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Government Financial Products, Policies, and InstitutionsFor a downloadable version of the conference program, please click here. Wednesday, September 27Location: Royal Sonesta Hotel, Cambridge, MA |
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| 4:30pm | Registration Opens | ||
| 5:00pm – 6:30pm | Panel I: Challenges for Risk Management | ||
| Moderator: | Ben Golub, BlackRock | ||
| Panelists: | G. Edward DeSeve, Brookings Institution | ||
| Andrew Kuritzkes, State Street | |||
| Thomas H. Stanton, Johns Hopkins University | |||
| 6:30pm – 9:00pm | Cocktail Reception and Dinner | ||
| Keynote Speaker: | Jiang Wang, Mizuho Financial Group Professor, MIT | ||
Thursday, September 28Location: Royal Sonesta Hotel, Cambridge, MA |
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| 8:00am – 8:30am | Continental Breakfast | ||
| 8:30am – 10:15am | Paper Session I: Real Effects of Government Guarantees | |
| Chair: | David Thesmar, MIT | |
| Paper 1: | William Mullins (UC San Diego) and Patricio Toro (Central Bank of Chile), “Credit Guarantees and New Bank Relationships” | |
| Paper 2: | Reint Gropp (IWH/University of Magdeburg), Andre Guettler (University of Ulm/IWH), and Vahid Saadi (IWH/Goethe University), “Public Bank Guarantees and Allocative Efficiency” | |
| Paper 3: | Priyank Gandhi (Notre Dame), Hanno Lustig (Stanford/NBER), and Alberto Plazzi (USI Lugano/SFI), “Equity is Cheap for Large Financial Institutions” | |
| Discussant: | Matthew Richardson, NYU | |
| 10:15am – 10:45am | Break | |
| 10:45am – 12:30pm | Paper Session II: China’s Credit Policies | |
| Chair: | Jonathan Parker, MIT | |
| Paper 1: | Andrew Ang (BlackRock), Jennie Bai (Georgetown), and Hao Zhou (Tsinghua University), “The Great Wall of Debt: Real Estate, Political Risk, and Chinese Local Government Credit Spreads” | |
| Paper 2: | Haoyu Gao (Central University of Finance and Economics), Hong Ru (Nanyang Technological University), and Dragon Yongjun Tang (University of Hong Kong), “Subnational Debt of China: The Politics-Finance Nexus“ | |
| Paper 3: | Bo Li (Tsinghua University), Zhengwei Wang (Tsinghua University), and Hao Zhou (Tsinghua University), “China’s Anti-Corruption Campaign and Credit Reallocation to non-SOEs“ | |
| Discussant: | Chang-Tai Hsieh, University of Chicago Booth | |
| 12:30pm – 1:30pm | Lunch | |
| 1:45pm – 3:15pm | Paper Session III: Informing Mortgage Market Reform | |
| Chair: | Doug Criscitello, MIT | |
| Paper 1: | Andreas Fuster (Federal Reserve Bank of NY), Stephanie H. Lo (Harvard), and Paul S. Willen (Federal Reserve Bank of Boston/NBER), “The Time-Varying Price of Financial Intermediation in the Mortgage Market” | |
| Paper 2: | Neil Bhutta (Federal Reserve Board) and Benjamin J. Keys (Wharton), “Eyes Wide Shut? Mortgage Insurance During the Housing Boom” | |
| Paper 3: | Jane Dokko (Formerly U.S. Treasury) and Edward Golding (Formerly HUD), “Economics of Underwriting, Pricing and Managing (Mitigating) Credit Risk: Implications for (Re)Organizing the Mortgage Market” | |
| Discussant: | Karen Dynan, Harvard | |
| 3:15pm – 3:30pm | Break | |
| 3:30pm – 4:30pm | Panel II: Where is Mortgage Market Reform Headed? | |
| Moderator: | Deborah Lucas, MIT | |
| Panelists: | Mike Fratantoni, Mortgage Bankers Association | |
| Edward Golding, Formerly HUD | ||
| Jim Parrott, Urban Institute | ||
| 4:30pm | Adjourn | |