In the early 2000s, it was widely believed that the world economy had entered a period of larger macroeconomic stability, the Great Moderation. But the global financial crisis in 2007-09, the subsequent Great Recession and the euro crisis provided a vivid illustration of how vulnerable today’s economies are to disturbances in financial markets. As a response, financial regulation and supervision have been strengthened worldwide.
This seminar on Financial Regulation and Macroeconomic Stability in the Nordics discusses how stable our financial markets are today and choices that Nordic policymakers in the fields of monetary and financial policy have to make. Leading Nordic academics present analyses of these issues that are to be published in the Nordic Economic Policy Review. The analyses will be commented by both academic experts and practitioners from central banks, ministries of finance and financial markets.
The seminar will address questions like:
- How great are the risks of new financial shocks in the world economy?
- How resilient is the Nordic financial sector against such shocks?
- To what extent should monetary policy take credit growth and rising real estate prices into account?
- How stringent macroprudential rules are needed to limit household debt?
- Will EU bail-in rules help mitigate or will they exacerbate financial crises if they arise?
- Which are the pros and cons of membership in the EU’s banking union?
Time and date: 10.00 – 17.00, 12 December 2019 (Note! The starting time has been changed!)
Venue: Mariankatu 9 /Mariegatan 9, Helsinki, Ministry of Finance
Organiser: Finnish Ministry of Finance, Nordregio and the Nordic Council of Ministers for Finance
For whom: Policymakers, politicians, academics, statisticians, banking sector and others working with relevant topics
The seminar is public but requires registration: https://www.lyyti.in/neprseminar2019
Introduction by Lars Calmfors, Stockholm University and Research Institute of Industrial Economics
Opening and welcome by Erkki Liikanen, former Head of Bank of Finland
How stable is the Nordic financial sector today? Jesper Rangvid, Copenhagen Business School
Discussants: Anneli Tuominen, Finnish Financial Supervisory Authority, and Sigridur Benediktsdóttir, Yale Jackson Institute for Global Affairs
Monetary policy and household debt, Gisle James Natvik, Norwegian Business School and Magnus Gulbrandsen, Norwegian Business School
Discussants: David Vestin, Sveriges Riksbank, and Karsten Gerdrup, Norges Bank
Macroprudential regulation and household debt, Lars E O Svensson, Stockholm School of Economics
Discussants: Niels Lynggård Hansen, Copenhagen Business School, and Bryndís Ásbjarnardóttir, Icelandic Financial Supervisory Authority
Main systemic risks in today’s financial markets, Arnoud Boot, University of Amsterdam
, and Henrik Braconier, the Swedish Financial Supervisory Authority
EU’s bail-in rules, Vesa Vihriälä, University of Helsinki, Esa Juokivuolle, Bank of Finland, Kimmo Virolainen, Bank of Finland, and Hanna Westman, Financial Stability Authority
Discussants: Per Holmbäck, Swedish National Debt Office and Kim Ristolainen, Turku School of Economics
Pros and cons of taking part in the banking union, Karolina Ekholm, Stockholm University
Discussants: Svend Erik Hougaard Jensen, Copenhagen Business School, and Tuomas Saarenheimo, Finnish Ministry of Finance
Can we avoid financial crises in the future? Panel discussion
Panelists: Karolina Ekholm, Professor in economics at Stockholm University and former Deputy Governor of Sveriges Riksbank; Tuomas Saarenheimo, Permanent Under-Secretary Ministry of Finance, Finland; Katja Taipalus, Head of Financial Stability and Statistics, Bank of Finland; and Björn Wahlroos, Chair Sampo Group.
Moderators: Lars Calmfors, Professor Emeritus, Stockholm University and Research Institute of Industrial Economics, and Peter Englund, Professor Emeritus in economics from Stockholm School of Economics.