RESEARCH WORKSHOP 2020

FSC Research Workshop | 6 November 2020 | Berlin

The Financial Stability Conference (FSC) will not be hold this year due to the uncertainty with Covid-19 developments and related measures. But we organise the FSC Research Workshop on 6 November and an additional smaller event on 4 or 5 November to discuss relevant aspects of envisaged conference topics as well as topical issues in the context of the Corona crisis.

Researchers and scholars in the EU and beyond are invited to submit policy contribution proposals on related research questions. We will review all proposals and select the most promising for drafting policy contributions, presentation and discussion at the workshop. The call for policy contributions and information on the procedures are available below.

The research workshop is an open event bringing together senior and junior scientists and researchers with experts from authorities and institutions, citizens and industry experts.
In case Covid-19 is virulently again the workshop shall be organised as a virtual (online/web) event and/or postponed to spring 2021. Critical workshop results and proceedings shall be discussed with high-level policymakers at the FSC in fall 2021.

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organiser:
Financial Risk and Stability Network
call for contributions 2020

Research Workshop 2020
6 November 2020  |  9:00 – 16:00 h  |  Berlin

Call for Policy Contribution Proposals 2020

Junior and senior scientists and scholars – including PhD candidates, early stage and PhD researchers – in the disciplines of economics, law, finance, banking and political economy as well as researchers from public authorities, central banks, institutions and civil organisations are invited to signal their interest and submit policy contribution proposals to draft contributions (not academic papers) on research questions of envisaged conference topics and aspects thereof as well as topical issues in the context of the Corona crisis.

Step I
Proposal deadline for policy contribution ideas/sketches: 12 June 2020

Step II
Review of all proposals and information on acceptances: 8 July 2020

Step III
Submission deadline for drafted policy contributions: 18 September 2020

Step I

Proposals for policy contribution subjects / research ideas could address various aspects of the following four thematic clusters (see below various topics and aspects issues thereof):

  1. Implications of the Corona crisis on financial stability and the financial system
  2. Resilience of financial institutions and crisis management frameworks in the EU
  3. ECB strategy review and the formulation of policies in the light of changing roles
  4. Climate change, the transition to a low-carbon economy and sustainable finance

Proposals may relate to a broad bundle of terms and notions as regards the above thematic clusters, and we are also open to unconventional ideas. We welcome in particular preliminary and forward looking contribution proposals discussing options and conclusions on the basis of a clear analysis and reasoning as well as personal viewpoints and opinions. We indeed appreciate own assessments and personal opinions at a draft stage to be discussed in-depth at the workshop.

Following terms and notins present for each cluster various thematic hints and suggestions which could be dealt with, either specific aspects and research questions or reasonably combined aspects:

  1. Implications of the Corona crisis on financial stability, financial system and Euro area
    through which channels systematic risks might be triggered; how would this impact the financial sector; credit performance, alleviations for creditors and effects on NPL-rates; effects of temporary banks’ capital reliefs; long-term effects on financial stability, debt and resilience; effects on financial regulation and supervision (calls for loosening rules / standards); redistributive effects (inequality question); side and adverse effects of ECB’s assistance and asset purchase programmes; financial relief programs and macroeconomic policy responses: ESM credit facilities, ‚Corona‘ bonds for the Euro-area, renewed discussions about a Euro-area treasury budget; Euro area member states joint expenditures and common fiscal anti-crisis actions; assessment of fiscal options to deal with the long-term effects of the crisis; Italy, other countries and the Euro area on the verge of a long and deep recession; sharp rising debt levels and sovereign debt crisis measures; institutional, European (burden balancing) and societal distribution of sovereign and fiscal costs.
    Information sources and links to this topic are listed here.
  2. Resilience of financial institutions and crisis management frameworks in the EU
    including banking resolution on the backdrop of existing (debt, zero or near-zero interest rates environment for a long time, economic downturns, national economic, fiscal and banking interests in the EU, too-big-, too-complex-, too-political-to-fail issues) and incoming challenges (climate change risks, impact of Corona crisis and related measures, trade conflicts and deglobalisation, regulatory arbitrage risks with Brexit); which measures, reforms, regulations and institutional designs could enhance banks’ resilience and the existing crisis management framework on the backdrop of lessens to be learnt also from current Corona crisis impacts; which policy proposals and projects shall be revived and prioritised to avoid a renewed sovereign debt crisis in the Euro area and to mitigate the state-bank nexus; how to adopt Banking Union settings and missings to new assessments and considerations.
  3. ECB strategy review and the formulation of policies in the light of changing roles
    (Lagarde: “we will turn each and every stone without preconceived landing zone”): various roles and mandates; discussion of ECB’s climate change risk policies and strategy; role and initiatives of central banks as regards a smooth transition to a low-carbon economy; transparency, governance and communications; conflicting aims between monetary policy decisions/strategies and financial stability considerations; scope of actions and room for manoeuvre of ECB’s monetary policies; effectiveness and relevance of central banks‘ monetary policy decisions and actions in current and future economic cycles (long-term low interest); joint ECB cooperation with NCAs, national central banks and supervisory decisios making; coordination with Commission, SRB and national resolution authorities on banking resolution decisions (failing or likely to fail); trade-offs and conflicting functions/mandates within the ECB as regards banking supervision; discussion about the direct supervision of all (also small) banks at the ECB; legal issues and lacking harmonisation at European and member states levels.
  4. Climate change, the transition to a low-carbon economy and sustainable finance
    how to handle and manage climate related risks; how to incentive authorities and financial institutions acting for the necessary transitions: role of central banks, central banks’ portfolios and liquidity investments; green bonds; green funds and green washing; taxonomy and ESG factors; question of stricter guidance by regulatory and supervisory measures as regards bank business modells; question of bold rules or guidelines for financial institutions in dealing with climate risks in the transition period; role of banks, credit and lending in achieving sustainable finance objectives; financial stability and systemic risks as well as their implications for supervisiory interventions and financial markets policy considerations (see e.g. ‚green swan‘ publication BIS).

→  Policy contribution proposals/sketches to be emailed by Friday, 12 June 2020 to: workshop@financial-stability.org

We do not expect drafted or written poliy contributions by this deadline, but a proposal with a clear subject outline of max. 1.500 words. All proposed research ideas and subject proposals will be reviewed and considered for drafting contributions, presentation at the workshop, discussion and publication. They will be reviewed by FRS with the assistance of experienced scientists.

Step II

→ We will inform all proposers by 8 July 2020 on acceptances and the further procedure.

Step III

We ask to work out accepted research proposals and to draft the policy contributions until September 2020. The policy contributions should be short and policy-oriented, and they do not have to follow any given specific scientific methodology or approach. More important are policy-relevance, comprehensibility as well as a clear and plausible structure. Emphasis lies on conclusions, practical relevance of results, ideally policy recommendations and input to both the scientific as well as the policy debate. Derivations of empirical results and model explaining should not be the focus, we rather recommend to eschew models and equations and to focus on the outcomes and policy implications. The policy contributions have to be finalised and send to the organiser by 18 September to give time for review by discussants before the workshop date.

Information materials, links and online coverage of the Corona-crisis are listed on our site >> here.

→  After acceptances policy contributions to be emailed by Friday 18 September 2020 to: workshop@financial-stability.org

Important information on the purpose of the workshop and about the task:

We ask for policy contributions which is a big difference to academic papers. The task is to bring a policy contribution to the ground, means to draft it in a nontechnical wording and understandable for a wider public. Insofar, it is a communication task as well, to write and present a policy contribution – analysis, results, options and conclusions – to a different, broader audience. Essential is to eschew models and equations, focusing instead on lines of thoughts, reasonings and conclusions or policy options and recommendations. We explicitly welcome viewpoints and opinions based on a thorough and thought out argumentation. Thus, the workshop is intended as an innovative experiment to bring researchers closer to policy debates. To sum up, the conributions should be brief and written in a nontechnical language, aimed at a broad audience interested in policy issues, presented and published to elicit comment and further policy debate.

As regards subjects and research questions of policy contributions there are no specifications or preferences from the organiser. Any specific aspect relating to the set thematic clusters and topics can be accepted. We do not see problems with potential thematic overlappings. In the contrary, it might be fruitful to have contributions on quite similar aspects for an enriching discussion.

There are no detailed specifications as regards format as well: just to edit subject, reasoning and rationale in a clear and logical way, be precise and leave the unnecessary and redundant aside. Length: better short than lengthy; 5 to 8 pages would be best and appropriate, and we ask to not exceed the max. of 10 pages. As for the presentation slides we ask to limit the number to be shown to not more than 6 slides.

For each presenter there shall be a discussant, and we ask accepted presenters to be open to act as well as a discussant to another policy contribution. Also discussants should be brief in their criticisms to give adequate time for the plenary discussions with the audience where in our view shall be a focus on. Our intention and emphasis is that all participants are learning from the workshop, gain new insights and get manyfold ideas for future work. We also intend to discuss relevant critical workshop results and proceedings with high-level policymakers at the Financial Stability Conference in fall 2021.

Questions to be directed to: workshop@financial-stability.org

The workshop takes place in Berlin. The venue will be communicated closer to the event. In case Covid-19 is virulently again the workshop shall be organised as a virtual (online/web) event and/or postponed to spring 2021.

The organiser
Financial Risk and Stability Network
___________________________________________

Martin Aehling
Director
FRS Financial Risk and Stability gGmbH

FUNDING 2020

We would appreciate if you could support our non-profit organisation with a donation. If you find our activities senseful and relevant please contact us via info@frsn.de and we will send you the bank account details. Donation receipts can be given to donors from Germany.
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