Call for Papers

Joint conference by the European Central Bank and the Central Bank of the Republic of Turkey

"Balanced and sustainable growth – Operationalising the G20 framework"

Frankfurt am Main, ECB premises, 27-28 August 2015

Conference Files

27 August 2015
Registration & Coffee

Opening remarks

Mr. Peter Praet, Member of the Executive Board of the European Central Bank


Session I: Sustainable economic performance

GDP per capita in advanced countries over the 20th century
Rémy Lecat*, Banque de France
Antonin Bergeaud, Banque de France
Gilbert Cette, Banque de France, Université Aix-Marseille, CNRS, EHESS

Discussant: Ettore Dorrucci, European Central Bank

Is there a dark side of capitalism? The effect of income on income inequality
Saeed Khodaverdian*, Frankfurt School of Finance and Management

Discussant: Giovanni Ferri, Lumsa Università

Coffee break

Session II: Trade and balanced growth
Chair: Gilles Noblet, European Central Bank

Have global value chains contributed to global imbalances?
Jane Haltmaier*, Board of Governors of the Federal Reserve System

Discussant: Robert Stehrer, Wiener Institut für Internationale Wirtschaftsvergleiche

It takes (more than) a moment: revisiting the link between firm productivity and aggregate exports
Emanuele Forlani*, Università degli Studi di Pavia
Giorgio Barba Navaretti, Università degli Studi di Milano
Matteo Bugamelli, Banca d'Italia
Gianmarco Ireo Paolo Ottaviano, London School of Economics and Political Science

Discussant: Francesco Pappadà, Banque de France


Group photo


Lunch buffet


Keynote speech
Turalay Kenç, Deputy Governor of the Central Bank of the Republic of Turkey
Chair: Frank Moss, European Central Bank

Followed by a discussion

Coffee break

Session III: Firm level performance and growth
Chair: Livio Stracca, European Central Bank

The role of credit markets on performance of non-tradable and tradable sectors"
Raif Can*, Ministry of Development of the Turkish Republic
Mustafa Kılınç, Central Bank of the Republic of Turkey

Discussant: Burak Uras, Tilburg University

Defining high growth firms: sustainable growth, volatility and survival
Serban Mogos*, Carnegie Mellon University
Alexander Davis, Carnegie Mellon University
Rui Baptista, Brunel University

Discussant: Harald Fadinger, University of Mannheim

Departure for social activity

* indicates the presenter

28 August 2015
Registration & Coffee

Keynote speech: On the centrality of the current account in international economics
Claudio Borio, Bank for International Settlements
Chair: Luc Laeven, European Central Bank

Followed by a discussion


Session IV: The role of policies in fostering sustainable growth
Chair: Semih Tümen, Central Bank of the Republic of Turkey

Can pro-growth policies lift all boats? An analysis based on household disposable income
Nicolas Ruiz*, Organisation for Economic Co-operation and Development
Orsetta Causa, Organisation for Economic Co-operation and Development
Alain de Serres, Organisation for Economic Co-operation and Development

Discussant: Frank Westermann, University of Osnabrück


Coffee break


Structural reforms for inclusive growth? Empirical evidence from the OECD
Livio Stracca*, European Central Bank
Peter McAdam, European Central Bank

Discussant: Semih Tümen, Central Bank of the Republic of Turkey

Financial inclusion and optimal monetary policy
Aaron Mehrotra*, Bank for International Settlements
James Yetman, Bank for International Settlements

Discussant: Francesco Zanetti, University of Oxford

The banking sector’s contribution to sustainable growth – risk assessment, sustainable finance, voluntary initiatives and regulations
Olaf Weber*, University of Waterloo and Centre for International Governance Innovation

Discussant: Arif Oduncu, Central Bank of the Republic of Turkey


Lunch buffet and end of the conference

* indicates the presenter

About the conference

The Framework for Strong, Sustainable and Balanced Growth was launched by the G20 leaders at the September 2009 summit in Pittsburgh. Since then considerable emphasis has been given to supporting economic growth and fighting secular stagnation. Against this background, the G20 has launched a programme of growth strategies with the objective of raising real GDP growth by 2 per cent in five years – in short, to make growth stronger. This conference, which takes place during Turkey’s presidency of the G20, aims to sharpen our thinking regarding the other elements of the Framework, namely “balanced” and “sustainable”. It will look at the quality – and not only at the quantity – of growth, and will seek to identify key performance criteria which speak to the question of what “balanced” and “sustainable” growth is.

The conference, one of a series co-organised by the European Central Bank and the Central Bank of the Republic of Turkey for a third consecutive year, aims to take stock of the advancement in the theoretical literature as well as to review empirical applications which are relevant for policy-makers.

The organising committee, consisting of Yusuf Soner Başkaya (Central Bank of the Republic of Turkey), Associate Professor Semih Tümen (Central Bank of the Republic of Turkey), Filippo Di Mauro (European Central Bank) and Livio Stracca (European Central Bank), would be grateful for contributions on the following specific topics:

  • the nexus between the quantity and the quality of growth;
  • key indicators of growth quality (e.g. growth variability, growth differentials across countries, environmental sustainability, income and wealth inequality);
  • links between indicators of growth quality and household welfare;
  • how to design macroeconomic policies (including monetary, fiscal and structural policies) more conducive to sustainable and balanced growth, including use of firm-level information;
  • trade and global value chains as an element of (or hindrance to) balanced and sustainable growth.

Keynote speakers

Mr. Claudio Borio, Head of the Monetary and Economic Department at the BIS will give the keynote speech. Mr. Benoît Cœuré, Member of the Executive Board of the ECB, and Mr. Turalay Kenç, Deputy Governor of the Central Bank of the Republic of Turkey, will also intervene in the conference.

Contact details

Please address any queries to the organisers, Mr. Livio Stracca (, Mr. Filippo Di Mauro (, Mr. Yusuf Soner Başkaya ( or Mr. Semih Tümen (