As part of the Hoover Institution’s Initiative on Regulation and the Rule of Law, the panelists at this conference, hosted by Charles Calomiris and Allan Meltzer, examine the theory, history, and practical consequences of lender of last resort assistance in a variety of countries and contexts and how to avoid financial bailouts.
ORGANIZERS
Charles Calomiris, Hoover Institution and Columbia University
Allan Meltzer, Hoover Institution and Carnegie Mellon University
| Friday, April 3 | |||
|---|---|---|---|
| Time | Content | Presenter | Discussant |
| 9:00 AM |
The Dark Side of Liquidity Creation: Leverage and Systematic Risk |
Anjan Thakor, Olin School of Business,Washington University in St. Louis |
Douglas Diamond, University of Chicago Booth School of Business |
| 10:30 AM |
Break |
||
| 10:45 AM |
Political Foundations of the Lender of Last Resort: A Global Historical Narrative |
Charles Calomiris, Hoover Institution and Columbia University |
Stijn Claessens, Federal Reserve System |
| 12:15 PM |
Break |
||
| 1:15 PM |
Law as a Constraint on the “Lender of Last Resort”: Central Bank Liquidity Support for Central Counterparties |
Virginia France, College of Business, University of Illinois Charles Kahn, College of Business, University of Illinois |
Mark Carey, Federal Reserve System |
| 2:45 PM |
Break |
||
| 3:00 PM |
Lending-of-Last-Resort Is as Lending-of-Last-Resort Does: Liquidity Provision and Interbank Market Functioning in the Euro Area |
Simone Manganelli, European Central Bank |
Krista Schwarz, Wharton School at the University of Pennsylvania |
| 4:30 PM |
Closing Remarks |
Charles Calomiris, Hoover Institution and Columbia University Allan Meltzer, Hoover Institution and Carnegie Mellon University |
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