Banner for the Annual Financial Stability Conference

Organized by the Center for Financial Innovation and Stability at the Federal Reserve Bank of Atlanta and the Center for the Economic Analysis of Risk at Georgia State University.

There is no fee for attending the conference, but registration by September 25 is required. Register at


Individual papers linked below or download all papers zipped.

Thursday, October 6
8:00 a.m. Breakfast
8:25 Welcoming remarks
8:30 Financial Innovation: Developments and risk
Chair: Baozhong Yang, Georgia State University

Financial Innovation in the 21st Century: Evidence from U.S. Patents
Presenter: Josh Lerner, Harvard University
Amit Seru, Stanford University
Nicholas Short, Harvard University
Yuan Sun, Harvard University

Cyberattacks and Financial Stability: Evidence from a Natural Experiment
Presenter: Antonis Kotidis, Federal Reserve Board of Governors
Stacey L. Schreft, Federal Reserve Board of Governors
9:50 Break

Fragility in Cryptocurrency Markets
Chair: Zhen Shi, Georgia State University

Gambling on Crypto Tokens?
Presenter: Nikhil Paradkar, University of Georgia
Sudheer Chava, Georgia Institute of Technology
Fred Hu, Georgia Institute of Technology

Systemic Fragility in Decentralized Markets
Presenter: Alfred Lehar, University of Calgary
Christine A. Parlour, University of California–Berkeley

11:25 Lunch
12:10 p.m. Blockchain Consensus and Stablecoins
Chair: Charles Kahn, University of Illinois

Equilibrium Staking Levels in a Proof-of-Stake Blockchain
Presenter: Thomas J. Rivera, McGill University
Kose John, New York University
Fahad Saleh, Wake Forest University

Stablecoins: Adoption and Fragility
Presenter: Christoph Bertsch, Sveriges Riksbank

While Stability Lasts: A Stochastic Model of Stablecoins
Presenter: Andreea Minca, Cornell University
Ariah Klages-Mundt, Cornell University
2:10 Break
2:25 Stablecoin Panel
Russell Wong, Federal Reserve Bank of Richmond
Jonathan Chiu, Bank of Canada
John Levin, Federal Reserve Bank of Boston
4:00 Reception and dinner (invitation only)
Friday, October 7
9:00 a.m. Risks from Mortgage Market Innovation
Chair: Vincent Yao, Georgia State University

Black Box, Greenleaf: Lender Behavior Under Uncertain Collateral Enforcement
Presenter: Taha Ahsin, Duke University
Discussant: Manasa Gopal, Georgia Institute of Technology

Competition, Innovation and Crises: Evidence from 20 million securitized loans
Presenter: Kandarp Srinivasan, Northeastern University
Peter Haslag, Vanderbilt University
Anjan Thakor, Washington University in St. Louis
Discussant: Vincent Yao, Georgia State University
10:20 Break
10:40 Expanding inclusion of small businesses
Chair: Camelia Minoiu, Federal Reserve Bank of Atlanta

Fintech Entry, Firm Financial Inclusion, and Macroeconomic Dynamics in Emerging Economies
Presenter: Federico S. Mandelman, Federal Reserve Bank of Atlanta
Alan Finkelstein Shapiro, Tufts University
Victoria Nuguer, Inter-American Development Bank

Fintech and Racial Barriers in Small Business Lending
Presenter: Celine Yue Fei, University of North Carolina–Chapel Hill

Does IT Help? Information Technology in Banking and Entrepreneurship
Presenter: Nicola Pierri, International Monetary Fund
Toni Ahnert, European Central Bank
Sebastian Doerr, Bank for International Settlements
Yannick Timmer, Federal Reserve Board of Governors
12:40 p.m. Lunch
1:40 Innovative measures of retail lending risk
Chair: John Driscoll, Federal Reserve Board of Governors

Easy Screening: Inattention and Household Financial Distress
Presenter: Sjoerd van Bekkum, Erasmus University Rotterdam
Haikun Zhu, Erasmus University Rotterdam

Invisible Primes: Fintech Lending with Alternative Data
Presenter: Dimuthu Ratnadiwakara, Louisiana State University
Marco Di Maggio, Harvard University
Don Carmichael, Upstart Inc
3:00 Adjournment