The Hoover Institution hosts Banks and Beyond on April 3-42025

This conference will explore the implications of the rapid expansion of private credit markets and the growth of technologically advanced non-bank financial intermediaries (NBFIs) for the efficiency and stability of the U.S. financial system. What effects have they had on the allocation of credit to firms and households? What effects have they had on the efficiency of the payments system? Are they substitutes for, or complements to, the traditional banking sector? Do they increase or decrease the need for deposit insurance and supervision? Should they be regulated and supervised, and if so, how?

This conference is by invitation only.

Thursday, April 3rd
Time Content Presenters

8:45 AM

Breakfast

--

9:15 AM

Welcome

Ross Levine, Hoover Institution 

9:30 AM

Keynotes: The Evolution and Regulation of Banks and Beyond

“The Evolution and Regulation of Debt Financing”
Isil Erel, Ohio State University
(slides)

“The Bank-NBFI Nexus”
Nicola Cetorelli, Federal Reserve Bank of New York
(slides)

10:30 AM

Break

--

11:00 AM

Private Debt versus Bank Debt in Corporate Borrowing” by Sharjil Haque, Simon Mayer, and Irina Stefanescu

Presenter: Irina Stefanescu, Board of Governors of the Federal Reserve System
(slides)

Discussant: Viral Acharya, New York University
(slides)

Discussant: Vikrant Vig, Stanford University

Chair: William Summerhill, Hoover Institution & UCLA

12:15 PM

Lunch

--

1:15 PM

Interest Rate Risk in Banking” by Arvind Krishnamurthy, Peter M. DeMarzo, and Stefan Nagel

Presenter: Peter DeMarzo, Stanford University
(slides)

Discussant: Luc Laeven, European Central Bank
(slides)

Discussant: Luigi Zingales, University of Chicago
(slides)

Chair: Juliane Begenau, Stanford University

2:30 PM

Break

--

3:00 PM

Beyond Banks: The New Era of Financial Intermediation?

Viral Acharya, former Deputy Governor, Reserve Bank of India and C.V. Starr Professor of Economics, New York University

Jean-Pierre L. Conte, Chairman of Genstar Capital

José Antonio González Anaya, former Minister of Finance and Public Credit of Mexico

Raghav Khanna, Managing Director and Co-Portfolio Manager, Oaktree

Christopher A. Sheldon, Co-Head of Credit & Markets, KKR

Gerry Tsai, Head of Regulatory Strategy, Stripe

Moderator: Amit Seru, Hoover Institution & Stanford University

4:20 PM

Conclusion of April 3rd program

--

6:00 PM

Dinner

--

Friday, April 4th
Time Content Presenters

8:30 AM

Breakfast 

--

9:00 AM

Bank Capital and the Growth of Private Credit” by Sergey Chernenko, Robert Ialenti, and David Scharfstein

Presenters: David Scharfstein, Harvard University and Sergey Chernenko, Purdue University
(slides)

Discussant: Tomasz Piskorski, Columbia University

Discussant: Karen Pence, Federal Reserve Board
(slides)

Chair: Erica Jiang, University of Southern California
 

10:15 AM

Break

--

10:45 AM

Failing Banks” by Sergio Correia, Stephan Luck, and Emil Verner

Presenter: Stephan Luck, Federal Reserve Bank of New York 
(slides)

Discussant: Matthew Baron, Cornell University
(slides)

Discussant: Elena Carletti, Bocconi University
(slides)

Chair: Stephen Haber, Hoover Institution & Stanford University

12:00 PM

Lunch

--

12:30 PM

Noisy Experts: Discretion in Regulation” by Sumit Agarwal, Bernardo Morais, Amit Seru, and Kelly Shue

Presenter: Amit Seru, Hoover Institution & Stanford University

Discussant: Ross Levine, Hoover Institution

Discussant: Justin Grimmer, Hoover Institution & Stanford University

Chair: Paola Sapienza, Hoover Institution

1:45 PM

End of conference

--

 

If you have any questions about the event, contact Hoover Prosperity Program, HooverProsperity@stanford.edu.

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