Past Event

Liquidity and the Role of the Lender of Last Resort

Past Event

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Liquidity and the Role of the Lender of Last Resort (Panel 1)

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Liquidity and the Role of the Lender of Last Resort (Panel 1)

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Liquidity and the Role of the Lender of Last Resort (Panel 2)

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Liquidity and the Role of the Lender of Last Resort (Panel 3)

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Liquidity and the Role of the Lender of Last Resort (Ben Bernanke Keynote Address)

Liquidity is central to the stability of the financial system. A “run on the bank” can kill even sound institutions if they cannot readily find the cash to cover short-term demands. Further, scrambling to find cash can force some players to sell assets at distressed prices and this, in turn, may trigger insolvencies and failures. A key role of central banks is to be a “lender of last resort” in times of crisis to prevent liquidity problems from triggering a full-fledged financial crisis. A resilient financial system needs rules to ensure financial institutions maintain adequate liquidity and that the central banks provide a backstop for crisis situations.

On April 30, the Initiative on Business and Public Policy at Brookings hosted a day-long event addressing these topics. Many high-level experts from industry, academia, and government came together to consider key issues related to liquidity and the lender of last resort, including: the function and liquidity adequacy of banks; the liquidity coverage ratio, net stable funding ratio, and short-term wholesale funding market reform; liquidity needs in the post-crisis world; and liquidity provision for bank resolution.

Agenda

Lunch Keynote

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Mary John Miller

Former Under Secretary for Domestic Finance - U.S. Department of the Treasury

Liquidity Needs in the Post-Crisis World and Liquidity Provision for Bank Resolution

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Paul Kupiec

Resident Scholar - American Enterprise Institute

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Paul Saltzman

President, The Clearing House Association; - Executive Vice President and General Counsel, The Clearing House Payments Company

Closing Keynote Address

Welcome and Opening Remarks

Lender of Last Resort: Examining the Function and Liquidity Adequacy of Banks

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Charles Calomiris

Henry Kaufman Professor of Financial Institutions - Columbia University

Darrell Duffie

Dean Witter Distinguished Professor of Finance and Shanahan Family Faculty Fellow - Stanford Graduate School of Business

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Mark Flannery

BankAmerica Professor of Finance - University of Florida

Liquidity Coverage Ratio, Net Stable Funding Ratio and Short-Term Wholesale Funding Market Reform

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Paul R. Ackerman

Senior Executive Vice President and Treasurer - Wells Fargo & Company

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Mark E. Van Der Weide

Deputy Director, Division of Banking Supervision and Regulation - Board of Governors of the Federal Reserve System

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