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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

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)

  • Charles Goodhart (Professor Emeritus of Banking and Finance, London School of Economics)
  • George Kaufman (John F. Smith, Jr. Professor of Finance and Economics, Loyola University Chicago)
  • Matías Rodríguez-Inciarte (Vice-Chairman, Santander Group)
  • Peter Nyberg (Director General, Finnish Ministry of Finance)
  • Henk Brouwer (Executive Director, De Nederlandsche Bank)

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


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