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Date: 13 - 14 February 2008
Venue: European Central Bank, Frankfurt am Main
Room C IV, 2nd Floor Eurotower
Preliminary programme
| 08:15 - 08:45 | Registration |
| 08:30 - 09:00 | Welcoming coffee |
| 09:00 - 09:20 | Opening remarks Lucas D. Papademos (Vice President, European Central Bank) en |
| 09:20 - 11:00 | Session 1: International Financial Linkages and the Real Economy Chair: Michael Binder (Goethe University Frankfurt am Main) Philip Lane (Trinity College Dublin): The Drivers of Financial Globalisation with Gian Maria Milesi-Ferretti (International Monetary Fund), paper en, slides en Alessandra Bonfiglioli (Institut de Analisi Economica CSIC): International Financial Integration, Productivity and Capital Accumulation, paper en, slides en Stijn Claessens (International Monetary Fund): Location Decisions of Foreign Banks and Institutional Competitive Advantage with Neeltje Van Horen (University of Amsterdam), paper en, slides en Discussant: Gikas Hardouvelis (University of Piraeus and Eurobank EFG), slides en |
| 11:00 - 11:20 | Coffee break |
| 11:20 - 12:40 | Session 2: European Financial Integration Chair: Fernando Restoy Lozano (Comisión Nacional del Marcado de Valores) Sebnem Kalemli-Ozcan (University of Houston): Financial Integration within the EU Countries: The Role of Institutions, Confidence, and Trust with Mehmet Ekinci (University of Rochester) and Bent Sorensen (University of Houston), paper en, slides 1.42 MB en Lorenzo Cappiello (European Central Bank): Measuring Financial Integration in the New EU Member States with Markus Baltzer (Deutsche Bundesbank), Roberto A. De Santis (European Central Bank) and Simone Manganelli (European Central Bank), paper en, slides en Discussant: Manuel Campa (IESE Business School), slides en |
| 12:40 - 13:20 | Asli Demirgüç-Kunt (World Bank Group): Special Address on the World Bank Policy Research Report on "Finance for All? Policies and Pitfalls in Expanding Access", paper
3.15 MB en, slides en |
| 13:20 - 14:30 | Lunch |
| 14:30 - 15:50 | Session 3: Effects of Capital Flows to Central and Eastern European Countries Chair: Kateřina Šmídková (Czech National Bank) Daniel Leigh (International Monetary Fund): International Finance and Income Divergence: Europe is Different with Abdul Abiad (International Monetary Fund) and Ashoka Mody (International Monetary Fund), paper en, slides en Steven Ongena (Tilburg University): Lending by Example: Direct and Indirect Effects of Foreign Bank Entry in Emerging Markets with Mariassunta Giannetti (Stockholm School of Economics), paper en, slides en Discussant: Torbjörn Becker (Stockholm Institute of Transition Economies), slides en |
| 15:50 - 16:30 | Keynote Speech Jean-Claude Trichet (President, European Central Bank) en |
| 16:30 - 16:40 | Discussion |
| 16:40 - 17:00 | Coffee break |
| 17:00 - 18:20 | Panel: Supervisory Structures in the Process of European Financial Integration: Experiences from Recent Market Developments Chair: Alexandre Lamfalussy (former Chairman of the Committee of Wise Men on the Regulation of European Securities Markets) Panelists:
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| 19:30 | Dinner - Hotel Frankfurter Hof Dinner Speech: The European financial system at a crossroads Francisco González (CEO of BBVA and Chairman of the European Financial Services Round Table), slides en |
| 08:30 - 09:00 | Coffee |
| 09:00 - 10:20 | Session 4: Ownership, Law and Investment Chair: Xavier Freixas (Universitat Pompeu Fabra) Colin Mayer (Oxford University): Multinational Ownership and Subsidiary Investment with Wendy Carlin (University College London) and Andrew Charlton (London School of Economics), paper en, slides en Marco Pagano (University of Naples Federico II): Inheritance Law and Investment in Family Firms with Andrew Ellul (Indiana University) and Fausto Panunzi (Bocconi University), paper en, slides en Discussant: Enrico Perotti (University of Amsterdam), slides en |
| 10:20 - 10:40 | Coffee break |
| 10:40 - 12:00 | Session 5: Performance of Venture Capital and Private Equity Investment Chair: Philippe Moutot (European Central Bank) Frederic Palomino (HEC School of Management Paris): Venture Capital Performance: the Disparity between Europe and the US with Ulrich Hege (HEC School of Management Paris) and Armin Schwienbacher (University of Amsterdam), paper en, slides en Viral Acharya (London Business School): Corporate Governance and Value Creation: Evidence from Private Equity with Conor Kehoe (McKinsey & Company) Discussant: Nicolas Véron (Bruegel), slides en |
| 12:00 - 12:30 | Release of the “Handbook of European Financial Markets and Institutions” by Xavier Freixas, Philipp Hartmann, and Colin Mayer |
| 12:30 - 13:40 | Lunch |
| 13:40 - 15:20 | Session 6: Financial Innovation and Economic Performance Chair: Francesco Papadia (European Central Bank) João Santos (Federal Reserve Bank of New York): Has the CDS market lowered the cost of corporate debt? with Adam Ashcraft (Federal Reserve Bank of New York), paper en, slides en Leonardo Gambacorta (Banca d’Italia): Securitisation and the bank lending channel with Yener Altunbas (University of Wales) and David Marques (European Central Bank), paper en, slides en Discussant: Janet Mitchell (Nationale Bank van België/Banque Nationale de Belgique), slides en |
| 15:20 - 16:40 | Panel: Financial Systems as Risk Allocators and Risk Distributors Chair: Gertrude Tumpel-Gugerell (Member of the Executive Board, European Central Bank) Panelists:
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| 16:40 - 17:00 | Closing remarks José Manuel González-Páramo (Member of the Executive Board, European Central Bank) en |
