Information and communication technologies have affected financial services for decades. More recently, digitization of information has increasingly spread to almost all areas of human activity, creating new vast pools of data. This has opened new opportunities also to financial services, which both incumbent institutions and new players are facing. Great benefits may be available, but new risks may also emerge. New technologies and players may eventually increase competition and innovation which may lead to better and cheaper financial services to the end users.
However, it is not clear that welfare benefits can be maximized without policy interventions. Financial regulation and supervision – even competition policies - can be a catalyst, but may be needed also for safeguarding the financial system against new types of risks. Central banks may also be affected as ways of payment and use of cash are changing. The issue of digital central bank currencies has risen, with potential implications for financial stability and the transmission of monetary policy.
cONFERENCE ON THE mONEY IN THE DIGITAL AGe
12-13 June 2018, Bank of Finland Auditorium, Rauhankatu 19
Day 1, Tuesday 12 June
| 8:30–9:00 | Registration |
| 9:00–10.00 |
Welcome and introduction, Governor Erkki Liikanen, Bank of Finland Keynote speech, Prof. Bengt Holmström, Massachusetts Institute of Technology |
| 10:00–10:30 | Refreshments |
| 10:30–12:00 |
Session 1: Theory of Money I Chair: Tuomas Takalo Implicit Fiscal Guarantee for Monetary Stability by Gaetano Gaballo and Eric Mengus, discussant Guido Ascari
Partners or Strangers? Cooperation, monetary trade, and the choice of scale of interaction by Maria Bigoni, Gabriele Camera and Marco Casari, discussant Diego Moreno
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| 12:00–13:30 | Lunch |
| 13:30–15:00 |
Session 2: Financial (dis)intermediation Chair: Katja Taipalus P2P Lending: Information Externalities, Social Networks and Loans' Substitution by Monica Paiella and Ester Faia, discussant Linda Schilling
TechFin at Ant Financial: Credit Market Completion and its Growth Effect by Harald Hau, Yi Huang, Hongzhe Shan and Zixia Sheng, discussant Vesa Pursiainen
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| 15:00–15:30 |
Refreshments |
| 15:30–17:00 |
Session 3: Blockchains and cryptocurrencies I Chair: Adam Gulan Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment System by Gur Huberman, Jacob Leshno and Ciamac Moalleni, discussant Thomas Noe Some simple Bitcoin economics by Linda Schilling and Harald Uhlig, discussant Alex Cukierman |
| 18:00 –21:00 |
Social Dinner |
Day 2, Wednesday 13 June
| 9:00–10.00 |
Keynote speech, Hyun Song Shin, Bank for International Settlements Chair: Seppo Honkapohja |
| 10:00–10:30 | Refreshments |
| 10:30–12:00 |
Session 4: Blockchains and cryptocurrencies II Chair: Aleksi Grym The Blockchain Folk Theorem by Bruno Biais, Christophe Bisière, Matthieu Bouvard and Catherine Casamatta, discussant Julien Prat Financial incentives for open source development: the case of Blockchain by Andrea Canidio, discussant Alistair Milne
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| 12:00–13:30 | Lunch |
| 13:30–15:00 |
Session 5: Theory of Money II Chair: Eleonora Granziera A Framework for Analyzing Monetary Policy in an Economy with E-money by Scott Hendry and Yu Zhu, discussant Hannu Vartiainen
Digitization and Demonetization in a Shadow Economy Model by Ayushi Bajaj and Nikhil Damodaran, discussant Makoto Watanabe
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| 15:00–15:30 | Refreshments |
| 15:30–17:00 |
Session 6: Money Markets Chair: Esa Jokivuolle Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry by Ramin Baghai, Mariassunta Giannetti and Ivika Jäger, discussant Otto Toivanen The Interbank Market Puzzle by Franklin Allen, Xian Gu and Oskar Kowalewski, discussant Zuzana Fungacova |
| 17:00 –17:15 | Closure |