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The Bank of Russia is hosting its third annual International Research Conference in Saint Petersburg on 7-8 July 2020 (Tuesday-Wednesday).

The scientific committee of the conference is comprised of the Research Advisory Board of the Bank of Russia.

Modern central banks perform multiple functions. They guarantee price and financial stability, carry out prudential regulation of financial sector trying to create the right stimulus for market players and enforce the rules of the game. A number of challenges appear regarding each of the policies as well as their interactions.

This conference will bring together researchers from academia, central banks, and policy institutions, who will present and discuss their theoretical and empirical research on challenges for these central banks’ policies and their interactions. The conference will also discuss rationale for changes to the ammunition of central banks to better address current and some future challenges.

Vítor Constâncio, 22 February 2017

The Global Crisis and its aftermath led to greater use of stress tests and to the establishment of macroprudential policy as a new policy area. In this column, ECB Vice-President Vítor Constâncio introduces new suite of analytical tools that support the design and calibration of macroprudential policy. The tools go well beyond the requirements of the traditional solvency stress tests applied to banks, and include a broader set of institutions than just banks, an analysis of the financial cycle, as well as an assessment of systemic risk levels associated with the economic and financial shocks considered in adverse scenarios.

Barry Eichengreen, Poonam Gupta, 13 May 2016

The recent reversal of capital flows to emerging markets has pointed to the continuing relevance of the sudden stop problem.  This column analyses the sudden stops in capital flows to emerging markets since 1991. It shows that the frequency and duration of sudden stops have remained largely unchanged, but that global factors have become more important in their incidence.  Stronger macroeconomic and financial frameworks have allowed policymakers to respond more flexibly, but these more flexible responses have not guaranteed insulation or significantly mitigated the impact.

Jean-Pierre Danthine, 04 May 2016

Since the Eurozone Crisis a host of monetary and fiscal instruments have been used to try to reinvigorate growth and achieve financial stability, with mixed results. Basel III’s counter-cyclical capital buffer (CCB) is one such instrument which was met with scepticism. This column uses evidence from the Swiss economy to show that given the right circumstances and political will, the CCB can achieve financial stability.

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