Inaugural CAFIN Workshop (2014)

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CAFIN hosted the inaugural workshop on April 25 and 26, 2014, at UC Santa Cruz. It brought together researchers from both academic and policymaking institutions to cover topics CAFIN considers a “Grand Challenge” for the modern global economy: Systemic Risk, Market Design, and Financial Access. 

Below was the conference schedule. Please find more detailed information about the conference participants and the papers presented in the links at the bottom of the page. 

CAFIN is immensly thankful to its financal supporters, including the Division of Social Sciences, the UC Santa Cruz Foundation Board, and the Stephen Bruce Trust.

The conference took place in Room 499 on the 4th floor in the Engineering 2 Building. 

Schedule:

Friday, April 25, 2014
8:00-8:45Breakfast
8:45-9:00Welcome and Introduction
9:00-10:00Chair: Athanasios Kottas, UCSC “‘Near-Coincident’ Indicators of Systemic Stress” 
Laura Kodres, Division Chief, Asian Division, Institute for Capacity Development, International Monetary Fund
Discussant: Michael Hutchison, UCSC
10:00-11:00“Measuring Investors’ Risk Appetite in Emerging Markets” 
Fatih Kiraz, Turkish Central Securities Depository, and Emrah Sener, Assistant Professor of Finance, Ozyegin University, Istanbul
Discussant: Marius Rodriguez, SF Fed
11:00-11:20Coffee Break
11:20-12:20Chair: Michael Hutchison, UCSC “The Offshore Renminbi Exchange Rate: Microstructure and Links to the Onshore Market” 
Yin-Wong Cheung, Head and Chair Professor, Department of Economics and Finance, City University of Hong Kong
Discussant: Grace Gu, UCSC 
12:20-1:30Lunch
1:30-2:30Chair: Dan Friedman, UCSC “The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response” 
Peter Cramton, Professor, Department of Economics, University of Maryland
Discussant: Greg Laughlin, UCSC
2:30-3:30“Competing on Speed” Emiliano S. Pagnotta, Assistant Professor of Finance, Leonard N. Stern School of Business, New York University 
Discussant: Eric Aldrich, UCSC
3:30-3:50Coffee Break
3:50-4:50Chair: Raquel Prado, UCSC “Do Retail Traders Suffer from High Frequency Traders?” 
Katya Malinova, Assistant Professor, Department of Economics, University of Toronto
Discussant: Abel Rodriguez, UCSC 
Saturday, April 26
8:15-9:00Breakfast
9:00-10:00Chair: Jose Lopez, SF Fed “Credit Rationing in Informal Markets: The Case of Small Firms in India” 
Sankar De, Professor, Department of Economics, Shiv Nadar University
Discussant: Johanna Francis, UCSC and Fordham 
10:00-11:00“Do Firms in Developing Countries Grow as They Age?” Meghana Ayyagari, George Washington University and Vojislav Maksimovic, William A. Longbrake Chair in Finance, Robert H Smith School of Business, University of Maryland
Discussant: Ila Patnaik, NIPFP
11:00-11:20Coffee Break
11:20-12:20Chair: Yin-Wong Cheung, City University of Hong Kong “International Evidence on Bank Funding Profiles and Performance: Are Banks ‘Overbanked’?” 
Jose Lopez, Vice President, Risk Modeling Research and Bank Surveillance, Federal Reserve Bank of San Francisco and Mark Spiegel, Vice President and Director, Center for Pacific Basin Studies, International Research, Federal Reserve Bank of San Francisco
Discussant: Kenneth Kletzer, UCSC
12:20-1:30Lunch
1:30-2:30Chair: Michael Dooley, UCSC “International Coordination in Addressing Spillovers: Problems and Solution Strategies” 
Ila Patnaik , RBI Chair Professor, National Institute of Public Finance and Policy
Discussant: Laura Kodres, IMF
2:30-2:50Coffee Break
2:50-4:50Panel Chair: Nirvikar Singh
Fixing Finance in the 21st Century
Laura Kodres, Division Chief, Asian Division, Institute for Capacity Development, International Monetary Fund
Michael Dooley, Professor of Economics, UC Santa Cruz
Mark Spiegel, Vice President, Federal Reserve Bank of San Francisco