European Economic Integration:
Financial Development, Integration and Stability in Central, Eastern and South-Eastern Europe

Joint Conference of the ECB-CFS Research Network on "Capital Markets and Financial Integration in Europe"
and the Oesterreichische Nationalbank in Vienna.

Vienna, 14 - 15 November 2005

The European Central Bank (ECB), the Oesterreichische Nationalbank (OeNB) and the Center for Financial Studies (CFS) are inviting submissions of papers to a conference combining the annual OeNB conference on "European Economic Integration" with the sixth event of the ECB-CFS Research Network on "Capital Markets and Financial Integration in Europe" (see  www.eu-financial-system.org).
The ECB-CFS network focuses on European financial integration, financial system structures in Europe and financial linkages between Europe, the United States and Japan. Recently, the analysis of financial development and integration of new EU member states and candidate countries has become one of its priorities.
The present conference focuses on financial development, integration and stability in Central, Eastern and South-Eastern Europe, i.e. the new EU member states, candidate and potential candidate countries as well as the European countries of the Commonwealth of Independent States. Relevant empirical, institutional, and theoretical research will be considered.
The organisers seek to bring together central bankers, policy makers, and academics interested in the field. The conference will be held in Vienna on 14-15 November 2005.

The conference will feature presentations by two keynote speakers, Prof. Erik Berglöf (Stockholm School of Economics) and Prof. René Stulz (Ohio State University).

Topics

The submission of research papers in the following fields is especially encouraged:

1. Financial sectors and economic growth in the CEE
   • Analyses of the level of financial development and of financial structures
   • How do financial development, financial structures and financial integration affect economic growth?
   • Comparative cross-country studies
   
   
2. Financial stability and regulatory convergence in the CEE
   • Financial market and banking sector stability
   • Risk management practices (market and credit risks)
   • Applications of early warning systems, crisis prevention and crisis management issues
   • Regulatory and supervisory convergence in CEE financial sectors
   • Interplay of CEE with EU regulations and future challenges
   
   
3. Financial market infrastructure in CEE
   • Payment systems
   • Clearing and settlement systems
   • International integration or fragmentation of such infrastructures
   
   
4. Relationships between CEE and EU-15 financial sectors
   • Integration of capital markets between CEE and EU-15 countries and the relevance of capital flows from and to CEE countries
   • The role of foreign ownership in CEE financial markets, in particular from the perspective of the host countries
   • The role of CEE business for EU-15 financial institutions, including investment funds, pension funds and insurance companies
   
   

Submission of papers on other topics falling within the scope of the Network, as described in the network  "road map" and in the  report summarizing the first two years of work and the priorities for 2005 to 2007, is also welcomed.

Selected papers will have a discussant and will be placed on the Network and OeNB websites.

Expenses

Expenses for travel (economy class round-trip) and accommodation will be covered for academic speakers.

Submission Information

Research papers or extended abstracts (both electronic MS Word or PDF versions only) should be sent to Sabine Wiedemann at ECB (sabine.wiedemann@ecb.int) by 8 July 2005. Decision on acceptance will be communicated by September 2005.

Subsequent Workshop

Subsequent workshops will be announced on the Network website ( www.eu-financial-system.org/upcoming.html).

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