Program Joint CEPR-BOCCONI Conference on DIgital Assets 2023

September 14 - Day 1

9.00 – 9.15 Welcome Address

Donato Masciandaro. Director of the Baffi Centre in Economics, Finance and Regulation, and Chair in Economics of Financial Regulation, Università Bocconi.

Dirk Niepelt. Leader of the Research Policy Network on Fintech and Digital Currencies, CEPR Fellow and University of Bern.

9.15 : 10.45 - Session 1

Session Chair: Claudio Tebaldi Bocconi University.

• "CBDC and Payment Platform Competition",

Youming Liu (Bank of Canada), Edona Reshidi (Bank of Canada), and Francisco Rivadeneyra (RPN and Bank of Canada)

Presented by: Edona Reshidi (Bank of Canada)

Discussant: Remo Taudien (Study Center Gerzensee, University of Bern)

• The Demand for Programmable Payments.

Charles M. Kahn (University of Illinois), and Maarten van Oordt (Vrije Universiteit Amsterdam)

Presented by: Maarten van Oordt (Vrije Universiteit Amsterdam)

Discussant: Niklas Haeusle (University of St. Gallen)

11.15 : 12.45 - Session 2

Session Chair: Dirk Niepelt CEPR Fellow and University of Bern

• "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)

Discussant: Martina Fraschini (University of Luxembourg)

• "Bank Competition and Household Privacy in a Digital Payment Monopoly"

Itai Agur (IMF), Anil Ari (IMF), and Giovanni Dell'Ariccia (IMF, CEPR, RPN)

Presented by: Giovanni Dell'Ariccia (IMF, CEPR, RPN)

Discussant: Yuteng Cheng (Bank of Canada)

14.00 : 15.00

Session Chair: Elena Carletti, Dean for Research, Università Bocconi and Fellow, CEPR

Keynote Speech: Hyun Song Shin

Bank of International Settlements, Fellow, CEPR and Member, Research Policy Network on Fintech and Digital Currencies

15.00 : 16.30 - Session 3

Session Chair: Carlo Favero Deutsche Bank Chair in Quantitative Finance and Asset Pricing, Bocconi University and CEPR

• ·      Strategic Complementarities in a Dynamic Model of Technology Adoption: P2P Digital Payments

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: Nicolas Serrano Velarde (Bocconi University)

• Mobile Money, Interoperability and Financial Inclusion

Markus K. Brunnermeier (Princeton University, CEPR, RPN), Nicola Limodio (Bocconi University, CEPR), and Lorenzo Spadavecchia (Bocconi University)

Presented by: Nicola Limodio (Bocconi University and CEPR)

Discussant: Rocco Macchiavello (LSE and CEPR)

17.00 : 18.30 - Session 4

Session Chair: Co-Pierre Georg EDHEC Business School

• "Central Bank Digital Currency Adoption: A Two-Sided Model", Brandon Tan (IMF)

Presented by: Brandon Tan (IMF)

Discussant: Edona Reshidi (Bank of Canada)

• Batching trades on automated market makers.

Andrea Canidio (CoW Protocol), and Robin Fritsch (ETH Zurich, CoW Protocol)

Presented by: Andrea Canidio (CoW Protocol), Robin Fritsch (ETH Zurich, CoW Protocol)

Discussant: Andrea Barbon (University of St.Gallen)

September 15 - Day 2

9.00 : 11.00 - Session 1

Session Chair: Laura Bottazzi Università di Bologna, CEPR

• CBDC and Banks: Disintermediating fast and slow

Rhys Bidder (KBS, QCGBF), Timothy Jackson (University of Liverpool), and Matthias Rottner (Deutsche Bundesbank)

Presented by: Timothy Jackson (University of Liverpool)

Discussant: Massimiliano Croce (Bocconi University and CEPR)

• CBDC: Banking and Anonymity

Yuteng Cheng (Bank of Canada), Ryuichiro Izumi (Wesleyan University)

Presented by: Yuteng Cheng (Bank of Canada)

Discussant: Giovanni Dell'Ariccia (IMF, CEPR)

• The digital economy, privacy, and CBDC

Toni Ahnert (ECB, CEPR), Peter Hoffmann (ECB), and Cyril Monnet (University of Bern, Study Center Gerzensee)

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

Discussant: Maarten Van Oordt (Vrije Universiteit Amsterdam)

Coffee Break

Chair: Stefano Rossi. Director of the Department of Finance, Università Bocconi and Fellow, CEPR.

11.30 - 12.30 Keynote Speech: Xavier Vives

IESE Business School and CEPR

14.00 : 15.30 Session 2

Session Chair: Stefano Rossi. Università Bocconi and Fellow, CEPR.

• "Contracts and External Financing" by Katrin Tinn (McGill University, CEPR)

Presented by: Katrin Tinn (McGill University, CEPR)

Discussant: Andrea Canidio (CoW Protocol)

• "Collusion-Proof Oracles for Decentralized Autonomous Organizations"

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)

Discussant: Co-Pierre Georg (EDHEC Business School)

16.00 : 18.00 - Session 3

Session Chair: Massimiliano Croce (Bocconi University and CEPR)

• Stablecoin Devaluation Risk

Barry Eichengreen (University of California at Berkeley, CEPR), My Nguyen (Washington University in St. Louis), Ganesh Viswanath-Natraj (Warwick Business School)

Presented by: Ganesh Viswanath-Natraj (Warwick Business School)

Discussant: Massimo Morini (Università Bocconi and Politecnico di Milano)

• Stablecoins: Adoption and Fragility.

Christoph Bertsch (Sveriges Riksbank)

Presented by: Christoph Bertsch (Sveriges Riksbank)

Discussant: Daniele Marazzina (Politecnico di Milano)

• Stablecoins and short-term funding markets

Jean Barthelemy (Banque de France), Paul Gardin (ECB, Banque de France), and Benoit Nguyen (Banque de France)

Presented by: Jean Barthelemy (Banque de France),

Discussant: Ivan Shchapov (ENSAE Paris)

Conclusions

Claudio Tebaldi Director of the Algorand Bocconi Fintech Lab, Bocconi University.