4th Annual Conference: Program

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Government Financial Products, Policies, and Institutions

For a downloadable version of the conference program, please click here.

Wednesday, September 27

Location: Royal Sonesta Hotel, Cambridge, MA

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 28

Location: Royal Sonesta Hotel, Cambridge, MA

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