Risk and stability in the financial system: what role for regulators, management and market discipline
Conference jointly organized with the Bank for International Settlements in occasion of the Centennial of Università Bocconi
Thursday 13th and Friday 14th June 2002
Bocconi University, Theatre N03 New Building
Piazza Sraffa, 13 I 20136 Milan (Italy)
Conference Presentation
During the last fifteen years, the issue of financial risk and international financial stability has attracted increasing attention from financial institutions, regulatory bodies and academic economists. For all of them the debate has in fact relevant implications. As far as banks are concerned, risk management and capital allocation policies have become key issues in determining the ability of a financial institution to create shareholders value. From the point of view of supervisors, the potential influence of financial markets on the behaviour of banks, through the pricing of their uninsured debt according to the risk profile, is often crucial for the effectiveness of market discipline. The objective to enhance market discipline also underlies the recent Basel Committee proposals to reform capital adequacy and numerous proposals to introduce a mandatory subordinated debt policy that have been drafted and critically discussed during the last fifteen years. Growing research efforts and a rich academic debate have developed on topics such as the measurement and management of financial risk, the sources of financial instability, the nature of financial contagion, the optimal financial safety net, competition among exchanges, the microstructure of financial markets, price discovery, liquidity and efficiency. Bocconi University and the Bank of International Settlement decided to jointly organise a two days international Conference on these issues. The Conference will be held at Bocconi University on June 13-14 and will be attended by academics, regulators and practitioners from all over the world.
PROGRAMME (pdf file)
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