Capital Flows, Systemic Risk, and Policy Responses


April 28th 2016 to April 29th 2016

Venue: Hilton Reykjavik Nordica / Harpa, Iceland

Organised by the Central Bank of Iceland, the Systemic Risk Centre and the International Monetary Fund, the purpose of the two-day event is to promote the exchange of ideas and knowledge between academics and policy makers on systemic risk and macroprudential regulation in economies that are not among the core global rate setters.

Keynote speakers are Maurice Obstfeld (International Monetary Fund) and Stijn Claessens (Board of Governors of the Federal Reserve System). 

The following resources are available for download:


Photo gallery

Presentation slides and papers:

Már Guðmundsson (Governor of the Central Bank of Iceland): Opening remarks 

Stijn Claessens (Federal Reserve Board)Macroprudential, Monetary and Capital Flows Management Policies and Their Interactions

Jeffrey Chwieroth (SRC, LSE), Christopher Gandrud (Hertie School of Governance, City University London)The Political Economy of Leaning Against the Wind: Preliminary Results

Radhika Pandey (NIPFP), Gurnain Pasricha (Bank of Canada), Ila Patnaik (NIPFP), Ajay Shah (NIPFP): Motivations for capital controls and their effectiveness

Sebastian Krug (Kiel University)The Interaction between Monetary and Macroprudential Policy: Should Central Banks “Lean Against Wind” to Foster Macrofinancial Stability? - paper and presentation

Dennis Reinhardt (Bank of England), Rhiannon Sowerbutts (Bank of England): Regulatory Arbitrage in Action: Evidence from Banking Flows and Macroprudential Policy - paper and presentation

Yusuf Soner Baskaya (Central Bank of the Republic of Turkey), Julian di Giovanni (UPF, BGSE, CREI and CEPR), Sebnem Kalemli-Ozcan (University of Maryland, CEPR and NBER), Jose-Luis Peydro (UPF, BGSE, CREI, CEPR and ICREA), Mehmet Fatih Ulu (Central Bank of the Republic of Turkey): International Spillovers and Local Credit Cycles: What do firm-bank-loan level data tell us?

Rodrigo Cifuentes (Central Bank of Chile), Alejandro Jara (Central Bank of Chile): Facing volatile capital flows: The role of exchange rate flexibility and foreign assets

Anton Korinek (Johns Hopkins University and NBER), Damiano Sandri (IMF Research Department)Capital Controls or Macroprudential Regulation? - paper and presentation

John Beirne (European Central Bank), Christian Friedrich (Bank of Canada): Capital Flows and Macroprudential Policies – A Multilateral Assessment of Effectiveness and Externalities - paper and presentation

Stephanie Curcuru (Board of Governors of The Federal Reserve System), Aaron Rosenblum (Senior Research Assistant at Federal Reserve Board), Chiara Scotti (Board of Governors of The Federal Reserve System): International Capital Flows and Unconventional Monetary Policy

Deniz Igan (IMF), Zhibo Tan (Fudan University): Capital Inflows, Credit Growth, and Financial Systems - paper and presentation

Ricardo Correa (Federal Reserve Board), Teodora Paligorova (Bank of Canada), Horacio Sapriza (Federal Reserve Board), Andrei Zlate (Federal Reserve Bank of Boston): Cross-border bank flows and monetary policy

Jón Daníelsson (SRC, LSE)Financial Policy in Highly Volatile Economies

Thorvardur Tjörvi Ólafsson (Central Bank of Iceland)Financial cycles, capital flows, and policy responses in Iceland - paper and presentation

Conference video:

Keynote address: Maurice Obstfeld (IMF) Trilemmas and trade-offs: living with financial globalisation

Policy panel: Karnit Flug (Central Bank of Israel), Már Guðmundsson (Central Bank of Iceland), Turalay Kenç (Central Bank of Turkey)Luiz A. Pereira da Silva (BIS) and Carmen Reinhart (Harvard Kennedy School)

Closing speech: Jon Danielsson (SRC, LSE)

The recommended browser is Google Chrome. Click here to open in a new window.

The organising committee of the conference includes Marco Arena (International Monetary Fund), Sigríður Benediktsdóttir (Central Bank of Iceland), and Katja Neugebauer (Systemic Risk Centre, LSE).