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XIV Meeting of Heads of Financial Stability

September 10 - 11, 2024
CEMLA, Mexico City, Mexico

The Meeting was held in Mexico City, Mexico, on September 10-11, 2024, and was attended by 42 representatives from 25 institutions and associates of CEMLA. The meeting focused on the lessons learned for financial stability from monetary policy tightening cycles, emerging vulnerabilities in the nonbank financial sector, and the financial stability implications of climate-related risks.

The agenda included two keynote sessions. The first speaker was Valentina Bruno, Professor of Finance and Arlene R. and Robert P. Kogod Eminent Scholar in Finance at American University's Kogod School of Business, who delivered the keynote address titled “Exchange Rates and Global Financial Conditions.” The second speaker was Jose M. Berrospide, Assistant Director in the Division of Financial Stability at the Federal Reserve Board, who gave the keynote address titled “Emerging Financial-Stability Risks from the Shadow Banking Sector.”

Agenda of the event

Valentina Bruno

Valentina Bruno is the Arlene R. and Robert P. Kogod Eminent Professor of Finance at American University’s Kogod School of Business. She holds a Master’s in Finance and Economics and a Ph.D. in Finance from the London School of Economics. Before joining American University, she worked at the World Bank in the Financial Sector Strategy and Policy Group and the International Finance Team. Professor Bruno is a Research Fellow at the Center for Economic Policy Research (CEPR), a Faculty Research Member at the European Corporate Governance Institute (ECGI), and an Associate Editor at the Journal of Banking and Finance. She has been a visiting scholar at the Federal Reserve Board and a Council on Foreign Relations (CFR) Fellow in International Economics. Professor Bruno’s research focuses on the intersection of macroeconomics and finance, opening new lines of inquiry into how global financial markets interact with the real economy. Her recent work emphasizes the role of the US dollar in the transmission of global financial conditions. Widely cited in both media and policy circles, her scholarship combines economic theory with empirical evidence to inform policy-making and regulatory efforts. Her work has appeared in Financial Times, The Wall Street Journal, Bloomberg, and on the cover of The Economist. Additionally, her research has been published in leading academic journals such as the Review of Economic Studies and the Review of Financial Studies.

José Berrospide

Jose Berrospide is the Assistant Director in the Division of Financial Stability at the Federal Reserve Board in Washington, D.C. In this role, he leads and oversees the team responsible for identifying and measuring systemic risks in banks and other financial institutions. Mr. Berrospide conducts policy analysis and research in the areas of financial stability, supervisory stress tests, and the regulation of systemically important financial institutions. His primary research interests include banking, financial institutions, and empirical corporate finance. His current research focuses on the effects of bank capital and capital regulation on lending, the usability of bank capital buffers, credit supply shocks on SMEs during the pandemic, the transmission of shocks through multi-market banks, the cross-border effects of regulations, banks' liquidity hoarding, and the real effects of corporate credit lines. His research has been published in top outlets, including the Journal of Financial Intermediation, among others. Mr. Berrospide holds a Ph.D. in Economics from the University of Michigan.

Activities