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XI Reunión de Responsables de Estabilidad Financiera

Del 7 al 9 de septiembre de 2021
Formato digital

 

La XI edición del encuentro se celebró en formato digital del 7 al 9 de septiembre de 2021. Fue un esfuerzo conjunto del Centro de Estudios Monetarios Latinoamericanos (CEMLA), el Banco de España, y el Banco Central de Chile. Contó con la participación de 130 representantes de 37 instituciones y asociados del CEMLA de Argentina, Bahamas, Belice, Bolivia, Brasil, Canadá, Chile, Colombia, Costa Rica, Ecuador, El Salvador, España, Estados Unidos, Filipinas, Guatemala, Guyana, Honduras, Jamaica, México, Nicaragua, Panamá, Perú, Portugal, República Dominicana, San Martín, Suiza, Surinam, Trinidad y Tobago y Uruguay. La reunión se centró en las repercusiones y las políticas macroprudenciales hacia la COVID-19, la relación entre la digitalización de las finanzas y la estabilidad financiera, y las implicaciones del cambio climático para la estabilidad financiera.

 

Sesión 1. Conferencia magistral: Deuda soberana antes y después del COVID

Esta sesión se dedicó a la estructura de la deuda de diferentes economías y sus cambios. Algunas de las conclusiones de la ponencia fueron las siguientes:

  • · Endeudarse más en moneda local aumenta la dependencia de las condiciones financieras internacionales (pecado original redux).
  • · La crisis de Covid-19 ha reducido críticamente el espacio fiscal en algunos países.
  • · La arquitectura financiera internacional y los marcos teóricos pueden no responder a las necesidades y condiciones de las economías emergentes.

 

Panel 1. COVID-19 y estabilidad financiera

Este panel estuvo dedicado a las experiencias de los bancos centrales durante la crisis de COVID-19. Las jurisdicciones presentaron las condiciones locales y regionales, así como una descripción de las medidas adoptadas por sus correspondientes instituciones y la recepción por parte de sus sistemas financieros.

  • · En general, el sistema financiero ha sido resistente, con niveles adecuados de capital y liquidez.
  • · En la mayoría de los países, la oferta de crédito, apoyada por los sistemas de garantía de crédito, se mantuvo durante la recesión.
  • · La acción combinada de las autoridades y los reguladores contribuyó a amortiguar los efectos de la crisis, y está en proceso de revisión o finalización en algunas jurisdicciones.

 

Sesión 2. Ponencia: El choque COVID y una economía global desigual

Esta sesión se dedicó al impacto de la pandemia en las quiebras de empresas en EE.UU. y a la eficacia de las intervenciones gubernamentales en 2020 y 2021, así como a los efectos de la política fiscal en la actividad agregada y sus efectos globales. Las conclusiones relevantes fueron las siguientes:

  • · Hay que vigilar los desequilibrios globales, ya que las economías se recuperan a diferente velocidad.
  • · Mientras que las inmensas medidas fiscales estadounidenses apoyaron eficazmente a la economía nacional, los efectos indirectos internacionales sobre los mercados emergentes podrían ser pequeños o incluso negativos.
  • · Es importante abordar los efectos de la pandemia con un enfoque multilateral.

 

Panel 2. La política macroprudencial durante la crisis de COVID

Este panel presentó análisis y comentarios sobre las herramientas macroprudenciales aplicadas durante la crisis COVID en diferentes jurisdicciones, como los colchones de capital y las garantías públicas de crédito. Su diseño es clave para fomentar los incentivos adecuados para una aplicación oportuna y específica, junto con la coordinación por parte de los diferentes reguladores. Algunas conclusiones del panel fueron las siguientes:

  • · El papel de la supervisión de los niveles adecuados de capital, liquidez y rentabilidad antes de los choques exógenos es clave en la resiliencia del sistema financiero.
  • · Hubo reticencia a utilizar los buffers de capital durante la crisis debido a las limitaciones de capacidad, de supervisión o de mercado en jurisdicciones.

 

Panel 3. Digitalización de las finanzas y estabilidad financiera

En este panel se debatió sobre la implantación de soluciones digitales y sus posibles repercusiones en la estabilidad financiera, centrándose principalmente en las monedas digitales y las FinTech. Las monedas digitales aparecen en el horizonte como el siguiente paso en la evolución del dinero. Las FinTechs proporcionan servicios financieros con innovación tecnológica. Algunas conclusiones del panel fueron las siguientes:

  • · Es importante que las autoridades centrales consideren las implicaciones de estas tecnologías, así como las condiciones necesarias para su funcionamiento, para garantizar un sistema financiero estable y eficiente.
  • · Algunos rasgos deseables de estas nuevas tecnologías son la comodidad, una mayor inclusión financiera, así como funcionalidad y programabilidad.
  • · Algunos aspectos a considerar durante su implementación son la interoperabilidad, la privacidad, la amenaza de posibles corridas digitales, entre otros.

 

Panel 4. Implicaciones del cambio climático para la estabilidad financiera

En este panel se debatieron diferentes enfoques sobre el cambio climático y sus implicaciones para la estabilidad financiera, incluyendo tanto la aplicación de reformas regulatorias como los marcos metodológicos para la evaluación de su impacto. Algunos aspectos clave considerados en el debate fueron los siguientes:

  • · Los riesgos relacionados con el clima y el medio ambiente serán cada vez más relevantes como factor de riesgo para el sistema financiero.
  • · Es importante que los gestores de riesgos comprendan e internalicen los canales por los que se propagan esos riesgos, así como las interacciones con otros impulsores del riesgo, como los riesgos de mercado, de crédito, operativos, etc.

 

Ugo Panizza
Professor of Economics and Pictet Chair in Finance and Development, Graduate Institute of International and Development Studies Geneva

Ugo Panizza is Professor of Economics and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies. He is also the Director of the International Center for Monetary and Banking Studies (ICMB), Editor in Chief of International Development Policy, and deputy director of the Center for Finance and Development. He is a Vice President and Fellow of CEPR, and Fellow of the Fondazione Einaudi. Before joining the Graduate Institute, he was Chief of the Debt and Finance Analysis Unit at the United Nations Conference on Trade and Development (UNCTAD) and a Senior Economist at the Inter-American Development Bank. He also worked at the World Bank and taught at the American University of Beirut and the University of Torino.

 

Solange Berstein Jáuregui
Director of the Financial Policy Division, Banco Central de Chile

Ms. Berstein is the Director of the Financial Policy Division of the Central Bank of Chile since April 2017. She studied business administration at the University of Santiago, Chile. She holds a Master of Arts in economics from Ilades/Georgetown University and a PhD in economics from Boston University.

Berstein was a Senior Specialist in the pensions area at the Labor Markets and Social Security Unit of the Inter-American Development Bank (IDB). She served as Chile’s Superintendent of Pension Funds from 2006 to 2014, after previously working as Head of Research at the Superintendence of Pension Funds since 2003 to 2006. From 2001 to 2003, she was a senior economist in the Research Division of the Central Bank of Chile. Her academic activities include teaching courses in the Master of Economics programs at the University of Chile and the Pontifical Catholic University of Chile.

 

Fabrizio López-Gallo Dey
Financial Stability General Director, Banco de México

Fabrizio López-Gallo is the General Director of Financial Stability at Banco de México since September, 2018. He is the Executive Secretariat of the Financial Stability Council He is also a member of the Basel Committee on Banking Supervision (BCBS) and has participated in a broad number of different working groups of the BCBS, the Committee on the Global Financial System and the Financial Stability Board. He has taught at Pompeu Fabra University in Barcelona, Universidad Panamericana and ITAM in Mexico. He has also been a visiting researcher at the Bank for International Settlements (BIS) and consultant for The World Bank. He received a B.A. in Actuary from Instituto Tecnológico Autónomo de México (ITAM), where he also completed a Master in Finance. He obtained his Master and PhD degrees in Economics at Pompeu Fabra University.

 

Daniel Esteban Osorio Rodríguez
Director of Financial Stability Department, Banco de la República (Colombia)

He has been Director of the Department of Financial Stability of the Central Bank of Colombia since August 2017. Since 2015, he has worked on the development of the stress testing model currently in use at the Bank and has worked on research projects on policy monetary, regulation, deepening and financial stability. He has been a professor at the Pontificia Universidad Javeriana, in Bogotá. He is an Economist from the National University of Colombia, a Master in Economics from the University of Los Andes, a Master and Ph.D. in Economics from the London School of Economics and Political Science.

 

Dr. Şebnem Kalemli-Özcan
Neil Moskowitz Professor of Economics and Finance, University of Maryland

Dr. Şebnem Kalemli-Özcan is Neil Moskowitz Endowed Professor of Economics at University of Maryland, College Park. She is a Research Associate at the National Bureau of Economic Research (NBER) and a Research Fellow at the Center for Economic Policy Research (CEPR). Currently, she is the co-editor of Journal of International Economics and serves at the editorial board of American Economic Review. She also serves at the economic advisory panels of the NY Federal Reserve and the Bank of International Settlements. She was the Duisenberg Fellow at the European Central Bank in 2008 and held a position as Lead Economist/Adviser for the Middle East and North Africa Region at the World Bank during 2010-2011. She was the Houblon-Norman Fellow of Bank of England and CFR International Affairs Fellow in International Economics during 2017-2018. She served as the senior policy advisor at the International Monetary Fund during 2019-2020

 

Ángel Estrada García
Director General Financial Stability, Regulation, and Resolution, Banco de España

Mr. Estrada is the director of the General Directorate of Financial Stability, Regulation and Resolution of the Bank of Spain. He has also been director of the Department of Financial Stability and Macroprudential Policy. He was Director General of Macroeconomic Analysis and International Economics at the Ministry of Economy and Finance. He holds a master's degree in monetary and financial economics from the Centro de Estudios Monetarios y Financieros (CEMFI) and a degree in economics from the Universidad Complutense de Madrid.

 

Jorge Ponce
Head of Economic Research, Banco Central del Uruguay

Jorge Ponce has been Head of the Economic Research Department at Banco Central del Uruguay since 2018. Previously, Jorge was Chief of the Financial Stability Department for six years; and has more than 25 years of experience in the financial market. Among his main responsibilities are leading economic research, financial stability analysis and financial innovation at the Bank. Jorge is also Professor of Economics and Finance at Universidad de la República in Uruguay. He holds a Ph.D. in Economics from the Toulouse School of Economics. His academic production has been published in the Journal of Financial Intermediation, the Journal of Financial Stability and the Journal of Banking and Finance, among other scientific publications.

 

Héctor Augusto Valle Samayoa
Director Financial Stability Analysis Department, Banco de Guatemala

Héctor Augusto Valle Samayoa holds a Ph.D. from University of Bristol, England, a Master's degree from University of Colorado at Boulder and a Bachelor's degree from Universidad de San Carlos de Guatemala. He also has postgraduate studies at the Program of Higher Studies in Economics of Central Banking, Banco de Guatemala-CEMLA-Universidad Rafael Landívar. He is currently the Director of the Financial Stability Analysis Department of the Bank of Guatemala and Executive Secretary of the Financial Inclusion Commission. He has been professor of econometrics and macroeconomics courses at Universidad del Valle de Guatemala, Universidad Rafael Landívar and Universidad San Carlos de Guatemala (2000-2019). He was also a researcher at the Economic Research Department of the Bank of Guatemala (2000-2018).

 

Ulrich Bindseil
Director General Market Infrastructure and Payments, European Central Bank

Ulrich Bindseil is Director General Market Infrastructure and Payments at the European Central Bank (ECB), a post he has held since November 2019. Previously, he was Director General Market Operations (from May 2012 to October 2019) and head of the Risk Management Division (between 2005 and 2008). Mr. Bindseil first entered central banking in 1994, when he joined the Economics Department of the Deutsche Bundesbank, having studied economics. His publications include, among others, Monetary Policy Operations and the Financial System, OUP, 2014, and Central Banking before 1800 – A Rehabilitation, OUP, 2019.

 

Jon Frost
Senior Economist, Innovation and the Digital Economy Unit, Bank for International Settlements

Jon Frost is a Senior Economist in Innovation and the Digital Economy at the Bank for International Settlements (BIS). He conducts policy-oriented research on fintech and digital innovation. He has published on fintech, big tech, central bank digital currencies, stablecoins, capital flows, macroprudential policy and economic inequality. Previously, Jon worked at the Financial Stability Board (FSB), the Dutch central bank (DNB), VU University in Amsterdam and in the private sector in Germany. Jon is a US national, from Seattle. He holds a PhD in economics from the University of Groningen, an MA from the University of Munich and a BA/BS from the University of Washington. He is a research affiliate of the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge, and a Board member in the FinTech@CSAIL initiative of the Massachusetts Institute of Technology (MIT).

 

Pablo Villalobos González
Advisor to the Governor, Banco Central de Costa Rica

Mr. Pablo Villalobos is currently the Adviser to the president of the Central Bank of Costa Rica, he has been working for more than 30 years in the bank in different areas and with different responsibilities, among others, he was the bank manager. He has a Master's degree in Economics from the University of Costa Rica.

 

Patrick Amis
Director General Microprudential Supervision III, European Central Bank

Patrick Amis is head of the Directorate General Specialised Institutions and LSIs at the European Central Bank, entrusted with the direct supervision of 55 significant banks and the oversight of the less significant institutions within the European Single Supervision Mechanism. He is also in charge of the integration of climate-related risks into the European Central Banks’ supervisory approach. Before his current appointment he joined the ECB in March 2014 as Deputy Director General at the Directorate General Micro-Prudential Supervision I, responsible for the direct supervision of the 30 largest and more complex of the significant institutions in the Eurozone, and then as Director General of LSI oversight.

Before joining the ECB, Patrick Amis had a supervisory career in the Banque de France, which he joined in 1995, where he took a variety of positions in line supervision and prudential policy. He also chaired working groups on accounting, both in the Basel Committee and in the Committee of European Banking Supervisors (CEBS) and was Deputy Secretary General of CEBS from 2008 to 2010.

 

Gilneu Francisco Astolfi Vivan
Head of Financial System Monitoring Department, Banco Central do Brasil

Gilneu Francisco Astolfi Vivan is the Head of Financial System Monitoring Department from Central Bank of Brazil. He represents Brazil in some international Groups about liquidity and supervision. He today he is a member of AGV / FSB-Analytical Group of Vulnerabilities. He is M. A. in Economics and worked at IMF experts in Peru, Costa Rica, Jamaica, Paraguay, and Ecuador. Finally, he published some articles about market risk data collection improvements, Basel rules implementation, and NPL measurement.

 

Serafín Martínez Jaramillo
Advisor CEMLA, and Senior Financial Researcher, Banco de México

Serafin Martinez-Jaramillo is a senior financial researcher at the Financial Stability General Directorate at Banco de México and currently he is an adviser at CEMLA. His research interests include: financial stability, systemic risk, financial networks, bankruptcy prediction, genetic programming, multiplex networks and machine learning. Serafin has published book chapters, encyclopedia entries and papers in several journals like IEEE Transactions on Evolutionary Computation, Journal of Financial Stability, Neurocomputing, Journal of Economic Dynamics and Control, Computational Management Science, Journal of Network Theory in Finance and some more. Additionally, he has co-edited two books and two special issues at the Journal of Financial Stability, two special issues at the Journal of Financial Market Infrastructures and one at Complexity. Serafin holds a PhD in Computational Finance from the University of Essex, UK. He is member of the editorial board of the Journal of Financial Stability, the Journal of Economic Interaction and Coordination, the Journal of Financial Markets Infrastructures, the Journal of Network Theory in Finance and the Latin American Journal of Central Banking.

 

Juan Francisco Martínez
Financial Stability Manager, Banco Central de Chile

Juan Francisco has been the Central Bank's Financial Stability Manager since November 2020. Previous positions in the Bank include Head of the Financial Analysis Department, Head of the Banking Analysis Group (2014-2019), and Head of the Macro-Financial Models Group of the Financial Research Department (2011-2014).

He holds a degree in Industrial Civil Engineering and a Master's degree in Applied Economics from Universidad de Chile. He also holds a Master's and a PhD in Financial Economics from the Saïd Business School, Oxford University.

Before joining the Bank, he served in various positions in the private and public sector, including Research Fellow at the Research Department of the Inter-American Development Bank (IDB) in Washington DC (2006-2007); Head of the Studies Department of the Public Procurement and Contracting Directorate of Chile's Ministry of Finance (2008-2009); and Expert Consultant to the International Monetary Fund on banking stress tests.