In a scenario of over a decade of slow recovery from the subprime crisis, the global economy was hit by an unprecedented new shock with the COVID-19 outbreak. Unlike the experience of the last crisis, the financial system was not the origin of the current challenges but it is strongly affected by them. After the previous crisis, monetary policy stimulus of historically low-interest rates for a long time and other non-conventional monetary measures were not enough to foster economic growth, and the results of the new policies are still uncertain.
This new challenging scenario forces us to rethink the role of monetary policy, financial regulation, and assess its impacts on the last decades. Thus, in the Plenary, we intend to debate views on lessons learned from the last crisis, current developments in financial markets in the new crisis environment, and future challenges for the financial sector.
The YSI Financial Stability Working Group studies novel approaches to monetary economics and bridges the intellectual gap between finance and macroeconomics. Topics of particular interest are the rise of financial globalization, new forms of banking intermediation and payment systems and their implication for the stability of the financial system.
The YSI Financial Stability Working Group welcomes work on a wide range of topics, including but not limited to:
- The causes and consequences of economic and financial crises;
- Policy responses to economic downturns and liquidity problems;
- Distributional impacts of conventional and unconventional monetary policy;
- Central banking, and central bank cooperation
- Micro- and Macro prudential policies, and financial market regulation
- Global liquidity and Eurodollar market;
- Capital flows and financial integration;
- Too-big-to fail, regulatory capture, and moral hazard
- Cryptocurrencies, Central Bank Digital Currency, and Financial Innovation;
- FinTech and BigTechs in traditional banking;
- Complex theories, SFC, network analysis,, balance sheet analysis and other methods that study financial instability;
- Financialization, securitization and its effect on the economy
- Challenges of financial stability
- The effects of a persistent low interest rate environment
Questions concerning this call may be sent to: [email protected]
Deadline for submissions:
15 August 2020
Selected young scholars will get a chance to present and receive feedback from peers and a senior mentor.
How to submit
- Make sure you’re a member of YSI (ysi.ineteconomics.org)
- Submit your work to Financial Stability Working Group via the application portal