Researchers from renowned institutions worldwide, such as The Board of Governors of the Federal Reserve System, International Monetary Fund, Columbia University and Tsinghua University, shared their latest research findings and practitioner experiences during the conference. In panel discussion sessions, economists exchanged thoughts related to banking regulatory and financial risk management issues, as well as benefits and risks associated with international capital flows with Chinese experts and scholars.

May 12 Morning

Venue: 3rd floor, Building 3, PBC School of Finance, Tsinghua University

Opening Remarks  8:45 - 9:00

Session I:  Shadow Banking and the Effectiveness of Banking Supervision  9:00 – 11:15

Session Chair: ZHOU Hao, Deputy Head, Tsinghua University National Institute of Financial Research; Unigroup Chair Professor, PBC School of Finance, Tsinghua University

Paper 1

Monitoring Financial Stability

Tobias ADRIAN, Senior Vice President and Function Head, Capital Markets Function, Federal Reserve Bank of New York

Daniel COVITZ，Associate Director, Division of Research and Statistics, Board of Governors of the Federal Reserve System

Nellie LIANG，Director, Office of Financial Stability Policy and Research, Board of Governors of the Federal Reserve System

Discussant: YAN Hong, Professor of Finance, Shanghai Advanced Institute of Finance; Vice-president, China Academy of Financial Research

Paper 2 

Collateral Demand

Sean D. CAMPBELL, Deputy Associate Director, Division of Research & Statistics, Board of Governors of the Federal Reserve System

Discussant: HU Jian, Managing Director of Structured Finance at Moody’s Investors Service 

Paper 3 

The Effects of Supervision on Bank Performance: Evidence from Discontinuous Examination Frequencies

Jason WU, Chief, Division of Monetary Affairs, Board of Governors of the Federal Reserve System

Marcelo REZENDE, Economist, Division of Monetary Affairs, Board of Governors of the Federal Reserve System

Discussant: SUN Bo, Assistant Professor of Finance, Guanghua School of Management, Peking University

Policy Panel I: Banking Supervision and Financial Risk Management  11:15-12:30

Tobias ADRIAN, Senior Vice President and Function Head, Capital Markets Function, Federal Reserve Bank of New York

Stijn CLAESSENS, Assistant Director, Research Department of International Monetary Fund

ZHOU Hao, Deputy Head, Tsinghua University National Institute of Financial Research; Unigroup Chair Professor, PBC School of Finance, Tsinghua University

LI Wenhong, Deputy Director-General, Research Bureau, China Banking Regulatory Commission 

May 12 Afternoon

Venue: 3rd floor, Building 3, PBC School of Finance, Tsinghua University

Session II: International Capital Flows, Financial Market Reforms and Chinese Economy  14:00 - 16:15

Session Chair: WANG Jian, Senior Research Economist and Advisor, Federal Reserve Bank of Dallas

Paper 4  

FDI and Firm Productivity: The Role of Financial Constraints

WANG Jian, Senior Research Economist and Advisor, Federal Reserve Bank of Dallas

WANG Xiao, Assistant Professor ,University of North Dakota

WEI Shangjin, Professor, Columbia University

Discussant: YU Jianfeng, Associate Professor of Finance, Carlson School of Management, University of Minnesota 

Paper 5

Spillover Effects of U.S. Monetary Policy and Policy Uncertainty on Chinese Economy

ZHANG Ji, Assistant Professor, PBC School of Finance, Tsinghua University

Steven Wei Ho, Assistant Professor, PBC School of Finance, Tsinghua University

Hao Zhou, Deputy Head, Tsinghua University National Institute of Financial Research; Unigroup Chair Professor, PBC School of Finance, Tsinghua University

Discussant: CHEN Hongyi, Senior Manager, Hong Kong Institute for Monetary Research(HKIMR) 

Paper 6 

Interest Rate Determination in China: Past, Present, and Future

WANG Honglin, Economist, Hong Kong Institute for Monetary Research(HKIMR)

HE Dong, Director, Hong Kong Institute for Monetary Research(HKIMR)

YU Xiangrong, Economist, Hong Kong Institute for Monetary Research(HKIMR)

Discussant: ZHANG Ji, Assistant Professor, PBC School of Finance, Tsinghua University

Policy Panel II: Benefits and Risks of International Capital Flows 16:15 -17:30

Donald KOHN, Senior Fellow, Brookings Institute; Former Vice Chairman, The Board of Governors of the Federal Reserve System

Mark A. WYNNE, Vice President, Federal Reserve Bank of Dallas; Associate Director of Research for International Economics; Director of Globalization & Monetary Policy Institute

JIN Zhongxia, Director of Finance Research Institute, People’s Bank of China; Member of Strategic Council, PBC School of Finance, Tsinghua University

Closing Remarks 17:30 - 17:40