Past Conferences


	Conference on Liquidity: Concepts and Risks CESifo Conference Centre, Munich 17 - 18 October 2008 Programme
	Friday, 17 October 2008
8:15 - 8:45	Registration
8:45 - 9:00	Welcome Address Gerhard Illing
	Session 1
	Measuring Liquidity Risk Chair: Klaus Düllmann
9:00 - 9:45	Funding Liquidity Risk: Definition and Measurement MATHIAS DREHMANN, Kleopatra Nikolaou Discussant: Charles Goodhart
09:45 - 10:30	Liquidity and the Mechanics of Endogenous Risk JON DANIELSSON, Hyun Shin, Jean Pierre Zigrand Discussant: Frank Heinemann
10:30 - 10:45	Refreshments
	Session 2
	Monetary Policy Implementation Chair: Gerhard Illing
10:45 - 11:30	Repo Markets, Counterparty Risk and the 2007/2008 Liquidity Crisis JENS TAPKING, Christian Ewerhart Discussant: Markus Reisinger
11:30 - 12:15	The 2007/2008 Turmoil: A Challenge for the Integration of the Euro Area Market? NUNO CASSOLA, Cornelia Holthausen, Marco Lo Duca Discussant: Kjell Nyborg
12:15 - 13:30	Lunch
	Session 3
	Liquidity from A Macro Perspective Chair: Sven Rady
13:30 - 14:15	Liquidity, Business Cycles, and Monetary Policy JOHN MOORE, Nobuhiro Kiyotaki Discussant: Klaus Adam
14:15 - 15:00	Global Liquidity, Risk Premia and Growth Opportunities GIANNI DE NICOLO, Iryna Ivaschenko Discussant: Ralph Setzer
15:00 - 15:45	Systemic Risk-Taking: Accelerator Effects, Externalities, and Regulatory Responses ANTON KORINEK Discussant: Wolf Wagner
15:45 -16:00	Refreshments
16:00 - 18:00	Panel Discussion Charles Goodhart, Claudio Borio, Kai Franzmeyer, Hans Helmut Klotz, Jon Danielsson
19:30	Conference Dinner
	Saturday, 18 October 2008
	Session 4
	Liquidity and Credit Markets Chair: Heinz Herrmann
8:45 - 9:30	The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches ASSAF RAZIN, Galina B. Hale, Hui Tong Discussant: Ben Craig
9:30 - 10:15	Hazardous Times for Monetary Policy: What do Twenty-Three Million Bank Loans say about the Effects of Monetary Policy on Credit Risk Taking? JOSE LUIS PEYDRO, Gabriel Jimenez, Steven Ongena, Jesus Saurina Discussant: Helmut Elsinger
10:15 - 10:45	Refreshments
	Session 5
	Liquidity and Money Markets Chair: Falko Fecht
10:45 - 11:30	Liquidity, Payment and Endogenous Financial Fragility CHARLES KAHN, Joao Santos Discussant: Thomas Gehrig
11:30 - 12:15	The Dark Side of Bank Wholesale Funding LEV RATNOVSKI, Rocco Huang Discussant: Jin Cao
12:15 - 13:00	Rediscounting under Aggregate Risk with Moral Hazard JAMES T.E. CHAPMAN, Antoine Martine Discussant: Bruno Maria Parigi
13:00 - 14:00	Lunch
14:00 - 14:45	Keynote Speech: Thoughts on a New Financial Architecture MARKUS BRUNNERMEIER
14:45 - 15:00	Refreshments
	Session 6
	Market Microstructure Chair: Charles Kahn
15:00 - 15:45	Price Dispersion in OTC Markets: A New Measure of Liquidity RAINER JANKOWITSCH, Amrut Nashikkar, Mrti G. Subrahmanyam Discussant: Joachim Grammig
15:45 - 16:30	Do Macroeconomic Variables Forecast Changes in Liquidity? An Out-of-Sample Study on the Order-Driven Stock Markets in Scandinavia JONAS SÖDERBERG Discussant: Nikolaus Hautsch
16:30 - 17:00	Refreshments