Eighth Conference of the ECB-CFS Research Network on "Financial Integration and Stability in Europe"
hosted by the Banco de España in Madrid, 30 November - 01 December 2006
Programme:
Thursday, 30 November 2006
| 8:30 - 9:00 | Registration |
| 9:00 - 9:30 | Opening Remarks Miguel Fernández Ordóñez (Governor, Banco de España) |
| 9:30 - 11:15 | Session I: Relationships Between Financial Integration and Stability Chair: Fernando Restoy (Banco de España) Cross-Border M&As and Bank Stability: Evidence from the Bond Market Iftekhar Hasan (Rensselaer Polytechnic Institute and Bank of Finland) with Sungho Choi and Bill Francis (both Rensselaer Polytechnic Institute) Economic Integration and Financial Stability: A European Perspective Gianni De Nicolò (International Monetary Fund) with Alexander Tieman (International Monetary Fund) Financial Integration, Specialization, and Systemic Risk Philipp Hartmann (European Central Bank) with Falko Fecht (Deutsche Bundesbank) and Hans Peter Grüner (Mannheim University) Discussant: Rafael Repullo (CEMFI) |
| 11:15 - 11:45 | Coffee Break |
| 11:45 - 13:30 | Session II: International Financial Flows, Political Links, and Financial Fragility Chair: Jose-Luis Malo de Molina (Banco de España) Does Money Follow the Flag? Xiaoyun Yu (Kelley School of Business, Indiana University) with Nandini Gupta (Kelley School of Business, Indiana University) Effect of Market Co-movements on International Mutual Fund Managers’ Portfolio Holdings Jerry Parwada (University of New South Wales) with Eliza Wu (University of New South Wales) Banking Integration and Co-movements in EU Banks’ Fragility Giuseppe Vulpes (UniCredit Group) with Andrea Brasili (UniCredit Group) Discussant: Paul Ehling (BI Norwegian School of Management) |
| 13:30 - 15:30 | Lunch |
| 15:30 - 17:15 | Session IIIa: The Effects of Financial Modernisation and Development on Retail Financing Chair: Frank Packer (Bank for International Settlements) The Economics of the EU’s Corporate-Insolvency Law and the Quest for Harmonisation by Market Forces Oren Sussman (Saïd Business School, University of Oxford) Did Branching Deregulation Accelerate Growth? Rocco Huang (University of Amsterdam and World Bank) Information Sharing and Credit Market Performance: Firm-Level Evidence from Transition Countries Martin Brown (Swiss National Bank) with Tullio Jappelli (Università di Salerno) and Marco Pagano (Università di Napoli Federico II) Discussant: Mariassunta Giannetti (Stockholm School of Economics) Session IIIb: Cross-Border Banking and Retail Integration (Room B) Chair: Reint Gropp (European Central Bank) Risk and the Organization of Bank Foreign Affiliates Giovanni Dell’Ariccia (International Monetary Fund) with Robert Marquez (Arizona State University) Internal Capital Markets and Lending by Multinational Bank Subsidiaries Iman van Lelyveld (De Nederlandsche Bank and Nijmegen School of Management) with Ralph de Haas (European Bank for Reconstruction and Development) Does the Law of One Price Hold in Retail Banking? An Analysis of National Interest Rate Differentials in the Euro Area Massimiliano Affinito (Bank of Italy) with Fabio Farabullini (Bank of Italy) Discussant: Pierre Monnin (Swiss National Bank) |
| 17:15 - 17:45 | Coffee Break |
| 17:45 - 19:00 | Session IVa: Market Discipline and Bank Risk Chair: Christian Laux (Center for Financial Studies and University of Frankfurt) Book versus Fair Value Accounting in Banking, and Intertemporal Smoothing Xavier Freixas (University Pompeu Fabra) with Dimitrios Tsomocos (Saïd Business School, University of Oxford) Using Price Information as an Instrument of Market Discipline in Regulating Bank Risk Alfred Lehar (University of Calgary) with Duane Seppi (Carnegie Mellon University) and Günter Strobl (University of North Carolina) Discussant: Javier Suárez (CEMFI) Session IVb: Bank Mergers, Competition Policy, and Efficiency (Room B) Chair: Stefan Mittnik (University of Munich) The Reaction by Industry Insiders to M&As in the European Financial Industry Ignacio Hernando (Banco de España) with José Manuel Campa (IESE Business School) The Economic Impact of Merger Control: What is Special About Banking? Steven Ongena (Tilburg University) with Philipp Hartmann (European Central Bank) and Elena Carletti (Center for Financial Studies and Wharton Financial Institutions Center) Discussant: Jörg Rocholl (University of North Carolina at Chapel Hill) |
| 21:00 | Dinner at the Casino de Madrid Dinner Speech: Integration, Supervision and Stability: Challenges from the FSC’s perspective David Vegara (Secretary of State and Chairman of the FSC) |
Friday, 01 December 2006
| 9:15 - 11:00 | Session V: Policy Issues in European Banking Chair: Vítor Gaspar (Banco de Portugal) Multiple Safety Net Regulators and Agency Problems in the EU: Is Prompt Corrective Action Partly the Solution? David Mayes (Bank of Finland) with Mariá Nieto (Banco de España) and Larry Wall (Federal Reserve Bank of Atlanta) Burden Sharing in a Banking Crisis in Europe Dirk Schoenmaker (Vrije Universiteit Amsterdam and Dutch Ministry of Finance) with Charles Goodhart (London School of Economics) Are More Competitive Banking Systems More Stable? Klaus Schaeck (University of Southampton) with Martin Cihák (International Monetary Fund) and Simon Wolfe (University of Southampton) Discussants: absent |
| 11:00 - 11:30 | Coffee Break |
| 11:30 - 13:15 | Policy Panel: Financial Integration and Stability in Europe Chair: Alexandre Lamfalussy (Former President of the European Monetary Institute) Panellists:
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| 13:15 - 13:45 | Closing Remarks Chair: José Viñals (Deputy Governor, Banco de España) Gertrude Tumpel-Gugerell (Board Member, European Central Bank) |
| 13:45 - 15:45 | Lunch |
SEE ALSO
