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== THE FUTURE OF PAYMENTS: CBDC, DIGITAL ASSETS AND DIGITAL CAPITAL MARKETS ==
== THE FUTURE OF PAYMENTS: CBDC, DIGITAL ASSETS AND DIGITAL CAPITAL MARKETS September 25 - Day 1 ==
=== Room AS01, floor -2, via Roentgen, 1 ===
Room AS01, floor -2, via Roentgen, 1
== Program September 25 - Day 1  ==
 
=== 8.45 – 9.00 Welcome Address ===
=== 8.45 – 9.00 Welcome Address ===
=== 9.00: 11.00 - Session 1 ===
=== Session Chair: ===
*''Digitalization and Credit Markets: Evidence from eInvoicing''  Authors:  Presented by: '''Marco Giometti'''  Discussant: '''Christian Eufinger'''
* ''Programmable Repayment and Merchant Resilience: Risk-Sharing, Enforcement, and Welfare in Digital Lending''
Authors:
Presented by: '''Kumar Rishabh'''


Discussant:
==== '''Massimiliano Marcellino''' ====
Università Bocconi and Director of the Baffi Centre on Economics Finance and Regulation


=== Coffee Break ===
==== '''Dirk Niepelt''' ====
=== 11.30: 13.30 - Session 2 ===
University of Bern and Leader of the CEPR Research and Policy Network Fintech and Digital Currencies
=== Session Chair: ===
* ''"Central Bank Digital Currencies : a Blessing or a Curse for Crypto Shadow Banking?"''
Jonathan Chiu (Bank of Canada, RPN), and Cyril Monnet (University of Bern, Study Center Gerzensee, RPN)


Presented by: '''Cyril Monnet''' (University of Bern, Study Center Gerzensee, RPN)
=== 9.00: 10.40 - Session 1 ===
Session Chair: TBA
*''Digitalization and Credit Markets: Evidence from eInvoicing'' 
Authors: '''Marco Giometti''', Universidad Carlos III de Madrid, '''Jose E. Gutierrez''', Bank of Spain, '''David Martinez-Miera''', Universidad Carlos III de Madrid & CEPR, '''Alexandra Matyunina''', Bank of Spain, '''Tammaro Terracciano''', IESE Business School 


Discussant: '''Martina Fraschini''' (University of Luxembourg)
Presented by: '''Marco Giometti''', Universidad Carlos III de Madrid 


* ''"Bank Competition and Household Privacy in a Digital Payment Monopoly"''
Discussant: '''Christian Eufinger'''
Itai Agur (IMF), Anil Ari (IMF), and Giovanni Dell'Ariccia (IMF, CEPR, RPN)
* ''Programmable Repayment and Merchant Resilience: Risk-Sharing, Enforcement, and Welfare in Digital Lending''
Authors: '''Kumar Rishabh''', HEC Lausanne, '''Alessandro Di Stefano''', University of Bern


Presented by: '''Giovanni Dell'Ariccia''' (IMF, CEPR, RPN)
Presented by: '''Kumar Rishabh,''' HEC Lausanne


Discussant: '''Yuteng Cheng''' (Bank of Canada)
Discussant: '''Clement Mazet-Sonilhac''', Bocconi University


=== Coffee Break ===


=== Lunch ===
=== 11.10: 12.50 - Session 2 ===
*''A Model of Monetary Singleness''


=== 14.30 : 16.30 - Session 3 ===
Authors: '''Benjamin Hemingway''', Bank of England
Session Chair:  


*      ''Strategic Complementarities in a Dynamic Model of Technology Adoption: P2P Digital Payments''
Presented by: '''Benjamin Hemingway''', Bank of England 
Francesco Lippi (LUISS, EIEF, CEPR), Fernando Alvarez (University of Chicago), David Argente (Pennsylvania State University), Esteban Mendez (Central Bank of Costa Rica), and Diana Van Patten (Yale University)


Presented by: '''Francesco Lippi''' (LUISS, EIEF, CEPR)
Discussant: '''My Hedlin''', University of Bern


Discussant: '''Nicolas Serrano Velarde''' (Bocconi University)
Session Chair: TBA
* ''The Deposit-Taker of Last Resort''
Authors: '''Pamfili Antipa''', London School of Econonomics, '''Kilian Rieder''', Oesterreichische Nationalbank (Eurosystem) & CEPR


Presented by: '''Kilian Rieder''' Oesterreichische Nationalbank (Eurosystem) & CEPR


Discussant: '''Anna Grodecka-Messi''', Sveriges Riksbank.
=== Lunch ===


* ''Mobile Money, Interoperability and Financial Inclusion''
=== 14.10: 15.50 - Session 3 ===
Markus K. Brunnermeier (Princeton University, CEPR, RPN), Nicola Limodio (Bocconi University, CEPR), and Lorenzo Spadavecchia (Bocconi University)
Session Chair: TBA
*''The Fragility of Perfectly Safe Digital Money''
Authors: '''Elizabeth C. Klee''', Board of Governors of the Federal Reserve, '''Arazi Lubis''', Board of Governors of the Federal Reserve, '''Chase P. Ross''', Board of Governors of the Federal Reserve, '''Sharon Y. Ross''', Board of Governors of the Federal Reserve, '''Alexandros P. Vardoulakis''', Board of Governors of the Federal Reserve


Presented by: '''Nicola Limodio''' (Bocconi University and CEPR)
Presented by: '''Chase Ross''', Board of Governors of the Federal Reserve 


Discussant: '''Rocco Macchiavello''' (LSE and CEPR)
Discussant: '''Tony Ahnert''', Research Economist, European Central Bank and Research Fellow, CEPR
*      ''Corporate Responses to the Digitalization of Money and Capital Markets''
Authors: '''Erdinc Akyldirim''', Nottingham University Business School, '''Ahmed Barakat''', Nottingham University Business School, '''Shaen Corbet''', Dublin City University, '''Alexander Wagner''', University of Zurich, CEPR, ECGI, Harvard Kennedy School, Swiss Finance Institute


Presented by: '''Erdinc Akyildirim'''


Discussant: '''Jan Keil''' Indian School of Business
=== Coffee Break ===
=== Coffee Break ===


=== 17.00 : 19.00 - Session 4 ===
=== 16.20: 18.00 - Session 4 ===
Session Chair:  
Session Chair: TBA
* ''Digital Ownership''
Authors: '''Gilles Chemla''', Imperial College Business School, '''Katrin Tinn''', McGill University


*''"Central Bank Digital Currency Adoption: A Two-Sided Model",'' Brandon Tan (IMF)
Presented by: '''Katrin Tinn''', McGill University


Presented by: '''Brandon Tan (IMF)'''
Discussant: '''Julien Prat''', CNRS, CREST Ecole Polytechnique


Discussant: '''Edona Reshidi''' (Bank of Canada)
*''Credit Cycles in Tokenized Real Estate Markets''
Authors: '''Wenqian Huang''', Bank for International Settlements, '''Valerie Laturnus''', Durham University Business School, '''Daniel Ruf''', University of Cambridge


* ''Batching trades on automated market makers.''  
Presented by: '''Valerie Laturnus''', Durham University Business School
Andrea Canidio (CoW Protocol)'', and Robin Fritsch (ETH Zurich, CoW Protocol)''


Presented by: '''Andrea Canidio''' (CoW Protocol), Robin Fritsch (ETH Zurich, CoW Protocol)
Discussant: '''Pedro Gete''', IE University and IE Business School


Discussant: '''Andrea Barbon''' (University of St.Gallen)
== 20:00 Conference Dinner (by invitation only) ==


== September 26 - Day 2 ==
== September 26 - Day 2 ==
Aula Franceschi, Via Sarfatti 25
=== 8.45:9.00 Welcome Address: '''Francesco Billari.''' ===
Rector, Bocconi University


=== 9.00 : 11.00 - ECB Policy Session ===
=== 9.00: 11.00 - Policy Session ===


Introduces: '''Francesco Billari''' Rector of Università Bocconi
==== Chair: '''Elena Carletti''' ====
Dean for Research, Bocconi University and Director of the CEPR Banking and Corporate Finance Program


=== Keynote Speech: Piero Cipollone ===
==== Keynote Speech: '''Piero Cipollone.''' ====
Member of the ECB's Executive Board and Chair of the Eurosystem High-Level Task Force on the Digital Euro


=== Policy Panel  
==== Policy Panel: ====


=== 11.00-11.45 Coffee Break ===


Rhys Bidder (KBS, QCGBF), Timothy Jackson (University of Liverpool), and Matthias Rottner (Deutsche Bundesbank)
=== 12.00: 13.40  - Session 5 ===
Aula AS01, floor -2 Via Roentgen 1


Presented by: '''Timothy Jackson''' (University of Liverpool)
Session Chair: TBA
*''Competing Digital Monies''


Discussant: '''Massimiliano Croce''' (Bocconi University and CEPR)
Authors: '''Jean Charles Rochet''', Toulouse School of Economics, '''Jon Frost''', BIS, '''Hyun Shin''', BIS, '''Marianne Verdier''', Paris University  


Presented by: '''Jean Charles Rochet''', Toulouse School of Economics


* ''CBDC: Banking and Anonymity''
Discussed by: '''Cyril Monnet''', University of Bern and the Study Centre Gerzensee
Yuteng Cheng (Bank of Canada), Ryuichiro Izumi (Wesleyan University)


Presented by: '''Yuteng Cheng''' (Bank of Canada)
* ''DeFi-ying the Fed: Monetary Policy Transmission to Stablecoin Rates''


Discussant: '''Giovanni Dell'Ariccia''' (IMF, CEPR)
Authors: '''Andrea Barbon''', University of St.Gallen '''Jean Barthelemy''', Banque de France '''Benoît Nguyen''', European Central Bank (ECB)  


* ''The digital economy, privacy, and CBDC''
Presented by: '''Andrea Barbon''' University of St.Gallen


Toni Ahnert (ECB, CEPR), Peter Hoffmann (ECB), and Cyril Monnet (University of Bern, Study Center Gerzensee)
Discussed by: '''Carlo Altavilla''' Head of Division, European Central bank


Presented by: '''Cyril Monnet''' (University of Bern, Study Center Gerzensee)
=== Lunch ===


''Discussant:'' '''Maarten Van Oordt''' (Vrije Universiteit Amsterdam)
=== 14.40: 16.20 - Session 6 ===
Aula AS01, floor -2 Via Roentgen 1


=== Coffee Break ===
Session Chair: TBA
*''Shock Propagation in Decentralized Lending Networks: Evidence from the Compound Protocol''


=== 11.30 : 13.30 - Session 5 ===
Authors: '''Julien Prat''', CNRS, CREST, '''Natkamon Tovanich''', TU Wien, '''Stefania Marcassa''', THEMA, CY Cergy Paris Université


=== Lunch ===
'''Stefan Kitzler''', Complexity Science Hub Vienna and AIT Austrian Institute of Technology, '''Christos A. Makridis''', Arizona State University, USA and University of Nicosia, Cyprus


=== 14.30 : 16.30 Session 6 ===
Presented by: '''Julien Prat''', CNRS, CREST
Session Chair:
* ''"Contracts and External Financing"'' by Katrin Tinn (McGill University, CEPR)


Presented by: '''Katrin Tinn''' (McGill University, CEPR)
Discussant: '''Co-Pierre Georg''', Frankfurt School of Finance and Management


Discussant: '''Andrea Canidio''' (CoW Protocol)
* ''Making stablecoins stable(r): Can regulation help?''
Authors: '''Tirupam Goel''', Bank for International Settlements, '''Ulf Lewrick''', Bank for International Settlements, '''Isha Agarwal''', Sauder School of Business, University of British Columbia.


Presenter: '''Tirupam Goel''' Bank for International Settlements.


* ''"Collusion-Proof Oracles for Decentralized Autonomous Organizations"''  
Discussant: '''Linda Schilling''', Olin Business School, Washington University in Saint Louis
Alexander Braun (Institute of Insurance Economics, University of St. Gallen), Niklas Haeusle (University of St. Gallen), and Stephan Karpischek (Decentralized Insurance Foundation)


Presented by: '''Niklas Haeusle''' (University of St. Gallen)
=== 16.20: 16.30 Conclusions ===


Discussant: '''Co-Pierre Georg''' (EDHEC Business School)
==== '''Marcus Opp''' ====
Stockholm School of Economics and Editor of the Review of Finance

Latest revision as of 17:43, 4 November 2025

THE FUTURE OF PAYMENTS: CBDC, DIGITAL ASSETS AND DIGITAL CAPITAL MARKETS September 25 - Day 1

Room AS01, floor -2, via Roentgen, 1

8.45 – 9.00 Welcome Address

Massimiliano Marcellino

Università Bocconi and Director of the Baffi Centre on Economics Finance and Regulation

Dirk Niepelt

University of Bern and Leader of the CEPR Research and Policy Network Fintech and Digital Currencies

9.00: 10.40 - Session 1

Session Chair: TBA

  • Digitalization and Credit Markets: Evidence from eInvoicing

Authors: Marco Giometti, Universidad Carlos III de Madrid, Jose E. Gutierrez, Bank of Spain, David Martinez-Miera, Universidad Carlos III de Madrid & CEPR, Alexandra Matyunina, Bank of Spain, Tammaro Terracciano, IESE Business School

Presented by: Marco Giometti, Universidad Carlos III de Madrid

Discussant: Christian Eufinger

  • Programmable Repayment and Merchant Resilience: Risk-Sharing, Enforcement, and Welfare in Digital Lending

Authors: Kumar Rishabh, HEC Lausanne, Alessandro Di Stefano, University of Bern

Presented by: Kumar Rishabh, HEC Lausanne

Discussant: Clement Mazet-Sonilhac, Bocconi University

Coffee Break

11.10: 12.50 - Session 2

  • A Model of Monetary Singleness

Authors: Benjamin Hemingway, Bank of England

Presented by: Benjamin Hemingway, Bank of England

Discussant: My Hedlin, University of Bern

Session Chair: TBA

  • The Deposit-Taker of Last Resort

Authors: Pamfili Antipa, London School of Econonomics, Kilian Rieder, Oesterreichische Nationalbank (Eurosystem) & CEPR

Presented by: Kilian Rieder Oesterreichische Nationalbank (Eurosystem) & CEPR

Discussant: Anna Grodecka-Messi, Sveriges Riksbank.

Lunch

14.10: 15.50 - Session 3

Session Chair: TBA

  • The Fragility of Perfectly Safe Digital Money

Authors: Elizabeth C. Klee, Board of Governors of the Federal Reserve, Arazi Lubis, Board of Governors of the Federal Reserve, Chase P. Ross, Board of Governors of the Federal Reserve, Sharon Y. Ross, Board of Governors of the Federal Reserve, Alexandros P. Vardoulakis, Board of Governors of the Federal Reserve

Presented by: Chase Ross, Board of Governors of the Federal Reserve

Discussant: Tony Ahnert, Research Economist, European Central Bank and Research Fellow, CEPR

  •      Corporate Responses to the Digitalization of Money and Capital Markets

Authors: Erdinc Akyldirim, Nottingham University Business School, Ahmed Barakat, Nottingham University Business School, Shaen Corbet, Dublin City University, Alexander Wagner, University of Zurich, CEPR, ECGI, Harvard Kennedy School, Swiss Finance Institute

Presented by: Erdinc Akyildirim

Discussant: Jan Keil Indian School of Business

Coffee Break

16.20: 18.00 - Session 4

Session Chair: TBA

  • Digital Ownership

Authors: Gilles Chemla, Imperial College Business School, Katrin Tinn, McGill University

Presented by: Katrin Tinn, McGill University

Discussant: Julien Prat, CNRS, CREST Ecole Polytechnique

  • Credit Cycles in Tokenized Real Estate Markets

Authors: Wenqian Huang, Bank for International Settlements, Valerie Laturnus, Durham University Business School, Daniel Ruf, University of Cambridge

Presented by: Valerie Laturnus, Durham University Business School

Discussant: Pedro Gete, IE University and IE Business School

20:00 Conference Dinner (by invitation only)

September 26 - Day 2

Aula Franceschi, Via Sarfatti 25

8.45:9.00 Welcome Address: Francesco Billari.

Rector, Bocconi University

9.00: 11.00 - Policy Session

Chair: Elena Carletti

Dean for Research, Bocconi University and Director of the CEPR Banking and Corporate Finance Program

Keynote Speech: Piero Cipollone.

Member of the ECB's Executive Board and Chair of the Eurosystem High-Level Task Force on the Digital Euro

Policy Panel:

11.00-11.45 Coffee Break

12.00: 13.40 - Session 5

Aula AS01, floor -2 Via Roentgen 1

Session Chair: TBA

  • Competing Digital Monies

Authors: Jean Charles Rochet, Toulouse School of Economics, Jon Frost, BIS, Hyun Shin, BIS, Marianne Verdier, Paris University

Presented by: Jean Charles Rochet, Toulouse School of Economics

Discussed by: Cyril Monnet, University of Bern and the Study Centre Gerzensee

  • DeFi-ying the Fed: Monetary Policy Transmission to Stablecoin Rates

Authors: Andrea Barbon, University of St.Gallen Jean Barthelemy, Banque de France Benoît Nguyen, European Central Bank (ECB)

Presented by: Andrea Barbon University of St.Gallen

Discussed by: Carlo Altavilla Head of Division, European Central bank

Lunch

14.40: 16.20 - Session 6

Aula AS01, floor -2 Via Roentgen 1

Session Chair: TBA

  • Shock Propagation in Decentralized Lending Networks: Evidence from the Compound Protocol

Authors: Julien Prat, CNRS, CREST, Natkamon Tovanich, TU Wien, Stefania Marcassa, THEMA, CY Cergy Paris Université

Stefan Kitzler, Complexity Science Hub Vienna and AIT Austrian Institute of Technology, Christos A. Makridis, Arizona State University, USA and University of Nicosia, Cyprus

Presented by: Julien Prat, CNRS, CREST

Discussant: Co-Pierre Georg, Frankfurt School of Finance and Management

  • Making stablecoins stable(r): Can regulation help?

Authors: Tirupam Goel, Bank for International Settlements, Ulf Lewrick, Bank for International Settlements, Isha Agarwal, Sauder School of Business, University of British Columbia.

Presenter: Tirupam Goel Bank for International Settlements.

Discussant: Linda Schilling, Olin Business School, Washington University in Saint Louis

16.20: 16.30 Conclusions

Marcus Opp

Stockholm School of Economics and Editor of the Review of Finance

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