8:45 a.m.-9:45 a.m. Background on Systemic Risk in the Financial Sector

Speakers: Darryll Hendricks, UBS

Thomas Daula, Morgan Stanley

D. Wilson Ervin, Credit Suisse 1

Three presentations will help to identify key issues relating to systemic risk in financial markets and institutions, describe the structure of financial markets, and give historical examples of risks that concern central bankers and market practitioners.

10:00 a.m.-12:30 p.m. Presentations on Current Research Directions

Speakers: Roberto Rigobon, Massachusetts Institute of Technology

Hyun Song Shin, Princeton University

Markus K. Brunnermeier, Princeton University

Chair: Franklin Allen, Wharton School, University of Pennsylvania

A panel of experts in systemic risk in the financial sector will present a cross section of current work in this area. The chair will raise discussion topics for the panel and serve as moderator during a question-and-answer session with the audience.

12:30 p.m.-1:45 p.m. Welcome and Keynote Speaker

Welcome and Introduction: Timothy Geithner, President, Federal Reserve Bank of New York

Keynote Speaker: Donald L. Kohn, Governor, Board of Governors of the Federal Reserve System

1:45 p.m.-4:00 p.m. Panel Discussion: Models of Systemic Phenomena in Other Complex Interactive Situations

Panelists: Yacov Haimes, University of Virginia

Massoud Amin, University of Minnesota

Chair: Charles R. Taylor, Risk Management Association

Two researchers who model systemic phenomena in nonfinancial systems will each make a presentation. The first explores concepts and methods for analyzing risk in complex engineered systems. The second outlines concepts and methods for modeling systems, infrastructure reliability, and catastrophic failures in complex networks such as power grids. The speakers will address the treatment of heavy-tailed events, the modeling of networks, and the identification of vulnerabilities. The session chair will compare and contrast the approaches with those typically applied in studies of systemic risk in the financial sector and then open the floor for discussion.

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