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  • Announcement and call for papers

“Global Liquidity and its International Repercussions”

Joint workshop of the European Central Bank and the Bank for International Settlements

in Frankfurt am Main, Germany, on 6-7 February 2012

6 February 2012

8.30 Registration
09.00 Welcoming remarks by Peter Praet (Member of the Executive Board, European Central Bank) and Claudio Borio (Deputy Head of the Monetary and Economic Department and Director of Research and Statistics, Bank for International Settlements)
  Session I – Global liquidity and credit cycles
Chair: Marcel Fratzscher (European Central Bank)
9.30 Capital flows, cross-border banking and global liquidity
Valentina Bruno (American University)
Hyun Song Shin (Princeton University)

Discussant: Refet Gürkaynak (Bilkent University and Massachusetts Institute of Technology)
10.30 Coffee break
11:00 Liquidity management of U.S. global banks: Internal capital markets in great recession
Linda Goldberg (Federal Reserve Bank of New York)
Nicola Cetorelli (Federal Reserve Bank of New York)

Discussant: Patrick McGuire (Bank for International Settlements)
12.00 World asset markets and global liquidity
Silvia Miranda Agrippino (London Business School)
Hélène Rey (London Business School, CEPR and NBER)

Discussant: Robert McCauley (Bank for International Settlements)
13.00 – 14.30 Seated lunch (by invitation only)
Dining area D1, Eurotower, 2nd floor

Lunchtime speech:
Dietrich Domanski (Head of Policy and Coordination, Bank for International Settlements)
Title: The CGFS work on global liquidity
  Session II – Liquidity and inflation
Chair: Claudio Borio (Bank for International Settlements)
14:30 Keynote Speaker: Pierre-Olivier Gourinchas (UC Berkeley)
Title: Global imbalances and global liquidity
15.30 Global liquidity, capital flows and inflation dynamics in the euro area
Giancarlo Corsetti (Cambridge University, University of Rome III and CEPR)
Luca Dedola (European Central Bank and CEPR)
Julian von Landesberger (European Central Bank)
Peter Welz (European Central Bank)

Discussant: Günter Beck (University of Siegen)
17.00 The non-inflationary great leveraging
Romain Baeriswyl (Swiss National Bank)
Maja Ganarin (Swiss National Bank and University of Lausanne)

Discussant: Michael Ehrmann (European Central Bank)
18.00 End of the first day
19.00 Dinner (by invitation only)
”Saal Silhouette”
Hotel Intercontinental, Wilhelm-Leuschner-Strasse 43, Frankfurt
Dinner speech: Benoît Coeuré (Member of the Executive Board, European Central Bank)

7 February 2012

8.30 Registration
  Session III – Capital flows and liquidity
Chair: Caroline Willeke (European Central Bank)
9:00 Keynote Speaker: Marc Flandreau (Graduate Institute Geneva)
Title: The legal origins of the rating industry: courts, libel, and liquidity (with some lessons for today's regulators)
10.00 Coffee break
10:30 Capital controls and currency wars
Anton Korinek (University of Maryland)

Discussant: Roland Straub (European Central Bank)
11.30 ABS inflows to the United Sates and the global financial crisis
Carol Bertaut (The Federal Reserve Board)
Laurie Pounder DeMarco (The Federal Reserve Board)
Steve Kamin (The Federal Reserve Board)
Ralph Tryon (The Federal Reserve Board)

Discussant: Harald Hau (University of Geneva and GFRI)
12.30 – 14.00 Lunch
Foyer CIV, Eurotower, 2nd floor
14.00 The large-scale asset purchases had large international effects
Chris Neely (Federal Reserve Bank of St. Louis)

Discussant: Philip Lane (Trinity College Dublin)
15.00 End of the workshop
Workshop dates Monday 6 February and Tuesday 7 February 2012
Workshop venue European Central Bank
Room CIV, 2nd floor
Kaiserstrasse 29
60311 Frankfurt am Main
Tel: +49 69 1344 0
Email: info@ecb.europa.eu
Dinner venue Saal Silhouette
Intercontinental, Wilhelm-Leuschner-Strasse 43, Frankfurt
Hotel accommodation Steigenberger Frankfurter Hof *****
Am Kaiserplatz
60311 Frankfurt
Tel.: +49 69 215-02, Fax: +49 69215-900

Intercontinental *****
Wilhelm-Leuschner-Strasse 43
60329 Frankfurt
Tel.:+49 6926 05-0, Fax: +49 6925 24-
Seminar language English
Organisers Marcel Fratzscher
European Central Bank
International Policy Analysis Division
Tel: +49 69 1344 6871
Email: marcel.fratzscher@ecb.europa.eu

Claudio Borio
Bank for International Settlements
Monetary and Economic Department and Research and Statistics
Tel: +41 61 280 8436
Email: Claudio.Borio@bis.org
Roland Straub
European Central Bank
International Policy Analysis Division
Tel: +49 69 1344 8926
Email: roland.straub@ecb.europa.eu

Patrick McGuire
Bank for International Settlements
Financial Institutions Group
Tel: +41 61 280 8921
Email: Patrick.McGuire@bis.org

Michael Ehrmann
European Central Bank
External Developments Division
Tel: +49 69 1344 7327
Email: michael.ehrmann@ecb.europa.eu

Björn Fischer
European Central Bank
Monetary Policy Stance Division
Tel: +49 69 1344 7684
Email: bjoern.fischer@ecb.europa.eu
(Logistical arrangements)
Tiina Pessi
European Central Bank
International Policy Analysis Division
Tel: +49 69 1344 7507
Email: international.secretariat@ecb.europa.eu

Silke Köhler
European Central Bank
Directorate Communications
Publishing, Events and Protocol Division
Tel: +49 69 1344 8671
Email: evp-events@ecb.europa.eu
Programme The organisers reserve the right to change the conference programme without prior notice.

Deadline for paper submissions: 14 December 2011


“Global liquidity” is a term frequently employed to explain the rally in stock markets, the decline in bond yields, the real estate booms, the surge in international capital flows and the rise in inflation observed in the years before the crisis and/or more recently. Similarly, some see the drying up of global liquidity as responsible for serious episodes of financial distress internationally. That said, global liquidity is an elusive and multi-faceted concept. In the economics profession there is no consensus on its definition, measurement, causes and implications. As a result, explanations that rely on global liquidity are often speculative and controversial.

More generally, regardless of the specific definition, several factors have no doubt had a significant impact on the behaviour of liquidity internationally and globally. These include: financial market developments and financial globalisation; monetary and fiscal policy responses before, during and after the crisis; exchange rate policies and reserve accumulation, and other structural factors.

In this workshop, we aim to bring together academics and researchers to present and discuss research on global liquidity. The intention is to improve our understanding of the concept and of its potential usefulness in answering questions of policy relevance in international economics. We also aim to take a longer-term perspective and link the notion of global liquidity with the evolution of the international financial and monetary system. Of special interest is the link between macroeconomic policy – including monetary, exchange rate and macro-prudential policy – and fluctuations in global liquidity.

The papers should address one or more of the following issues:

  • The definition and measurement of global liquidity
  • Global liquidity and the direction, size and composition of international capital flows
  • The impact of global liquidity on asset prices and exchange rates
  • The impact of global liquidity on monetary and financial stability
  • The relationship between standard and non-standard monetary policy and global liquidity
  • How policy can affect global liquidity

Submission of papers:

Interested authors should submit either a draft of the paper or an extended, detailed abstract 14 December 2011 to International.Secretariat@ecb.europa.eu. Authors of accepted papers will be notified by end December 2011. The final versions of the papers selected for the workshop are due by 28 January 2012.

Organising committee:

The workshop will take place over 1.5 days and includes about 8-10 academic papers with discussants


Academic presenters' and discussants’ expenses for travel (economy class round-trip) and accommodation for up to 2 days will be covered.