The Governance of Central Banks, August 31-September 1, 2006

Workshop, Sveriges Riksbank,


31 August 2006


Welcome by Eva Srejber, Deputy Governor, Sveriges Riksbank


Keynote Lecture by Alberto Alesina, Harvard Univeristy


Session 1: Term Limits

“Squawk and capture: Influencing Appointed Regulators”, by Clare Leaver, Oxford

Discussant: Torsten Persson, IIES Stockholm 

“Term Limits and Electoral Accountability”, by Michael Smart, University of Toronto, and Daniel Sturm, University of Munich and LSE

Discussant: Marco Pagano, University of Salerno   


Session 2: Globalization, goals and conflicts

“Agency problems and goal conflicts“ by Robert Eisenbeis, Atlanta Fed.

Discussant: Arnoud Boot, University of Amsterdam

“Burden sharing in a banking crisis in Europe” by Charles Goodhart, LSE, and  Dirk Schoenmaker, Free University Amsterdam

Discussant:  Philipp Hartmann, ECB    

1 September 2006

 09.00 Session 3: Governance I “The Value of Fed Board Memberships” by Renée Adams, Stockholm School of Economics
Discussant: Franklin Allen, Wharton

“Governing the governors: a clinical study of central banks” by Lars Frisell, Sveriges Riksbank and ECB, Kasper Roszbach, Sveriges Riksbank, Giancarlo Spagnolo, Stockholm School of Economics  and Consip 
Discussant: Enrico Perotti, University of Amsterdam
11.00 Session 4: Governance II “Performance and governance of central banks” by  James Barth, Auburn University, Gerald Caprio, Williams College, and Ross Levine, Brown University 
Discussant: Loretta Mester, Federal Reserve Bank of Philadelphia

“Legal, actual and desirable independence: A Case Study of the Bank of Israel” by Alex Cukierman, Princeton and Tel Aviv University
Discussant: Zvi Eckstein, Bank of Israel
13.30 Session 5: Auditing and Financial Law “Audit Committees in Central Banks” by Marie-Therese Camilleri, Tonny Lybek and Kenneth Sullivan, IMF
Discussant: Thomas von Ungern-Sternberg, University of Lausanne

“The economic impact of financial laws: the case of bank merger control”, by Elena Carletti, CFS, Philipp Hartmann, ECB, and Steven Ongena, Tilburg  University
Discussant: Mariassunta Giannetti, Stockholm School of Economics
15.15 Panel debate
Chair: Ken Rogoff (Harvard)
Participants: Axel Weber (Bundesbank), Stefan Ingves (Riksbank), Thomas Hoenig (Kansas City Fed), Francesco Giavazzi (Bocconi), Claudio Borio (BIS), Mathias Dewatripont (ECARES, Université Libre de Bruxelles)

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