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Aims and scope. Analysing the financial system as a network of actors and contracts provides crucial insights into how regulators and practitioners can address risk and into the role financial actors can play in the pathway towards a more sustainable and inclusive economy.
Audience and Agenda. The first FINEXUS Conference aims to bring together scholars, policy makers and civil society to stir the debate on the nexus among financial stability, environmental sustainability and financial inclusion, based on insights from the rapidly growing scientific field of Financial Networks. The day of Thursday January 12th is devoted to the general public, with an evening round-table hosting the Nobel Laureate Joseph Stiglitz. The day of Friday January 13th is devoted to scientific presentations on the recent developments in the field of financial networks and policy applications to financial stability and sustainability.
Background. Our understanding of financial stability and macroprudential policies cannot prescind today from regarding the financial system as a network in which both positive and negative shocks may ripple along chains of counterparties depending on market liquidity and other factors. The tension between risk diversification at the level of individual institutions and the building up of systemic risk in the presence of uncertainty on the value of collateral or on default resolution cannot be fully understood without network models. Moreover, there is a growing consensus that financial sustainability and environmental sustainability are interconnected dimensions. Indeed, on the one hand, the transition to a more sustainable economy implies deep transformations, which can potentially affect large portions of global financial assets. In this context, a well-managed transition is expected by many to improve the well-being of citizens and bring new opportunities for businesses, while a badly-managed transition will likely entail systemic risk, in particular for the financial system. On the other hand, as witnessed by the recent initiatives, such as the Financial Stability Board task force on climate-related financial disclosure, the financial sector could play a key role in fostering the transition, in particular through the developing market of climate-finance instruments. However, the transition to a more sustainable economy could be hampered by the growing inequality observed across developed countries and the resulting economic and political instability. In this respect, the role of economic policies and civil society should not be underestimated.
Venue: University of Zurich, Main Building (Zentrum), Room: Aula
Agenda:
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Wednesday, 11 January 2017 - Venue: Aula, KOL-G-201, Rämistrasse 71, 8006 Zürich |
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10:00-10:30 |
Welcome Coffee |
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10:30-11:00 |
Introductory remarks: Stefano Battiston (UZH) |
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Session 1. Valuation, Contagion, and Endogeneity in Financial Networks. Chairman: Andrea Roventini (Scuola Superiore Sant’Anna, Pisa) |
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11:00-12:30
12:30-13:00 |
Mauro Napoletano (OFCE-Sciences Po): Collateral Unchained: Rehypotecation networks, complexity and systemic effects Marco D’Errico (UZH): Rethinking Financial Contagion Paolo Barucca (UZH): Network Valuation in Financial Systems Discussion |
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13:00-14:00 |
Lunch |
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Keynote Session |
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14:00-15:00 |
Lucas Bretschger (ETH Zurich): Sustainability, Risk, and Climate Policy: The Long-Run Perspective. |
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Session 2. Climate Policies and Climate-finance Networks. Chairman: Stefano Battiston (UZH) |
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15:00-16:30
16:30-17:00 |
Marc Chesney (UZH): Mitigating Global Warming: A Real Options Approach Antoine Mandel (Paris School of Economics, University Paris 1 Panthéon-Sorbonne): A climate stress-test of the financial system Veronika Stolbova (UZH): The climate-finance macro-network: mapping the exposure of the financial system to climate policy risks in the Euro Area Discussion |
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17:00-17:30 |
Coffee Break |
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Session 3. Financial Networks and Civil Engagement on Sustainability |
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17:30-19:30 |
Giulia Porino (Finance Watch): Citizens Dashboard of Finance Franziska Schütze (Global Climate Forum) and Hamza Zeytinoglu (Bosphorus Univ.): Policy Network Maps Crowdsourcing Citizens Dashboard: http://www.citizensdashboardoffinance.org/ |
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17:30-19:30 |
Parallel Session - Marie-Curie fellows’ presentations III (Room: KOL-G-209) |
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Thursday, 12 January 2017 - Venue: Aula, KOL-G-201, Rämistrasse 71, 8006 Zürich |
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Session 4 (General public). Finance and sustainability: what role for civil society? Panel session with final discussion |
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08:30-10:30 |
Antoinette Hunziker-Ebneter (Forma Futura Invest AG): Nachhaltigkeit in der Finanzindustrie – Utopie oder Realität Prof. Anton Gunzinger (ETH and Supercomputing Systems): Erneuerbare Energie (in German) Katharina Serafimova (WWF) Thierry Philipponnat (Institut Friedland): The Role of Civil Society in Holding Financial Powers Accountable Jared Bibler (Katla AG): Globalized market abuse: the example of Iceland |
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10:30-11:00 |
Coffee break |
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11:00-12:00
12:00-13:00 |
Marc Chesney (UZH): Financial Innovation and Systemic Risks Stefano Battiston (UZH): Rethinking Sustainable Finance Panel Discussion |
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13:00-14:00 |
Lunch |
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Keynote Session |
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14:00-15:00 |
Rama Cont (Imperial College): Systemic stress testing, fires sales and indirect contagion. |
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Session 5. Estimating Financial Networks and Systemic Risk with limited information. Chairman: Mauro Napoletano (OFCE-Sciences Po). |
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15:00-16:00
16:00-16:30 |
Luitgard Veraart (LSE): Adjustable Network Reconstruction with Applications to CDS Exposures. Tiziano Squartini (IMT): Reconstructing economic and financial networks Giulio Cimini (IMT): Statistically validated network of portfolio overlaps and systemic risk. Discussion |
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16:30-17:00 |
Coffee break |
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Session 6. Public Round Table. Disentangling the Finance-Climate-Inequality Nexus. |
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17:30-19:30 |
Hosting: Nobel Laureate Prof. Joseph Stiglitz (Columbia Univ.), Thierry Philipponnat (Institut Friedland), Sony Kapoor (Re-Define). Moderator: Katharina Serafimova. Click here to see a video recording of the public round table session. |
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Friday, 13 January 2017 - Venue: Aula, KOL-G-201, Rämistrasse 71, 8006 Zürich |
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Keynote Session |
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09:00-10:00 |
Franklin Allen (Imperial College): Financial Networks and Systemic Risk |
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Session 7. Over the Counter markets: insights from network theory. Chairman: Kjell Nyborg (UZH) |
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10:00-10:50 |
Marco D’Errico (UZH): How does risk flow in the Credit Default Swap market? Tarik Roukny (Univ. of Ghent): Compressing over-the-counter markets. |
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10:50-11:20 |
Coffee Break |
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11:20-12:30
12:30-13:00 |
Marc Chesney (UZH): Complexity of Structured Products Inaki Aldasoro (BIS): Multiplex interbank networks and systemic importance: an application to European data Christoph Aymanns (LSE): Illiquidity Spirals in Over-the-Counter Repo Markets Discussion |
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13:00-14:00 |
Lunch |
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Keynote Session |
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14:00-15:00 |
Joseph Stiglitz (Columbia Univ.): The Price of Complexity in Financial Networks |
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Session 8. Policy Applications of Financial Networks. Chairman Pablo Koch (UZH) |
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15:00-15:40 |
Grzegorz Hałaj (ECB): ABM of systemic liquidity risk. Kartik Anand (Deutsche Bundesbank): Capturing information contagion in a stress-testing framework |
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15:40-16:10 |
Coffee Break |
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16:10-16:50
16:30-17:20 |
Fabio Caccioli (UCL): Pathways towards instability in financial networks Peter Sarlin (Hanken School of Economics and RiskLab Finland): RiskRank: Measuring interconnected risk. Discussion |
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Session 9. Conference Concluding Remarks |
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17:20-18:00 |
Stefano Battiston (UZH), Marc Chesney (UZH) |
