The Hoover Institution hosts Banks and Beyond on April 3-4, 2025.
This conference will explore the implications of the rapid expansion of private credit markets and the growth of technologically advanced non-bank financial intermediaries (NFBIs) for the efficiency and stability of the U.S. financial system. What effects have they had on the allocation of credit to firms and households? What effects have they had on the efficiency of the payments system? Are they substitutes for, or complements to, the traditional banking sector? Do they increase or decrease the need for deposit insurance and supervision? Should they be regulated and supervised, and if so, how?
| Thursday, April 3rd | ||
|---|---|---|
| Time | Content | Presenters |
|
8:45 AM |
Breakfast |
-- |
|
9:025AM |
Welcome |
Ross Levine, Hoover Institution |
|
9:30 AM |
Keynotes: The Evolution and Regulation of Banks and Beyond |
“The Evolution and Regulation of Debt Financing” “Where do Banks End and NBFI Begin?” |
| 10:30 AM |
Break |
-- |
| 11:00 AM |
“Private Debt versus Bank Debt in Corporate Borrowing” by Sharjil Haque, Simon Mayer, and Irina Stefanescu |
Presenter: Irina Stefanescu, Board of Governors of the Federal Reserve System Discussant:Viral Acharya, New York University Discussant: Vikrant Vig, Stanford University Chair: William Summerhill, Hoover Institution & UCLA |
| 12:15 PM |
Lunch |
-- |
| 1:15 PM |
“Interest Rate Risk in Banking” by Arvind Krishnamurthy, Peter M. DeMarzo, and Stefan Nagel |
Presenter: Peter DeMarzo, Stanford University Discussant: Luc Laeven, European Central Bank Discussant: Luigi Zingales, University of Chicago Chair: TBA |
| 2:45 PM |
Break |
-- |
| 3:15 PM |
“Bank Capital and the Growth of Private Credit” by Sergey Chernenko, Robert Ialenti, and David Scharfstein |
Presenter: David Scharfstein, Harvard University and Sergey Cherneko, Purdue University Discussant: Tomasz Piskorski, Columbia University Discussant: Phillip Strahan, Boston College Chair: Erica Jiang, University of Southern California |
| 4:30 PM |
Conclusion of April 3rd program |
-- |
| Friday, April 4th | ||
|---|---|---|
| Time | Content | Presenters |
|
8:30 AM |
Breakfast |
-- |
|
9:00 AM |
“Failing Banks” by Sergio Correia, Stephan Luck, and Emil Verner |
Presenter: Stephan Luck, Federal Reserve Bank of New York Discussant: Matthew Baron, Cornell University Discussant: Elena Carletti, Bocconi University Chair: Stephen Haber, Hoover Institution & Stanford University |
| 10:15 AM |
Break |
-- |
| 10:30 AM |
“Noisy Experts: Discretion in Regulation” by Sumit Agarwal, Bernardo Morais, Amit Seru, and Kelly Shue |
Presenter: Amit Seru, Hoover Institution & Stanford University Discussant: Charles Calomiris, Columbia University Discussant: Justin Grimmer, Hoover Institution & Stanford University Chair: Paola Sapienza, Hoover Institution |
| 12:00 PM |
Practitioner’s Panel on Private Credit |
-- |
| 1:00 PM |
Lunch |
-- |
