主题：Post-Crisis
Bank Regulations and Financial Market Liquidity（银行监管的后危机时代和金融市场的流动性）
主讲人：Darrell Duffie, 斯坦福大学商德州扑克大小
Dean Witter杰出金融学教授
日期：2018年6月20日（周三）
时间：上午10:00 - 11:30
地点：德州扑克大小
金融德州扑克大小
1号楼200教室
语言：英文
摘要：
This
is the manuscript of the Baffi Lecture that I delivered at Banca d’Italia in
September 2017.
I
address the implications for financial-market liquidity of post-crisis capital
and failureresolution rules for systemically important banks. I focus
especially on over-the-counter (OTC) markets, which handle most of the world’s
trade in bonds, repos, swaps, commodities, and foreign exchange. The bulk of
trade in these OTC markets is intermediated by roughly 15 large dealers that
are regulated as banks or broker-dealer subsidiaries of bank holding companies.
For
the purpose of this lecture, I therefore make little distinction between
“banks” and “dealers.” Many small dealers are not affiliated with banks and
come under different capital and failure-resolution regulations than those
considered here. I simply neglect those smaller firms here, although they are
important for other concerns. I also focus on the efficiency of traded
financial markets, and not on conventional bank lending markets.
主讲人简介:
Darrell Duffie is
the Dean Witter Distinguished Professor of Finance
at Stanford University's Graduate School of Business, and Professor (by
courtesy) in the Department of Economics, Stanford University.
Duffie is a Fellow of the Econometric
Society, a Research Fellow of the National Bureau of Economic Research, a
Fellow of the American Academy of Arts and Sciences, and a member of the board
of directors of Moody’s Corporation. He was the 2009 president of the
American Finance Association. From 2013-2017, he chaired the Financial
Stability Board’s Market Participants Group on Reference Rate Reform.
Duffie’s recent work focuses on capital
markets and financial stability. His research is published in Econometrica,
Journal of Political Economy, and Journal of Finance, among other
journals. His most recent books are How
Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default
Risk (Oxford University Press, 2011), and Dark Markets (Princeton University
Press, 2012).
