About us

3rd WB-BE Research Conference. Financing growth: Levers, Boosters and Brakes

2324 June 2014
Madrid
Conferences

Information

The conference, sponsored by Banco de España and The World Bank, will bring together academics and policy makers to discuss the finance/growth nexus. The goals of the meeting is to assess the conditions under which finance is more (or less) likely to support investment, innovation and productivity growth and to understand how the policies implemented in the aftermath of the 2008 global crisis are likely to influence the real economy through the financial channel. 

Presentations

23 June 2014
 
09.00 - 09.15
Registration
09.15 - 09.30
09.30 - 11.00
Session 1: Foreign investment

Chair: Pilar L´Hotellerie-Fallois (Banco de España)

“Do Global Banks Facilitate Foreign Direct Investment?” File PDF: Opens in a new window (410 KB)
Steven Poelhekke (VU University Amsterdam)

“Do Global Banks Facilitate Foreign Direct Investment?”. Presentation File PDF: Opens in a new window (247 KB)

Discussant: José María Serena (Banco de España)

“Do Global Banks Facilitate Foreign Direct Investment?”. Discussion File PDF: Opens in a new window (386 KB)

“Foreign Ownership, Selection and Productivity” File PDF: Opens in a new window (1 MB)
Sebnem Kalemli-Ozcan (Maryland), C. Fons-Rosen (Pompeu Fabra and BGSE), B. E. Sorensen (Houston), C. Villegas-Sánchez (ESADE) and V. Volosovych (Erasmus)
Discussant: Aitor Erce (European Stability Mechanism)

“Foreign Ownership, Selection and Productivity”. Discussion File PDF: Opens in a new window (313 KB)


11.00 - 11.20
Coffee Break
11.20 - 12.50
Session 2: Credit markets, institutions and growth

Chair: Emiliano González Mota (Banco de España)

Structural Reforms in a Debt Overhang File PDF: Opens in a new window (484 KB)
Óscar Arce and Carlos Thomas (Banco de España) and Javier Andrés (Univ. of Valencia)

"Structural Reforms in a Debt Overhang". Presentation File PDF: Opens in a new window (300 KB)

Discussant: Roberto Piazza (Banca d´Italia)

"Structural Reforms in a Debt Overhang". Discussion File PDF: Opens in a new window (380 KB)

Financing a planned economy: Institutions and Credit Allocation in the French Golden Age of Growth (1954-1974) File PDF: Opens in a new window (1 MB)
Éric Monnet (Banque de France)

"Financing a planned economy: Institutions and Credit Allocation in the French Golden Age of Growth (1954-1974)". Presentation File PDF: Opens in a new window (395 KB)

Discussant: Kristle Romero-Cortés (Cleaveland Fed)

"Financing a planned economy: Institutions and Credit Allocation in the French Golden Age of Growth (1954-1974)". Discussion File PDF: Opens in a new window (202 KB)


13.00 - 14.30
Lunch buffet
15.00 - 16.30
Session 3: Macroprudential and regulatory policy

Chair: Liliana Rojas (Center for Global Development) 

“Optimal prudential regulation of banks and the political economy of supervision” File PDF: Opens in a new window (403 KB)
Thierry Tressel (World Bank) and Thierry Verdier (Paris School of Economics)

“Optimal prudential regulation of banks and the political economy of supervision”. Presentation File PDF: Opens in a new window (476 KB)

Discussant: Tito Cordella (World Bank)

“Optimal prudential regulation of banks and the political economy of supervision”. Discussion File PDF: Opens in a new window (15 MB)

“Optimal monetary and prudential policies” File PDF: Opens in a new window (457 KB)
Fabrice Collard and Harris Dellas (Univ. of Bern), Behzad Diba (Georgetown) and Olivier Loisel (ENSAE),

“Optimal monetary and prudential policies”. Presentation File PDF: Opens in a new window (533 KB)

Discussant: Carlos Thomas (Banco de España)


16.30 - 16.50
Coffee break
17.00 - 18.15
Keynote Speech

Chair: Augusto de la Torre (World Bank) 

“Reassessing the Finance and Growth Nexus”
Luigi Zingales (Univ. of Chicago Booth School of Business)

“Reassessing the Finance and Growth Nexus”. Presentation File PDF: Opens in a new window (880 KB)


20.30 - 22.30
Dinner (by invitation)
24 June 2014
 
09.30 - 11.45
Session 4: Bank lending and growth. Innovation and shocks

Chair: Enrique Alberola (Banco de España) 

“Riders of the Storm: Economic Shock & Bank Lending in a Natural Experiment” File PDF: Opens in a new window (603 KB)
Matthieu Chavaz (Graduate Institute)
Discussant: David Martínez (Univ. Carlos III)

“Riders of the Storm: Economic Shock & Bank Lending in a Natural Experiment”. Discussion File PDF: Opens in a new window (166 KB)

“The Bank Lending Channel and Corporate Innovation” File PDF: Opens in a new window (167 KB)Spyridon Lagaras (Illinois)
Discussant: José Luis Peydro (UPF)

“Bank Lending and Firm Innovation: Evidence from Russia” File PDF: Opens in a new window (485 KB)
Ralph De Haas and Cagatay Bircan (EBRD)

 “Bank Lending and Firm Innovation: Evidence from Russia”. Presentation File PDF: Opens in a new window (2 MB)

Discussant: María Sebastiá-Barriel (Bank of England)

“Bank Lending and Firm Innovation: Evidence from Russia”. Discussion File PDF: Opens in a new window (101 KB)


11.45 - 12.00
Coffee break
12.00 - 13.30
Special session: Financial disequilibria and growth

Chair: Tito Cordella (World Bank)

“Does LAC Have a Saving Problem?”
Augusto de la Torre and Alain Ize (World Bank)

“Does LAC Have a Saving Problem?”. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Javier Andrés (Universidad de Valencia)

“Growth Beyond Imbalances, Sustainable Growth Rates and Output Gap Reassessment” File PDF: Opens in a new window (1 MB)
Enrique Alberola, Ángel Estrada and Daniel Santabárbara (Banco de España)

“Growth Beyond Imbalances, Sustainable Growth Rates and Output Gap Reassessment”. Presentation File PDF: Opens in a new window (811 KB)

Discussant: David Turner (OECD)

“Growth Beyond Imbalances, Sustainable Growth Rates and Output Gap Reassessment”. Discussion File PDF: Opens in a new window (284 KB)


13.30 - 13.40
Closing Remarks
13.50 - 15.00
Stand-up lunch