CEPR ECB RoF Conference

PRELIMINARY - 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:

• 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

11.10: 12.50 - Session 2

Session Chair:

•      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

• 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

14.10: 15.50 - Session 3

Session Chair:

• 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

• A Model of Monetary Singleness

Authors: Benjamin Hemingway, Bank of England

Presented by: Benjamin Hemingway, Bank of England

Discussant: My Hedlin, University of Bern

16.20: 18.00 - Session 4

Session Chair:

• Digital Ownership

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

Presented by: Katrin Tinn, McGill University

Discussant: Julien Prat, CNRS, CREST

• 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

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

12.00: 13.40 - Session 5

Aula AS01, floor -2 Via Roentgen 1

Session Chair:

• Competing Digital Monies

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

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

Discussed by: C. Monnet

• 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

14.40: 16.20 - Session 6

Aula AS01, floor -2 Via Roentgen 1

Session Chair:

• 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

• 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

16.20: 16.30 Conclusions

Marcus Opp

Stockholm School of Economics and Editor of the Review of Finance