical research on international monetary policy spillovers as well as to provide a forum for the dissemination of the research results of the International Banking Research Network (IBRN). IBRN brings together central bank researchers to analyze the role of cross-border banking in the transmission of financial shocks. By using microbanking data, the teams compare which bank characteristics, if any, change the nature of transmission and identify the most important channels of transmission. The IBRN’s country teams will present their findings on the impact of conventional and unconventional monetary policy actions on lending of both home-grown domestic banks and hosted foreign banks. The conference will also feature presentations by academics on international monetary policy transmission and related topics. This one-day event will close with a keynote address by Philip Lane.

Selected papers presented in the conference will be considered for an expedited review process for a Journal of International Money and Finance special issue.

Program

8h45    Welcome coffee

9h00    Opening Remarks by Anne Le Lorier (Banque de France), Claudia Buch (Bundesbank) & Linda Goldberg (Federal Reserve Bank of New York)

9h30    International Spillovers and Local Credit Cycles
Yusuf Soner Baskaya (Bilkent University); Julian di Giovanni (ICREA, UPF, Barcelona GSE, CREI and CEPR); Şebnem Kalemli-Özcan (University of Maryland, CEPR and NBER); Mehmet Fatih Ulu (Central Bank of the Republic of Turkey)

Discussant: Arnaud Mehl (European Central Bank)

10h05  Parallel sessions

Session A – Chair: Bruno Cabrillac (Banque de France); Discussant: Jean-Stéphane Mésonnier (Banque de France)

Cross-Border Spillovers of Monetary Policy: What Changes during a Banking Crisis?
Luciana Barbosa (Banco de Portugal); Diana Bonfim (Banco de Portugal); Sónia Costa (Banco de Portugal); Mary Everett (Central Bank of Ireland)

The International Transmission of Monetary Policy Through Financial Centres: Evidence from the United Kingdom and Hong Kong

Robert Hills (Bank of England), Kelvin Ho (Hong Kong Monetary Authority), Dennis Reinhardt (Bank of England), Rhiannon Sowerbutts (Bank of England), Eric Wong (Hong Kong Monetary Authority), Gabriel Wu (Hong Kong Monetary Authority)

Discussant: Jean-Stéphane Mésonnier (Banque de France)

Session B – Chair: Gilbert Cette (Banque de France); Discussant: Guillaume Vuillemey (HEC Paris)

International Monetary Policy Transmission through Banks in SOEs

Simone Auer (Swiss National Bank), Christian Friedrich (Bank of Canada), Maja Ganarin (Swiss National Bank), Teodora Paligorova (Bank of Canada), Pascal Towbin (Swiss National Bank)

The Inward Transmission of Foreign Monetary Policy to Domestic Banks in Emerging Market Economies
Alejandro Jara (Banco Central de Chile), David Moreno (Banco Central de Chile), Krzysztof Gajewski (Narodowy Bank Polski), Dobromił Serwa (Narodowy Bank Polski), Junghwan Mok (Bank of Korea), Yujin Kang (Bank of Korea)

11h10  Coffee

11h25  Parallel sessions

Session A – Chair: Ivan Odonnat (Banque de France); Discussant: Olena Havrylchyk (Uni. of Lille)

Financial institutions’ business models and the global transmission of monetary policy
Isabel Argimon (Banco de Espana), Clemens Bonner (De Nederlandsche Bank), Ricardo Correa (Federal Reserve Board), Patty Duijm (De Nederlandsche Bank), Jon Frost (De Nederlandsche Bank), Jakob de Haan (De Nederlandsche Bank), Leo de Haan (De Nederlandsche Bank), Viktors Stebunovs (Federal Reserve Board)

Financial Integration and Monetary Policy Transmission
Anna Kruglova (Central Bank of Russia)

Session B – Chair: Olivier de Bandt (Banque de France); Discussant: Judit Temesvary (Federal  Reserve Board)

International Monetary Policy Spillovers: A Global Perspective
Stefan Avdjiev (Bank for Int. Settlements), Catherine Koch (Bank for Int. Settlements), Patrick McGuire (Bank for Int. Settlements), Goetz von Peter (Bank for Int. Settlements)

The International Bank Lending Channel of Monetary Policy – Evidence from the Euro Area
Johannes Gräb (European Central Bank), Dawid Zochowski (European Central Bank)

Discussant:  Judit  Temesvary  (Federal  Reserve Board)

12h30  Lunch

13h40  Parallel sessions

Session A – Chair: Matthieu Bussière (Banque de France)

International Monetary Policy Transmission along the Currency and Counterparty Dimension
Marianna Caccavaio (Banca d’Italia), Luisa Carpinelli (Banca d’Italia), Giuseppe Marinelli (Banca d’Italia), Julia Schmidt (Banque de France)

Discussant: Julien Idier (Banque de France)

Session B – Chair: Sophie Haincourt (Banque de France)
International Banks and the Transmission of Monetary Policy - Evidence from Austria and Germany
Axel Loeffler (Bundesbank), Esther Segalla (Oesterreichische Nationalbank), Guzel Valitova (Bundesbank), Ursula Vogel (Bundesbank)

Discussant: Charles O'Donnell (Banque de France)

14h15  The Portfolio of Euro Area Fund Investors and ECB Monetary Policy Announcements
Johannes Bubeck (University of Mannheim), Maurizio Michael Habib (European Central Bank), Simone Manganelli (European Central Bank)
Discussant: Peter Dunne (Central Bank of Ireland)

14h50  Volatility Spillovers of Federal Reserve and ECB Balance Sheet Expansions to Emerging Market Economies
Apostolos Apostolou (International Monetary Fund), John Beirne (European Central Bank)
Discussant: Laurent Ferrara (Banque de France)

15h25  Coffee

15h40  The International Transmission Channels of Monetary Policy
Claudia M. Buch (Bundesbank), Matthieu Bussière (Banque de France), Linda Goldberg (Federal Reserve Bank of New York), Robert Hills (Bank of England)
Discussant: Jean Imbs (Paris School of Economics)

16h15  Keynote address by Philip Lane (Central Bank of Ireland)

17h15  Adjourn

Organizing Committee: Claudia Buch (Bundesbank), Matthieu Bussière (Banque de France), Nicolas Dromel (PSE), Linda Goldberg (New York Fed), Julia Schmidt (Banque de France), Urszula Szczerbowicz (Banque de France)