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


=== 8.45 – 9.00 Welcome Address ===
=== 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 ===
=== 9.00: 10.40 - Session 1 ===
Session Chair:
Session Chair: TBA
*''Digitalization and Credit Markets: Evidence from eInvoicing''   
*''Digitalization and Credit Markets: Evidence from eInvoicing''   
Authors:   
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'''   
Presented by: '''Marco Giometti''', Universidad Carlos III de Madrid  


Discussant: '''Christian Eufinger'''
Discussant: '''Christian Eufinger'''
* ''Programmable Repayment and Merchant Resilience: Risk-Sharing, Enforcement, and Welfare in Digital Lending''
* ''Programmable Repayment and Merchant Resilience: Risk-Sharing, Enforcement, and Welfare in Digital Lending''
Authors:
Authors: '''Kumar Rishabh''', HEC Lausanne, '''Alessandro Di Stefano''', University of Bern


Presented by: '''Kumar Rishabh'''  
Presented by: '''Kumar Rishabh,''' HEC Lausanne


Discussant: '''Clement Mazet-Sonilhac'''  
Discussant: '''Clement Mazet-Sonilhac''', Bocconi University


=== Coffee Break ===
=== Coffee Break ===


=== 11.10: 12.50 - Session 2 ===
=== 11.10: 12.50 - Session 2 ===
Session Chair:
*''A Model of Monetary Singleness''  
*      ''Corporate Responses to the Digitalization of Money and Capital Markets''
 
Authors:
Authors: '''Benjamin Hemingway''', Bank of England
 
Presented by: '''Benjamin Hemingway''', Bank of England 


Presented by: '''Erdinc Akyildirim'''
Discussant: '''My Hedlin''', University of Bern


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


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


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


=== 14.10: 15.50 - Session 3 ===
=== 14.10: 15.50 - Session 3 ===
Session Chair:
Session Chair: TBA
*''The Fragility of Perfectly Safe Digital Money''
*''The Fragility of Perfectly Safe Digital Money''
Authors:
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'''   
Presented by: '''Chase Ross''', Board of Governors of the Federal Reserve  


Discussant: '''Tony Ahnert'''
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


* ''A Model of Monetary Singleness''
Presented by: '''Erdinc Akyildirim'''
 
Authors
 
Presented by: '''Benjamin Hemingway''' 
 
Discussant: '''My Hedlin'''


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


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


Presented by: '''Katrin Tinn'''  
Presented by: '''Katrin Tinn''', McGill University


Discussant: '''Julien Prat'''
Discussant: '''Julien Prat''', CNRS, CREST Ecole Polytechnique


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


Presented by: '''Valerie Laturnus'''  
Presented by: '''Valerie Laturnus''', Durham University Business School


Discussant: '''Pedro Gete'''
Discussant: '''Pedro Gete''', IE University and IE Business School


== 20:00 Conference Dinner (by invitation only) ==
== 20:00 Conference Dinner (by invitation only) ==
Line 83: Line 88:


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


==== Keynote Speech: '''Piero Cipollone.''' ====
==== Keynote Speech: '''Piero Cipollone.''' ====
Line 95: Line 100:
Aula AS01, floor -2 Via Roentgen 1
Aula AS01, floor -2 Via Roentgen 1


Session Chair:
Session Chair: TBA
*''Competing Digital Monies''
*''Competing Digital Monies''


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


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


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


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


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


Presented by: '''Andrea Barbon'''
Presented by: '''Andrea Barbon''' University of St.Gallen


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


=== Lunch ===
=== Lunch ===
Line 117: Line 122:
Aula AS01, floor -2 Via Roentgen 1
Aula AS01, floor -2 Via Roentgen 1


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


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


Presented by: '''Julien Prat'''  
'''Stefan Kitzler''', Complexity Science Hub Vienna and AIT Austrian Institute of Technology, '''Christos A. Makridis''', Arizona State University, USA and University of Nicosia, Cyprus


Discussant: '''Co-Pierre Georg'''
Presented by: '''Julien Prat''', CNRS, CREST
 
Discussant: '''Co-Pierre Georg''', Frankfurt School of Finance and Management


* ''Making stablecoins stable(r): Can regulation help?''
* ''Making stablecoins stable(r): Can regulation help?''
Authors:  
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''' (IMF)
Presenter: '''Tirupam Goel''' Bank for International Settlements.


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


=== 16.20: 16.30 Conclusions ===
=== 16.20: 16.30 Conclusions ===
=== Marcus Opp ===
 
==== '''Marcus Opp''' ====
Stockholm School of Economics and Editor of the Review of Finance
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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